Avid Technology (NASDAQ:AVID) Raised to “B-” at TheStreet

Avid Technology (NASDAQ:AVID) was upgraded by research analysts at TheStreet from a “c” rating to a “b-” rating in a note issued to investors on Tuesday, TheStreetRatingsTable reports.

Several other analysts have also issued reports on AVID. B. Riley reissued a “buy” rating on shares of Avid Technology in a report on Tuesday, November 2nd. Maxim Group raised their price objective on Avid Technology from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, August 4th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avid Technology currently has an average rating of “Buy” and a consensus target price of $34.00.

Shares of NASDAQ AVID opened at $34.17 on Tuesday. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 46.81 and a beta of 1.16. Avid Technology has a one year low of $11.58 and a one year high of $40.48. The stock’s fifty day moving average price is $29.98 and its two-hundred day moving average price is $31.44.

Avid Technology (NASDAQ:AVID) last released its earnings results on Tuesday, November 9th. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.02. Avid Technology had a negative return on equity of 30.68% and a net margin of 8.42%. During the same quarter last year, the company posted $0.20 EPS. As a group, research analysts expect that Avid Technology will post 0.9 EPS for the current year.

In other Avid Technology news, CFO Kenneth L. Gayron sold 2,500 shares of Avid Technology stock in a transaction that occurred on Tuesday, November 16th. The stock was sold at an average price of $34.14, for a total value of $85,350.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Nancy Hawthorne sold 1,250 shares of the firm’s stock in a transaction that occurred on Wednesday, September 1st. The shares were sold at an average price of $25.96, for a total value of $32,450.00. The disclosure for this sale can be found here. Company insiders own 6.40% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of AVID. O Shaughnessy Asset Management LLC boosted its stake in shares of Avid Technology by 11.9% in the 2nd quarter. O Shaughnessy Asset Management LLC now owns 4,457 shares of the technology company’s stock worth $174,000 after buying an additional 475 shares during the last quarter. Voya Investment Management LLC grew its holdings in shares of Avid Technology by 3.8% during the third quarter. Voya Investment Management LLC now owns 14,516 shares of the technology company’s stock valued at $420,000 after buying an additional 531 shares during the last quarter. Metropolitan Life Insurance Co NY boosted its holdings in Avid Technology by 6.2% in the third quarter. Metropolitan Life Insurance Co NY now owns 9,916 shares of the technology company’s stock valued at $287,000 after purchasing an additional 583 shares during the last quarter. Citigroup Inc. boosted its stake in shares of Avid Technology by 2.6% during the 3rd quarter. Citigroup Inc. now owns 36,575 shares of the technology company’s stock worth $1,058,000 after acquiring an additional 913 shares in the last quarter. Finally, Advisor Group Holdings Inc. raised its position in shares of Avid Technology by 81.9% during the 2nd quarter. Advisor Group Holdings Inc. now owns 3,079 shares of the technology company’s stock worth $121,000 after purchasing an additional 1,386 shares during the last quarter. Hedge funds and other institutional investors own 76.32% of the company’s stock.

About Avid Technology

Avid Technology, Inc engages in the provision of technology services for media and entertainment industry. It develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management and distribution. The company was founded by William J. Warner in September 1987 and is headquartered in Burlington, MA.

See Also: Book Value Per Share – BVPS

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