Avid Technology, Inc. (NASDAQ:AVID – Get Rating) has been assigned a consensus recommendation of “Buy” from the five analysts that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $42.00.
Several equities research analysts recently weighed in on AVID shares. Zacks Investment Research cut shares of Avid Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, March 9th. Maxim Group reduced their price target on shares of Avid Technology from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Wednesday, March 2nd. Finally, StockNews.com started coverage on shares of Avid Technology in a research report on Thursday, March 31st. They issued a “buy” rating on the stock.
In other Avid Technology news, CFO Kenneth L. Gayron sold 5,500 shares of the business’s stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $28.89, for a total transaction of $158,895.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Dana Ruzicka sold 23,000 shares of the business’s stock in a transaction on Monday, March 14th. The shares were sold at an average price of $27.67, for a total transaction of $636,410.00. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP grew its holdings in shares of Avid Technology by 476.0% in the fourth quarter. Allworth Financial LP now owns 864 shares of the technology company’s stock worth $28,000 after purchasing an additional 714 shares during the last quarter. Maverick Capital Ltd. bought a new position in shares of Avid Technology in the fourth quarter worth about $31,000. First Quadrant L P CA bought a new position in Avid Technology during the 3rd quarter worth about $42,000. Ensign Peak Advisors Inc bought a new position in Avid Technology during the 4th quarter worth about $50,000. Finally, Advisor Group Holdings Inc. grew its holdings in Avid Technology by 41.2% during the 4th quarter. Advisor Group Holdings Inc. now owns 2,149 shares of the technology company’s stock worth $70,000 after acquiring an additional 627 shares in the last quarter. Hedge funds and other institutional investors own 78.08% of the company’s stock.
Shares of NASDAQ:AVID traded down $0.47 during trading on Friday, hitting $36.25. 202,182 shares of the company’s stock were exchanged, compared to its average volume of 330,401. Avid Technology has a 52-week low of $19.28 and a 52-week high of $40.48. The business’s 50-day simple moving average is $32.35 and its 200 day simple moving average is $31.42. The company has a market cap of $1.63 billion, a price-to-earnings ratio of 40.28 and a beta of 1.19.
Avid Technology (NASDAQ:AVID – Get Rating) last released its earnings results on Tuesday, March 1st. The technology company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.05. Avid Technology had a negative return on equity of 34.31% and a net margin of 10.10%. The firm had revenue of $119.06 million during the quarter, compared to analysts’ expectations of $110.35 million. During the same quarter last year, the business posted $0.29 earnings per share. Research analysts expect that Avid Technology will post 1.13 EPS for the current fiscal year.
About Avid Technology (Get Rating)
Avid Technology, Inc, together with its subsidiaries, 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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