Avid Technology, Inc. (NASDAQ:AVID) Receives Consensus Rating of “Moderate Buy” from Brokerages
Avid Technology, Inc. (NASDAQ:AVID - Get Rating) has received a consensus rating of "Moderate Buy" from the seven brokerages that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $37.20.
A number of brokerages recently issued reports on AVID. StockNews.com downgraded shares of Avid Technology from a "buy" rating to a "hold" rating in a report on Monday, November 28th. Rosenblatt Securities reduced their target price on shares of Avid Technology from $30.00 to $28.00 and set a "neutral" rating for the company in a research report on Wednesday, November 9th.
Avid Technology Trading Up 0.4 %
Shares of Avid Technology stock opened at $29.42 on Friday. Avid Technology has a 12-month low of $20.83 and a 12-month high of $37.31. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 29.72 and a beta of 1.20. The firm's 50 day simple moving average is $26.04 and its two-hundred day simple moving average is $26.39.
Avid Technology (NASDAQ:AVID - Get Rating) last issued its quarterly earnings results on Tuesday, November 8th. The technology company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. Avid Technology had a net margin of 10.75% and a negative return on equity of 37.85%. The business had revenue of $102.99 million for the quarter, compared to analyst estimates of $105.35 million. On average, sell-side analysts predict that Avid Technology will post 1.1 EPS for the current fiscal year.
Insider Buying and Selling
In other Avid Technology news, SVP Tom J. A. Cordiner sold 29,978 shares of the firm's stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $27.90, for a total transaction of $836,386.20. Following the sale, the senior vice president now owns 193,136 shares of the company's stock, valued at $5,388,494.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.70% of the stock is owned by insiders.
Institutional Trading of Avid Technology
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVID. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Avid Technology in the 3rd quarter valued at $256,000. Jane Street Group LLC acquired a new position in Avid Technology in the 3rd quarter valued at $322,000. BNP Paribas Arbitrage SNC increased its stake in Avid Technology by 34.0% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 78,157 shares of the technology company's stock valued at $1,818,000 after buying an additional 19,816 shares during the period. Alliancebernstein L.P. increased its stake in Avid Technology by 17.8% in the 3rd quarter. Alliancebernstein L.P. now owns 48,497 shares of the technology company's stock valued at $1,128,000 after buying an additional 7,321 shares during the period. Finally, State Street Corp increased its stake in Avid Technology by 57.5% in the 3rd quarter. State Street Corp now owns 1,188,961 shares of the technology company's stock valued at $27,655,000 after buying an additional 434,290 shares during the period. Institutional investors and hedge funds own 80.99% 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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