Avid Technology (NASDAQ:AVID) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Friday, September 20th, BidAskClub reports.
AVID has been the topic of several other research reports. Jefferies Financial Group boosted their target price on Avid Technology from $6.50 to $8.50 and gave the company a “hold” rating in a research note on Friday, June 7th. Maxim Group reaffirmed a “buy” rating and set a $14.00 price target on shares of Avid Technology in a research report on Friday, June 7th. Finally, ValuEngine lowered Avid Technology from a “hold” rating to a “sell” rating in a research report on Thursday, September 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $8.25.
AVID traded up $0.18 during midday trading on Friday, reaching $6.31. 239,160 shares of the company were exchanged, compared to its average volume of 315,412. Avid Technology has a one year low of $4.37 and a one year high of $10.79. The stock has a market capitalization of $271.08 million, a P/E ratio of 52.58, a PEG ratio of 1.47 and a beta of 1.90. The stock’s 50-day simple moving average is $6.47 and its 200 day simple moving average is $7.88.
Avid Technology (NASDAQ:AVID) last released its quarterly earnings data on Monday, August 5th. The technology company reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.02). The business had revenue of $98.70 million for the quarter, compared to the consensus estimate of $101.29 million. Avid Technology had a negative net margin of 0.99% and a negative return on equity of 11.13%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.20) EPS. Equities analysts expect that Avid Technology will post 0.43 EPS for the current year.
Several hedge funds have recently bought and sold shares of AVID. BNP Paribas Arbitrage SA grew its holdings in Avid Technology by 86.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,722 shares of the technology company’s stock valued at $43,000 after buying an additional 2,659 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in Avid Technology by 505.5% in the 2nd quarter. Meeder Asset Management Inc. now owns 5,468 shares of the technology company’s stock valued at $51,000 after buying an additional 4,565 shares in the last quarter. Zacks Investment Management acquired a new position in Avid Technology in the 2nd quarter valued at $105,000. SG Americas Securities LLC acquired a new position in Avid Technology in the 2nd quarter valued at $114,000. Finally, Chicago Equity Partners LLC acquired a new position in Avid Technology in the 2nd quarter valued at $151,000. 53.03% 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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