Avid Technology (NASDAQ:AVID) Trading Up 1.9%

Avid Technology, Inc. (NASDAQ:AVID) was up 1.9% during mid-day trading on Monday . The company traded as high as $27.50 and last traded at $27.44. Approximately 12,610 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 510,453 shares. The stock had previously closed at $26.92.

A number of equities analysts recently issued reports on AVID shares. B. Riley lifted their target price on Avid Technology from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, July 28th. Maxim Group lifted their target price on Avid Technology from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, August 4th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $34.00.

The firm has a market cap of $1.24 billion, a PE ratio of 46.17 and a beta of 1.37. The business has a fifty day moving average price of $29.80 and a two-hundred day moving average price of $28.63.

Avid Technology (NASDAQ:AVID) last issued its quarterly earnings results on Monday, August 2nd. The technology company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.02. Avid Technology had a negative return on equity of 29.86% and a net margin of 6.89%. The business had revenue of $94.88 million for the quarter, compared to the consensus estimate of $91.34 million. On average, sell-side analysts expect that Avid Technology, Inc. will post 0.86 earnings per share for the current fiscal year.

In other Avid Technology news, Director Robert M. Bakish sold 14,996 shares of the business’s stock in a transaction dated Wednesday, July 21st. The stock was sold at an average price of $37.29, for a total value of $559,200.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert M. Bakish sold 19,510 shares of the business’s stock in a transaction dated Friday, July 16th. The shares were sold at an average price of $37.39, for a total value of $729,478.90. Following the completion of the transaction, the director now owns 794,800 shares in the company, valued at approximately $29,717,572. The disclosure for this sale can be found here. Insiders have sold 90,729 shares of company stock worth $3,286,156 in the last quarter. 6.40% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Parametric Portfolio Associates LLC grew its stake in Avid Technology by 348.3% in the second quarter. Parametric Portfolio Associates LLC now owns 136,116 shares of the technology company’s stock valued at $5,329,000 after purchasing an additional 105,756 shares in the last quarter. Invesco Ltd. lifted its position in shares of Avid Technology by 773.8% in the second quarter. Invesco Ltd. now owns 297,150 shares of the technology company’s stock worth $11,634,000 after buying an additional 263,144 shares during the last quarter. Metropolitan Life Insurance Co NY lifted its position in shares of Avid Technology by 103,600.0% in the second quarter. Metropolitan Life Insurance Co NY now owns 9,333 shares of the technology company’s stock worth $365,000 after buying an additional 9,324 shares during the last quarter. Oberweis Asset Management Inc. acquired a new stake in shares of Avid Technology in the second quarter worth about $223,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Avid Technology in the second quarter worth about $381,000. Hedge funds and other institutional investors own 75.50% of the company’s stock.

Avid Technology Company Profile (NASDAQ:AVID)

Avid Technology, Inc engages in the provision of technology services for media and entertainment industry. It develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management and distribution. The company was founded by William J. Warner in September 1987 and is headquartered in Burlington, MA.

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