Avid Technology (NASDAQ:AVID) Sets New 52-Week High at $38.24

Avid Technology, Inc. (NASDAQ:AVID) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $38.24 and last traded at $38.08, with a volume of 3619 shares changing hands. The stock had previously closed at $37.48.

A number of equities analysts recently issued reports on the company. Royal Bank of Canada initiated coverage on Avid Technology in a research note on Wednesday, March 17th. They issued an “outperform” rating for the company. B. Riley upped their target price on Avid Technology from $25.00 to $30.00 in a research report on Thursday, May 6th. Northland Securities restated a “buy” rating on shares of Avid Technology in a research note on Monday, March 29th. Finally, Zacks Investment Research upgraded shares of Avid Technology from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Friday, March 12th. Five analysts have rated the stock with a buy rating, Avid Technology has an average rating of “Buy” and an average target price of $21.40.

The company has a market cap of $1.77 billion, a price-to-earnings ratio of 48.82 and a beta of 1.39. The stock has a 50-day moving average of $29.23.

Avid Technology (NASDAQ:AVID) last announced its quarterly earnings results on Tuesday, May 4th. The technology company reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.07. Avid Technology had a net margin of 5.78% and a negative return on equity of 24.90%. The firm had revenue of $94.36 million for the quarter, compared to the consensus estimate of $90.84 million. As a group, equities research analysts expect that Avid Technology, Inc. will post 0.87 earnings per share for the current year.

In related news, SVP Tom J. A. Cordiner sold 7,022 shares of the business’s stock in a transaction on Friday, May 21st. The shares were sold at an average price of $30.81, for a total value of $216,347.82. Following the completion of the sale, the senior vice president now owns 244,655 shares of the company’s stock, valued at approximately $7,537,820.55. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Nancy Hawthorne sold 2,500 shares of the stock in a transaction on Wednesday, April 14th. The shares were sold at an average price of $23.31, for a total transaction of $58,275.00. Following the transaction, the director now directly owns 133,726 shares in the company, valued at $3,117,153.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,022 shares of company stock valued at $341,973. 6.70% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Marshall Wace LLP purchased a new stake in Avid Technology during the 1st quarter worth approximately $324,000. BlackRock Inc. increased its position in shares of Avid Technology by 13.2% during the fourth quarter. BlackRock Inc. now owns 2,365,197 shares of the technology company’s stock worth $37,535,000 after purchasing an additional 276,694 shares in the last quarter. Sei Investments Co. raised its stake in Avid Technology by 18.1% in the 4th quarter. Sei Investments Co. now owns 194,484 shares of the technology company’s stock valued at $3,086,000 after purchasing an additional 29,849 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Avid Technology by 40.6% in the 4th quarter. Bank of New York Mellon Corp now owns 139,827 shares of the technology company’s stock valued at $2,220,000 after purchasing an additional 40,367 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in Avid Technology by 13.4% during the 4th quarter. Wells Fargo & Company MN now owns 88,387 shares of the technology company’s stock worth $1,403,000 after purchasing an additional 10,456 shares during the last quarter. 77.22% of the stock is currently owned by hedge funds and other institutional investors.

About Avid Technology (NASDAQ:AVID)

Avid Technology, Inc develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer, a cloud-enabled solution used to edit video content; Avid NEXIS shared storage systems; Maestro solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows; AirSpeed 5000 and AirSpeed 5500 on-air server solutions; and MediaCentral, a media production suite.

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