Oppenheimer Asset Management Inc. Sells 14,464 Shares of Avid Technology, Inc. (AVID)

Oppenheimer Asset Management Inc. cut its holdings in Avid Technology, Inc. (NASDAQ:AVID) by 7.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 168,545 shares of the technology company’s stock after selling 14,464 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Avid Technology were worth $876,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Spark Investment Management LLC grew its position in shares of Avid Technology by 28.7% in the 1st quarter. Spark Investment Management LLC now owns 173,100 shares of the technology company’s stock worth $785,000 after buying an additional 38,600 shares during the period. BlackRock Inc. grew its position in shares of Avid Technology by 1.1% in the 1st quarter. BlackRock Inc. now owns 2,057,592 shares of the technology company’s stock worth $9,341,000 after buying an additional 22,050 shares during the period. Northern Trust Corp grew its position in shares of Avid Technology by 2.9% in the 1st quarter. Northern Trust Corp now owns 388,048 shares of the technology company’s stock worth $1,762,000 after buying an additional 10,925 shares during the period. Teton Advisors Inc. grew its position in shares of Avid Technology by 59.0% in the 1st quarter. Teton Advisors Inc. now owns 174,884 shares of the technology company’s stock worth $794,000 after buying an additional 64,884 shares during the period. Finally, Royce & Associates LP grew its position in shares of Avid Technology by 54.4% in the 2nd quarter. Royce & Associates LP now owns 1,142,743 shares of the technology company’s stock worth $5,942,000 after buying an additional 402,745 shares during the period. 70.43% of the stock is currently owned by hedge funds and other institutional investors.

In related news, SVP Peter Ennis sold 8,600 shares of the stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $5.92, for a total transaction of $50,912.00. Following the sale, the senior vice president now directly owns 41,857 shares of the company’s stock, valued at approximately $247,793.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.90% of the company’s stock.

Several analysts recently commented on AVID shares. Zacks Investment Research raised shares of Avid Technology from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a research report on Wednesday, August 15th. ValuEngine raised shares of Avid Technology from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd.

Shares of AVID stock opened at $6.40 on Friday. Avid Technology, Inc. has a one year low of $3.99 and a one year high of $7.65. The stock has a market cap of $273.73 million, a P/E ratio of 16.00 and a beta of 1.98. The company has a current ratio of 1.02, a quick ratio of 0.84 and a debt-to-equity ratio of -1.30.

Avid Technology (NASDAQ:AVID) last announced its quarterly earnings data on Thursday, August 9th. The technology company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). Avid Technology had a negative net margin of 4.46% and a negative return on equity of 2.51%. The firm had revenue of $98.62 million for the quarter, compared to analysts’ expectations of $98.27 million. During the same period last year, the company posted ($0.26) earnings per share. The business’s revenue for the quarter was down 3.7% compared to the same quarter last year. analysts forecast that Avid Technology, Inc. will post 0.04 EPS for the current year.

Avid Technology 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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Institutional Ownership by Quarter for Avid Technology (NASDAQ:AVID)

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