Avid Technology (NASDAQ:AVID) Receives New Coverage from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Avid Technology (NASDAQ:AVID) in a report released on Monday morning. The firm issued a hold rating on the technology company’s stock.

AVID has been the topic of a number of other reports. Truist Financial downgraded Avid Technology from a buy rating to a hold rating and set a $27.05 price objective on the stock. in a research report on Monday, August 14th. Rosenblatt Securities lowered their price target on Avid Technology from $28.00 to $27.00 and set a neutral rating for the company in a research report on Thursday, August 10th. Jefferies Financial Group lifted their price objective on Avid Technology from $25.00 to $27.00 and gave the company a hold rating in a research note on Wednesday, August 9th. Northland Securities lowered Avid Technology from an outperform rating to a market perform rating in a research note on Thursday, August 10th. Finally, B. Riley lowered Avid Technology from a buy rating to a neutral rating and cut their price target for the company from $35.00 to $27.05 in a research note on Thursday, August 10th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $29.22.

Avid Technology Stock Down 0.1 %

Shares of Avid Technology stock opened at $26.80 on Monday. The stock’s 50-day simple moving average is $26.23 and its 200-day simple moving average is $26.58. Avid Technology has a 52 week low of $19.78 and a 52 week high of $33.41. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 36.71 and a beta of 1.17.

Avid Technology (NASDAQ:AVID) last posted its earnings results on Wednesday, August 9th. The technology company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Avid Technology had a negative return on equity of 27.20% and a net margin of 7.59%. The company had revenue of $108.54 million for the quarter, compared to the consensus estimate of $103.48 million. Avid Technology’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities analysts expect that Avid Technology will post 0.99 earnings per share for the current year.

Institutional Investors Weigh In On Avid Technology

Several institutional investors have recently bought and sold shares of AVID. BlackRock Inc. boosted its holdings in shares of Avid Technology by 122.4% during the 3rd quarter. BlackRock Inc. now owns 5,410,382 shares of the technology company’s stock worth $125,845,000 after purchasing an additional 2,977,539 shares during the last quarter. FMR LLC boosted its holdings in shares of Avid Technology by 16.3% during the 1st quarter. FMR LLC now owns 5,058,536 shares of the technology company’s stock worth $161,772,000 after purchasing an additional 710,031 shares during the last quarter. Royce & Associates LP lifted its holdings in Avid Technology by 36.1% in the second quarter. Royce & Associates LP now owns 2,377,807 shares of the technology company’s stock valued at $60,634,000 after acquiring an additional 630,285 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Avid Technology by 31.9% in the third quarter. Vanguard Group Inc. now owns 2,489,355 shares of the technology company’s stock valued at $57,902,000 after acquiring an additional 602,451 shares during the last quarter. Finally, Loomis Sayles & Co. L P acquired a new position in Avid Technology in the first quarter valued at approximately $20,908,000. 84.96% of the stock is currently owned by institutional investors and hedge funds.

Avid Technology Company Profile

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 in the United States and internationally. 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.