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Avid Technology (NASDAQ:AVID) Lifted to “Buy” at StockNews.com


Avid Technology (NASDAQ:AVIDGet Rating) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

Separately, Rosenblatt Securities dropped their price target on Avid Technology from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday, November 9th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $37.20.

Avid Technology Price Performance

Shares of AVID traded up $0.66 during mid-day trading on Thursday, reaching $27.03. The company had a trading volume of 129,473 shares, compared to its average volume of 409,929. Avid Technology has a twelve month low of $20.83 and a twelve month high of $37.31. The company’s 50-day moving average is $26.44 and its 200-day moving average is $26.44. The company has a market capitalization of $1.18 billion, a P/E ratio of 27.30 and a beta of 1.20.

Avid Technology (NASDAQ:AVIDGet Rating) last issued its earnings results on Tuesday, November 8th. The technology company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06. Avid Technology had a negative return on equity of 37.85% and a net margin of 10.75%. The business had revenue of $102.99 million during the quarter, compared to analysts’ expectations of $105.35 million. As a group, equities analysts expect that Avid Technology will post 1.1 EPS for the current fiscal year.

Insider Activity at Avid Technology

In related news, SVP Tom J. A. Cordiner sold 29,978 shares of the firm’s stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $27.90, for a total transaction of $836,386.20. Following the completion of the sale, the senior vice president now directly owns 193,136 shares of the company’s stock, valued at approximately $5,388,494.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Avid Technology

Several hedge funds and other institutional investors have recently made changes to their positions in AVID. New York State Common Retirement Fund increased its stake in shares of Avid Technology by 8.9% in the 1st quarter. New York State Common Retirement Fund now owns 27,019 shares of the technology company’s stock valued at $942,000 after buying an additional 2,214 shares during the period. Swiss National Bank increased its stake in shares of Avid Technology by 6.1% in the 1st quarter. Swiss National Bank now owns 79,900 shares of the technology company’s stock valued at $2,786,000 after buying an additional 4,600 shares during the period. Principal Financial Group Inc. increased its stake in shares of Avid Technology by 7.7% in the 1st quarter. Principal Financial Group Inc. now owns 6,621 shares of the technology company’s stock valued at $231,000 after buying an additional 473 shares during the period. Goldstein Munger & Associates acquired a new stake in shares of Avid Technology in the 1st quarter valued at $302,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Avid Technology by 2.3% in the 1st quarter. Bank of New York Mellon Corp now owns 133,570 shares of the technology company’s stock worth $4,656,000 after purchasing an additional 3,003 shares during the last quarter. 80.99% of the stock is owned by institutional investors and hedge funds.

About Avid Technology

(Get Rating)

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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