Avid Technology, Inc. (AVID) Receives Consensus Rating of “Hold” from Brokerages

Avid Technology, Inc. (NASDAQ:AVID) has received a consensus recommendation of “Hold” from the six brokerages that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $5.17.

Several equities analysts recently issued reports on AVID shares. Zacks Investment Research raised Avid Technology from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a research report on Wednesday, August 15th. ValuEngine cut Avid Technology from a “buy” rating to a “hold” rating in a research report on Thursday, September 13th. Jefferies Financial Group started coverage on Avid Technology in a research report on Tuesday, November 13th. They issued a “hold” rating and a $6.00 price objective on the stock. BWS Financial cut Avid Technology from a “hold” rating to a “sell” rating and set a $5.00 price objective on the stock. in a research report on Friday, November 16th. Finally, BidaskClub raised Avid Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, November 18th.

AVID stock traded up $0.06 during midday trading on Friday, hitting $6.09. The company’s stock had a trading volume of 105,477 shares, compared to its average volume of 192,849. The stock has a market capitalization of $254.88 million, a PE ratio of 15.23 and a beta of 1.78. Avid Technology has a 12 month low of $4.26 and a 12 month high of $7.65.

Avid Technology (NASDAQ:AVID) last released its quarterly earnings data on Wednesday, November 7th. The technology company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The business had revenue of $104.05 million for the quarter, compared to analysts’ expectations of $104.96 million. Avid Technology had a negative return on equity of 1.55% and a negative net margin of 4.28%. As a group, analysts predict that Avid Technology will post -0.04 EPS for the current year.

In other news, SVP Peter Ennis sold 8,600 shares of the stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $5.92, for a total transaction of $50,912.00. Following the transaction, the senior vice president now directly owns 41,857 shares of the company’s stock, valued at approximately $247,793.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 7.90% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northern Trust Corp lifted its holdings in shares of Avid Technology by 2.9% during the 1st quarter. Northern Trust Corp now owns 388,048 shares of the technology company’s stock valued at $1,762,000 after buying an additional 10,925 shares during the period. Bank of America Corp DE lifted its holdings in shares of Avid Technology by 77.3% during the 2nd quarter. Bank of America Corp DE now owns 33,329 shares of the technology company’s stock valued at $173,000 after buying an additional 14,531 shares during the period. Paloma Partners Management Co lifted its holdings in shares of Avid Technology by 152.9% during the 2nd quarter. Paloma Partners Management Co now owns 25,900 shares of the technology company’s stock valued at $135,000 after buying an additional 15,658 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Avid Technology by 1.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,887,306 shares of the technology company’s stock worth $11,191,000 after purchasing an additional 20,989 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Avid Technology by 1.1% in the 1st quarter. BlackRock Inc. now owns 2,057,592 shares of the technology company’s stock worth $9,341,000 after purchasing an additional 22,050 shares in the last quarter. 70.79% of the stock is currently owned by hedge funds and other institutional investors.

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 product line that is used to edit film, television programming, news broadcasts, commercials, and other video content; Avid shared storage systems and Avid Interplay asset management solutions, which provide complete network, storage, and database solutions to enable users to simultaneously share and manage media assets throughout a project or organization.

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