Avid Technology, Inc. (NASDAQ:AVID – Get Rating) SVP Timothy Claman sold 4,462 shares of the company’s stock in a transaction that occurred on Monday, December 12th. The stock was sold at an average price of $27.30, for a total value of $121,812.60. Following the completion of the sale, the senior vice president now owns 89,240 shares of the company’s stock, valued at $2,436,252. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Avid Technology Stock Performance
Shares of NASDAQ AVID traded down $0.46 during mid-day trading on Friday, reaching $24.99. The company had a trading volume of 859,926 shares, compared to its average volume of 407,651. Avid Technology, Inc. has a twelve month low of $20.83 and a twelve month high of $37.31. The stock has a market capitalization of $1.09 billion, a PE ratio of 25.71 and a beta of 1.20. The stock’s 50 day moving average is $26.65 and its 200-day moving average is $26.41.
Avid Technology (NASDAQ:AVID – Get Rating) last posted its earnings results on Tuesday, November 8th. The technology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. The firm had revenue of $102.99 million for the quarter, compared to the consensus estimate of $105.35 million. Avid Technology had a net margin of 10.75% and a negative return on equity of 37.85%. On average, sell-side analysts anticipate that Avid Technology, Inc. will post 1.1 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on AVID. Rosenblatt Securities cut their target price on Avid Technology from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday, November 9th. StockNews.com upgraded Avid Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 8th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.20.
Hedge Funds Weigh In On Avid Technology
Several hedge funds have recently bought and sold shares of AVID. New York State Common Retirement Fund increased its position in Avid Technology by 8.9% during the first quarter. New York State Common Retirement Fund now owns 27,019 shares of the technology company’s stock worth $942,000 after buying an additional 2,214 shares during the last quarter. Swiss National Bank increased its position in Avid Technology by 6.1% during the first quarter. Swiss National Bank now owns 79,900 shares of the technology company’s stock worth $2,786,000 after buying an additional 4,600 shares during the last quarter. Principal Financial Group Inc. increased its position in Avid Technology by 7.7% during the first quarter. Principal Financial Group Inc. now owns 6,621 shares of the technology company’s stock worth $231,000 after buying an additional 473 shares during the last quarter. Bank of New York Mellon Corp increased its position in Avid Technology by 2.3% during the first quarter. Bank of New York Mellon Corp now owns 133,570 shares of the technology company’s stock worth $4,656,000 after buying an additional 3,003 shares during the last quarter. Finally, AlphaCrest Capital Management LLC acquired a new stake in shares of Avid Technology in the first quarter valued at about $935,000. 80.99% of the stock is owned by institutional investors and hedge funds.
Avid Technology Company Profile
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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