Avid Technology (NASDAQ:AVID) Cut to “Hold” at BidaskClub

BidaskClub downgraded shares of Avid Technology (NASDAQ:AVID) from a buy rating to a hold rating in a research report report published on Friday, BidAskClub reports.

A number of other research firms have also issued reports on AVID. Maxim Group reaffirmed a buy rating and set a $14.00 target price on shares of Avid Technology in a report on Friday, June 7th. ValuEngine lowered Avid Technology from a hold rating to a sell rating in a report on Thursday, September 12th. Finally, Jefferies Financial Group increased their price target on Avid Technology from $6.50 to $8.50 and gave the company a hold rating in a research report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $8.25.

NASDAQ:AVID opened at $6.21 on Friday. The business’s 50-day moving average price is $6.92 and its 200 day moving average price is $7.82. The firm has a market cap of $269.33 million, a P/E ratio of 51.75, a PEG ratio of 1.48 and a beta of 1.85. Avid Technology has a 52-week low of $4.37 and a 52-week high of $10.79.

Avid Technology (NASDAQ:AVID) last released its earnings results on Monday, August 5th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The firm had revenue of $98.70 million for the quarter, compared to analyst estimates of $101.29 million. Avid Technology had a negative return on equity of 11.13% and a negative net margin of 0.99%. Avid Technology’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.20) earnings per share. On average, equities analysts anticipate that Avid Technology will post 0.43 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the stock. Stone Ridge Asset Management LLC boosted its position in shares of Avid Technology by 7.5% in the 2nd quarter. Stone Ridge Asset Management LLC now owns 30,030 shares of the technology company’s stock valued at $274,000 after purchasing an additional 2,100 shares during the period. BNP Paribas Arbitrage SA boosted its position in shares of 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 purchasing an additional 2,659 shares during the period. Worth Venture Partners LLC boosted its position in shares of Avid Technology by 1.7% in the 2nd quarter. Worth Venture Partners LLC now owns 257,689 shares of the technology company’s stock valued at $2,351,000 after purchasing an additional 4,202 shares during the period. Grantham Mayo Van Otterloo & Co. LLC boosted its position in shares of Avid Technology by 4.3% in the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 104,300 shares of the technology company’s stock valued at $951,000 after purchasing an additional 4,300 shares during the period. Finally, Meeder Asset Management Inc. boosted its position in shares of 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 purchasing an additional 4,565 shares during the period. Institutional investors and hedge funds own 53.03% of the company’s stock.

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.

Featured Story: Stock Portfolio Tracker

Receive News & Ratings for Avid Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avid Technology and related companies with MarketBeat.com's FREE daily email newsletter.