Teton Advisors Inc. trimmed its holdings in shares of Avid Technology, Inc. (NASDAQ:AVID) by 2.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 252,642 shares of the technology company’s stock after selling 7,400 shares during the period. Teton Advisors Inc. owned 0.60% of Avid Technology worth $2,304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in AVID. Hennessy Advisors Inc. purchased a new stake in Avid Technology during the 2nd quarter worth about $3,076,000. Acadian Asset Management LLC purchased a new stake in Avid Technology during the 1st quarter worth about $764,000. Gabelli Funds LLC lifted its holdings in Avid Technology by 63.0% during the 1st 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 last quarter. Gamco Investors INC. ET AL lifted its holdings in Avid Technology by 307.2% during the 1st quarter. Gamco Investors INC. ET AL now owns 101,800 shares of the technology company’s stock worth $758,000 after buying an additional 76,800 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Avid Technology during the 1st quarter worth about $429,000. 58.04% of the stock is owned by institutional investors.
Shares of Avid Technology stock traded down $0.12 on Friday, hitting $6.13. The stock had a trading volume of 395,400 shares, compared to its average volume of 591,209. Avid Technology, Inc. has a 52-week low of $4.37 and a 52-week high of $10.79. The stock has a market cap of $268.47 million, a price-to-earnings ratio of 51.08, a P/E/G ratio of 1.47 and a beta of 1.79. The company’s 50 day moving average price is $9.12 and its 200 day moving average price is $7.56.
A number of analysts have issued reports on the company. Maxim Group reaffirmed a “buy” rating and set a $14.00 price target on shares of Avid Technology in a report on Friday, June 7th. Zacks Investment Research downgraded Avid Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 15th. BidaskClub downgraded Avid Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. ValuEngine downgraded Avid Technology from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, Jefferies Financial Group lifted their price target on Avid Technology from $6.50 to $8.50 and gave the stock a “hold” rating in a report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $8.25.
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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