Avid Technology, Inc. (NASDAQ:AVID) Receives Average Recommendation of “Moderate Buy” from Analysts
Avid Technology, Inc. (NASDAQ:AVID - Get Rating) has earned an average recommendation of "Moderate Buy" from the seven analysts that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $37.20.
A number of research analysts have recently issued reports on AVID shares. Rosenblatt Securities lowered their price target on Avid Technology from $30.00 to $28.00 and set a "neutral" rating on the stock in a report on Wednesday, November 9th. StockNews.com raised Avid Technology from a "hold" rating to a "buy" rating in a report on Thursday, December 8th.
Avid Technology Stock Performance
AVID opened at $25.24 on Wednesday. Avid Technology has a 52-week low of $20.83 and a 52-week high of $37.31. The stock has a market capitalization of $1.10 billion, a PE ratio of 25.49 and a beta of 1.20. The stock's 50 day moving average price is $26.75 and its 200-day moving average price is $26.20.
Avid Technology (NASDAQ:AVID - Get Rating) last posted its earnings results on Tuesday, November 8th. The technology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. Avid Technology had a negative return on equity of 37.85% and a net margin of 10.75%. The firm had revenue of $102.99 million for the quarter, compared to analysts' expectations of $105.35 million. Research analysts forecast that Avid Technology will post 1.1 EPS for the current fiscal year.
Insider Transactions at Avid Technology
In other news, SVP Timothy Claman sold 4,462 shares of the firm's stock in a transaction dated Monday, December 12th. The stock was sold at an average price of $27.30, for a total value of $121,812.60. Following the transaction, the senior vice president now owns 89,240 shares of the company's stock, valued at $2,436,252. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Tom J. A. Cordiner sold 29,978 shares of the stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $27.90, for a total transaction of $836,386.20. Following the completion of the sale, the senior vice president now owns 193,136 shares in the company, valued at $5,388,494.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Timothy Claman sold 4,462 shares of the stock in a transaction dated Monday, December 12th. The stock was sold at an average price of $27.30, for a total value of $121,812.60. Following the sale, the senior vice president now owns 89,240 shares of the company's stock, valued at approximately $2,436,252. The disclosure for this sale can be found here. Corporate insiders own 6.40% of the company's stock.
Hedge Funds Weigh In On Avid Technology
Institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd grew its holdings in Avid Technology by 12,291.7% during the 1st quarter. Covestor Ltd now owns 1,487 shares of the technology company's stock valued at $52,000 after buying an additional 1,475 shares in the last quarter. KBC Group NV purchased a new position in shares of Avid Technology in the 3rd quarter worth approximately $58,000. Ensign Peak Advisors Inc boosted its holdings in shares of Avid Technology by 309.8% in the 3rd quarter. Ensign Peak Advisors Inc now owns 6,270 shares of the technology company's stock worth $146,000 after purchasing an additional 4,740 shares during the period. SG Americas Securities LLC purchased a new position in shares of Avid Technology in the 2nd quarter worth approximately $154,000. Finally, Mutual of America Capital Management LLC purchased a new position in shares of Avid Technology in the 3rd quarter worth approximately $157,000. Hedge funds and other institutional investors own 90.28% of the company's stock.
About Avid Technology
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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