Brokerages Expect Avid Technology, Inc. (AVID) Will Announce Quarterly Sales of $110.75 Million

Analysts predict that Avid Technology, Inc. (NASDAQ:AVID) will announce $110.75 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Avid Technology’s earnings, with the lowest sales estimate coming in at $110.32 million and the highest estimate coming in at $111.18 million. Avid Technology reported sales of $107.26 million during the same quarter last year, which would suggest a positive year over year growth rate of 3.3%. The business is scheduled to report its next quarterly earnings report on Thursday, March 21st.

According to Zacks, analysts expect that Avid Technology will report full year sales of $411.35 million for the current financial year, with estimates ranging from $410.92 million to $411.78 million. For the next fiscal year, analysts expect that the firm will post sales of $424.91 million. Zacks’ sales calculations are an average based on a survey of research firms that follow Avid Technology.

Avid Technology (NASDAQ:AVID) last posted its earnings results on Wednesday, November 7th. The technology company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $104.05 million during the quarter, compared to the consensus estimate of $104.96 million. Avid Technology had a negative return on equity of 1.55% and a negative net margin of 4.28%.

A number of research firms have recently commented on AVID. Zacks Investment Research downgraded Avid Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, September 18th. ValuEngine downgraded Avid Technology from a “buy” rating to a “hold” rating in a research report on Thursday, September 13th. BidaskClub upgraded Avid Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, November 18th. Jefferies Financial Group began coverage on Avid Technology in a research report on Tuesday, November 13th. They set a “hold” rating and a $6.00 target price for the company. Finally, BWS Financial downgraded Avid Technology from a “hold” rating to a “sell” rating and set a $5.00 target price for the company. in a research report on Friday, November 16th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $5.44.

In related news, SVP Peter Ennis sold 8,600 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $5.92, for a total value of $50,912.00. Following the completion of the sale, the senior vice president now directly owns 41,857 shares in the company, valued at $247,793.44. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 7.90% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of AVID. Cove Street Capital LLC increased its stake in Avid Technology by 1.4% in the second quarter. Cove Street Capital LLC now owns 6,320,591 shares of the technology company’s stock worth $32,867,000 after purchasing an additional 85,200 shares during the period. BlackRock Inc. increased its stake in Avid Technology by 1.1% in the first 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 during the period. Dimensional Fund Advisors LP increased its stake in Avid Technology by 1.1% in the third 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 during the period. Royce & Associates LP increased its stake in Avid Technology by 31.9% in the third quarter. Royce & Associates LP now owns 1,507,181 shares of the technology company’s stock worth $8,938,000 after purchasing an additional 364,438 shares during the period. Finally, Engine Capital Management LP increased its stake in Avid Technology by 104.6% in the second quarter. Engine Capital Management LP now owns 365,763 shares of the technology company’s stock worth $1,902,000 after purchasing an additional 186,960 shares during the period. Institutional investors own 70.79% of the company’s stock.

NASDAQ AVID opened at $6.09 on Friday. The company has a market cap of $252.37 million, a PE ratio of 15.23 and a beta of 1.78. Avid Technology has a one year low of $4.26 and a one year high of $7.65.

Avid Technology Company Profile

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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