Avid Technology (NASDAQ:AVID) Downgraded by BidaskClub

Avid Technology (NASDAQ:AVID) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Friday, BidAskClub reports.

Several other equities research analysts have also recently issued reports on the stock. ValuEngine cut shares of Avid Technology from a “hold” rating to a “sell” rating in a research report on Thursday, September 12th. Zacks Investment Research cut shares of Avid Technology from a “buy” rating to a “hold” rating in a research report on Thursday. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $8.69.

NASDAQ AVID opened at $6.48 on Friday. The stock has a market cap of $281.79 million, a price-to-earnings ratio of 54.00, a PEG ratio of 1.53 and a beta of 1.90. Avid Technology has a 12 month low of $4.37 and a 12 month high of $10.79. The company’s 50 day moving average is $6.41 and its two-hundred day moving average is $7.80.

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

Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in shares of Avid Technology by 24.4% during the second quarter. JPMorgan Chase & Co. now owns 292,135 shares of the technology company’s stock valued at $2,556,000 after buying an additional 57,295 shares during the last quarter. Hennessy Advisors Inc. bought a new stake in Avid Technology in the second quarter worth $3,076,000. Chicago Equity Partners LLC bought a new stake in Avid Technology in the second quarter worth $151,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Avid Technology by 160.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 149,925 shares of the technology company’s stock worth $1,367,000 after purchasing an additional 92,350 shares during the last quarter. Finally, Acadian Asset Management LLC increased its position in Avid Technology by 528.1% in the second quarter. Acadian Asset Management LLC now owns 643,475 shares of the technology company’s stock worth $5,868,000 after purchasing an additional 541,028 shares during the last quarter. Hedge funds and other institutional investors own 53.02% of the company’s stock.

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.

See Also: How to Invest in Stocks with Increasing Dividends

Receive News & Ratings for Avid Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avid Technology and related companies with MarketBeat.com's FREE daily email newsletter.