Shares of Avid Technology, Inc. (NASDAQ:AVID) have been given an average recommendation of “Hold” by the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, three have given a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $8.33.
Several brokerages have recently weighed in on AVID. Maxim Group began coverage on shares of Avid Technology in a research note on Wednesday, May 1st. They issued a “buy” rating on the stock. Zacks Investment Research downgraded shares of Avid Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. BidaskClub downgraded shares of Avid Technology from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, ValuEngine downgraded shares of Avid Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, February 20th.
Avid Technology stock traded up $0.04 during mid-day trading on Friday, reaching $7.75. 373,300 shares of the company’s stock traded hands, compared to its average volume of 436,067. The company has a market cap of $328.03 million, a price-to-earnings ratio of 64.58, a PEG ratio of 1.50 and a beta of 1.86. Avid Technology has a 12-month low of $4.37 and a 12-month high of $10.65.
Avid Technology (NASDAQ:AVID) last released its quarterly earnings results on Monday, May 6th. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.04. The company had revenue of $103.32 million for the quarter, compared to the consensus estimate of $100.78 million. Avid Technology had a negative net margin of 0.46% and a negative return on equity of 7.54%. Avid Technology’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. As a group, sell-side analysts anticipate that Avid Technology will post 0.52 EPS for the current year.
In other news, insider Ryan H. Murray sold 12,000 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $8.00, for a total value of $96,000.00. Following the sale, the insider now owns 35,995 shares of the company’s stock, valued at $287,960. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.90% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA grew its holdings in shares of Avid Technology by 86.8% in the first quarter. BNP Paribas Arbitrage SA now owns 5,722 shares of the technology company’s stock worth $43,000 after purchasing an additional 2,659 shares during the last quarter. Prudential Financial Inc. bought a new position in shares of Avid Technology in the fourth quarter worth about $51,000. Virtu Financial LLC bought a new position in shares of Avid Technology in the fourth quarter worth about $58,000. Quantamental Technologies LLC bought a new position in shares of Avid Technology in the first quarter worth about $58,000. Finally, Heritage Investors Management Corp bought a new position in shares of Avid Technology in the first quarter worth about $76,000. 58.05% of the stock is currently owned by institutional investors and hedge funds.
About Avid Technology
Avid Technology, Inc develops, markets, sells, and supports software, hardware, and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer, which is used to edit video content, such as television programming, commercials, and films; Avid NEXIS shared storage systems; and Maestro product line solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows.
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