Posted by admin on May 27th, 2022

Avid Technology (NASDAQ:AVID – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday, Zacks.com reports. The brokerage currently has a $32.00 price target on the technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 7.56% from the company’s previous close.

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. “

Several other research firms have also issued reports on AVID. Northland Securities lifted their price target on Avid Technology from $48.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday. TheStreet downgraded Avid Technology from a “b-” rating to a “c” rating in a report on Wednesday. StockNews.com downgraded Avid Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 14th. Maxim Group reduced their price objective on Avid Technology from $45.00 to $42.00 and set a “buy” rating for the company in a report on Wednesday, March 2nd. Finally, Jefferies Financial Group reduced their price objective on Avid Technology from $33.00 to $30.00 in a report on Monday. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $40.40.

Shares of AVID stock traded up $1.32 during trading on Friday, hitting $29.75. The company had a trading volume of 415,058 shares, compared to its average volume of 386,488. Avid Technology has a 52 week low of $20.83 and a 52 week high of $40.48. The stock’s 50-day moving average is $31.42 and its two-hundred day moving average is $31.29. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 28.89 and a beta of 1.20.

Avid Technology (NASDAQ:AVID – Get Rating) last announced its quarterly earnings data on Wednesday, May 4th. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.25 by $0.02. The business had revenue of $100.65 million during the quarter, compared to analyst estimates of $103.07 million. Avid Technology had a negative return on equity of 36.00% and a net margin of 11.43%. During the same quarter last year, the firm posted $0.22 earnings per share. On average, research analysts anticipate that Avid Technology will post 1.16 EPS for the current fiscal year.

In related news, SVP Dana Ruzicka sold 23,000 shares of the business’s stock in a transaction that occurred on Monday, March 14th. The stock was sold at an average price of $27.67, for a total value of $636,410.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kenneth L. Gayron sold 5,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $28.89, for a total value of $158,895.00. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in AVID. Allworth Financial LP raised its stake in shares of Avid Technology by 476.0% in the fourth quarter. Allworth Financial LP now owns 864 shares of the technology company’s stock valued at $28,000 after acquiring an additional 714 shares during the period. Maverick Capital Ltd. purchased a new position in Avid Technology in the 4th quarter worth about $31,000. Ensign Peak Advisors Inc purchased a new position in Avid Technology in the 4th quarter worth about $50,000. Covestor Ltd increased its stake in Avid Technology by 12,291.7% in the 1st quarter. Covestor Ltd now owns 1,487 shares of the technology company’s stock worth $52,000 after buying an additional 1,475 shares during the period. Finally, Advisor Group Holdings Inc. increased its stake in Avid Technology by 41.2% in the 4th quarter. Advisor Group Holdings Inc. now owns 2,149 shares of the technology company’s stock worth $70,000 after buying an additional 627 shares during the period. 75.83% of the stock is currently owned by institutional investors and hedge funds.

About Avid Technology (Get Rating)

Avid Technology, Inc, together with its subsidiaries, develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer, a cloud-enabled solution used to edit video content; Avid NEXIS shared storage systems; Maestro solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows; AirSpeed 5000 and AirSpeed 5500 on-air server solutions; and MediaCentral, a media production suite.

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