Zacks Investment Research Upgrades Avid Technology (AVID) to Buy

Avid Technology (NASDAQ:AVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $6.75 price objective on the technology company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 17.19% from the stock’s current price.

According to Zacks, “Avid Technology, Inc. develops, markets, sells and supports a wide range of software and systems for creating and manipulating digital media content. Digital media are media elements, whether video or audio or graphics, in which the image, sound or picture is recorded and stored as digital values, as opposed to analog signals. The company’s systems are designed to improve the productivity of video and film editors by enabling them to edit moving pictures and sound in a faster, easier, and more cost-effective manner than traditional analog tape-based systems. “

Separately, ValuEngine raised shares of Avid Technology from a “hold” rating to a “buy” rating in a report on Monday, July 2nd.

NASDAQ AVID opened at $5.76 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 1.02 and a debt-to-equity ratio of -1.30. The stock has a market capitalization of $248.23 million, a price-to-earnings ratio of 14.40 and a beta of 1.98. Avid Technology has a 12-month low of $3.99 and a 12-month high of $7.65.

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

In other news, SVP Peter Ennis sold 8,600 shares of the company’s stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $5.92, for a total transaction of $50,912.00. Following the completion of the sale, the senior vice president now 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 SEC, which is accessible through this hyperlink. Corporate insiders own 7.90% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Engine Capital Management LP lifted its holdings in shares of Avid Technology by 104.6% during the 2nd quarter. Engine Capital Management LP now owns 365,763 shares of the technology company’s stock worth $1,902,000 after acquiring an additional 186,960 shares during the period. Spark Investment Management LLC lifted its holdings in shares of Avid Technology by 28.7% during the 1st quarter. Spark Investment Management LLC now owns 173,100 shares of the technology company’s stock worth $785,000 after acquiring an additional 38,600 shares during the period. Royce & Associates LP lifted its holdings in shares of Avid Technology by 54.4% during the 2nd quarter. Royce & Associates LP now owns 1,142,743 shares of the technology company’s stock worth $5,942,000 after acquiring an additional 402,745 shares during the period. Nomura Holdings Inc. lifted its holdings in shares of Avid Technology by 1,441.3% during the 2nd quarter. Nomura Holdings Inc. now owns 246,600 shares of the technology company’s stock worth $1,282,000 after acquiring an additional 230,600 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Avid Technology by 1.1% during the 1st quarter. BlackRock Inc. now owns 2,057,592 shares of the technology company’s stock worth $9,341,000 after acquiring an additional 22,050 shares during the period. 70.43% of the stock is owned by institutional investors.

Avid Technology Company 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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