Panagora Asset Management Inc. Buys Shares of 34,944 Avid Technology, Inc. (NASDAQ:AVID)

Panagora Asset Management Inc. bought a new stake in Avid Technology, Inc. (NASDAQ:AVID) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 34,944 shares of the technology company’s stock, valued at approximately $319,000. Panagora Asset Management Inc. owned about 0.08% of Avid Technology as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. BNP Paribas Arbitrage SA grew its holdings 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 acquiring an additional 2,659 shares during the period. Meeder Asset Management Inc. boosted its position in Avid Technology by 505.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 5,468 shares of the technology company’s stock worth $51,000 after acquiring an additional 4,565 shares during the period. SG Americas Securities LLC acquired a new stake in Avid Technology during the 2nd quarter worth about $114,000. Chicago Equity Partners LLC acquired a new stake in Avid Technology during the 2nd quarter worth about $151,000. Finally, Bank of America Corp DE boosted its position in Avid Technology by 21.7% during the 4th quarter. Bank of America Corp DE now owns 33,160 shares of the technology company’s stock worth $157,000 after acquiring an additional 5,921 shares during the period. Institutional investors own 53.09% of the company’s stock.

Several equities research analysts have recently issued reports on the company. Maxim Group reiterated a “buy” rating and set a $14.00 price target on shares of Avid Technology in a report on Friday, June 7th. ValuEngine lowered Avid Technology from a “hold” rating to a “sell” rating in a report on Thursday. Jefferies Financial Group lifted their price target on Avid Technology from $6.50 to $8.50 and gave the company a “hold” rating in a report on Friday, June 7th. Finally, BidaskClub lowered Avid Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Avid Technology currently has a consensus rating of “Hold” and a consensus price target of $8.25.

AVID traded down $0.04 on Friday, hitting $6.43. The company had a trading volume of 1,643 shares, compared to its average volume of 436,278. The company’s fifty day moving average price is $7.50 and its 200 day moving average price is $7.75. Avid Technology, Inc. has a 1-year low of $4.37 and a 1-year high of $10.79. The stock has a market cap of $291.24 million, a price-to-earnings ratio of 53.58, a price-to-earnings-growth ratio of 1.60 and a beta of 1.85.

Avid Technology (NASDAQ:AVID) last posted its earnings results on Monday, August 5th. The technology company reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ 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 company had revenue of $98.70 million during the quarter, compared to analyst estimates of $101.29 million. During the same quarter last year, the firm posted ($0.20) earnings per share. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. Analysts expect that Avid Technology, Inc. will post 0.43 earnings per share for the current fiscal year.

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

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