Avid Technology (NASDAQ:AVID) issued its quarterly earnings data on Thursday. The technology company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.08, Morningstar.com reports. The company had revenue of $112.70 million during the quarter, compared to the consensus estimate of $110.43 million. Avid Technology had a negative net margin of 4.28% and a negative return on equity of 1.55%. Avid Technology’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.15 earnings per share. Avid Technology updated its Q1 2019 guidance to EPS and its FY 2019 guidance to EPS.
Shares of NASDAQ:AVID opened at $4.90 on Friday. The company has a market capitalization of $194.18 million, a P/E ratio of 12.25, a price-to-earnings-growth ratio of 0.92 and a beta of 1.79. Avid Technology has a 52 week low of $4.26 and a 52 week high of $6.99.
Large investors have recently modified their holdings of the stock. Gamco Investors INC. ET AL increased its position in shares of Avid Technology by 11.1% during the fourth quarter. Gamco Investors INC. ET AL now owns 25,000 shares of the technology company’s stock worth $119,000 after purchasing an additional 2,500 shares in the last quarter. Teton Advisors Inc. increased its position in shares of Avid Technology by 1.4% during the fourth quarter. Teton Advisors Inc. now owns 180,042 shares of the technology company’s stock worth $855,000 after purchasing an additional 2,500 shares in the last quarter. Bank of America Corp DE increased its position in shares of Avid Technology by 21.7% during the fourth quarter. Bank of America Corp DE now owns 33,160 shares of the technology company’s stock worth $157,000 after purchasing an additional 5,921 shares in the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of Avid Technology by 15.9% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 51,624 shares of the technology company’s stock worth $245,000 after purchasing an additional 7,066 shares in the last quarter. Finally, Prudential Financial Inc. acquired a new position in shares of Avid Technology during the fourth quarter worth $51,000. 57.74% of the stock is 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 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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