Avid Technology, Inc. (NASDAQ:AVID) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Avid Technology, Inc. (NASDAQ:AVID) have earned an average rating of “Hold” from the seven analysts that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $9.17.

Several brokerages have recently weighed in on AVID. BidaskClub lowered Avid Technology from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 7th. Maxim Group reissued a “buy” rating and set a $14.00 target price on shares of Avid Technology in a research report on Friday, June 7th. Zacks Investment Research lowered Avid Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Jefferies Financial Group raised their target price on Avid Technology from $6.50 to $8.50 and gave the stock a “hold” rating in a research report on Friday, June 7th. Finally, ValuEngine lowered Avid Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th.

Shares of NASDAQ AVID traded down $0.34 during midday trading on Friday, hitting $5.98. 420,012 shares of the company’s stock were exchanged, compared to its average volume of 613,484. Avid Technology has a twelve month low of $4.37 and a twelve month high of $10.79. The company has a market cap of $271.48 million, a PE ratio of 49.83, a P/E/G ratio of 1.49 and a beta of 1.79. The firm’s fifty day simple moving average is $8.67 and its 200-day simple moving average is $7.56.

Avid Technology (NASDAQ:AVID) last issued its earnings results on Monday, August 5th. The technology company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). Avid Technology had a negative return on equity of 11.13% and a negative net margin of 0.99%. The business had revenue of $98.70 million for the quarter, compared to analyst estimates of $101.29 million. During the same period last year, the business posted ($0.20) EPS. Avid Technology’s revenue was up .1% on a year-over-year basis. On average, analysts anticipate that Avid Technology will post 0.43 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA increased its position in Avid Technology by 86.8% during the first quarter. BNP Paribas Arbitrage SA now owns 5,722 shares of the technology company’s stock worth $43,000 after buying an additional 2,659 shares during the period. Hennessy Advisors Inc. acquired a new position in Avid Technology during the second quarter worth approximately $3,076,000. Geode Capital Management LLC increased its position in Avid Technology by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 333,558 shares of the technology company’s stock worth $1,584,000 after buying an additional 15,678 shares during the period. Algert Global LLC acquired a new position in Avid Technology during the first quarter worth approximately $86,000. Finally, Gabelli Funds LLC increased its position in Avid Technology by 63.0% during the first quarter. Gabelli Funds LLC now owns 208,020 shares of the technology company’s stock worth $1,550,000 after buying an additional 80,420 shares during the period. 52.87% of the stock is currently owned by institutional investors.

About Avid Technology

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, which is used to edit video content, such as television programming, commercials, and films; Avid NEXIS shared storage systems; and Maestro product line solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows.

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