Avid Technology (NASDAQ:AVID) Upgraded to Buy by Zacks Investment Research

Avid Technology (NASDAQ:AVIDGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday, Zacks.com reports. The brokerage currently has a $32.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 7.56% from the stock’s previous close.

According to Zacks, “Avid Technology, Inc. develops, markets, sells and supports a wide range of software and systems for creating and manipulating digital media content. Digital media are media elements, whether video or audio or graphics, in which the image, sound or picture is recorded and stored as digital values, as opposed to analog signals. The company’s systems are designed to improve the productivity of video and film editors by enabling them to edit moving pictures and sound in a faster, easier, and more cost-effective manner than traditional analog tape-based systems. “

A number of other equities research analysts have also issued reports on AVID. TheStreet lowered shares of Avid Technology from a “b-” rating to a “c” rating in a research note on Wednesday. Jefferies Financial Group dropped their price objective on shares of Avid Technology from $33.00 to $30.00 in a report on Monday. Northland Securities upped their target price on shares of Avid Technology from $48.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday. StockNews.com cut shares of Avid Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 14th. Finally, Maxim Group reduced their target price on shares of Avid Technology from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Wednesday, March 2nd. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $40.40.

Shares of Avid Technology stock traded up $1.32 during trading hours on Friday, hitting $29.75. 415,058 shares of the company’s stock traded hands, compared to its average volume of 386,488. The stock has a 50 day simple moving average of $31.42 and a 200-day simple moving average of $31.29. The company has a market cap of $1.34 billion, a PE ratio of 28.89 and a beta of 1.20. Avid Technology has a twelve month low of $20.83 and a twelve month high of $40.48.

Avid Technology (NASDAQ:AVIDGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The technology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.02. The business had revenue of $100.65 million during the quarter, compared to the consensus estimate of $103.07 million. Avid Technology had a negative return on equity of 36.00% and a net margin of 11.43%. During the same period last year, the firm earned $0.22 earnings per share. As a group, sell-side analysts anticipate that Avid Technology will post 1.16 EPS for the current fiscal year.

In other news, Director Christian Asmar purchased 250,000 shares of the business’s stock in a transaction on Monday, May 16th. The stock was purchased at an average price of $24.73 per share, for a total transaction of $6,182,500.00. Following the completion of the purchase, the director now directly owns 7,131,793 shares in the company, valued at approximately $176,369,240.89. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kenneth L. Gayron sold 5,500 shares of the stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $28.89, for a total transaction of $158,895.00. The disclosure for this sale can be found here. 6.70% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its stake in Avid Technology by 7.7% in the first quarter. Principal Financial Group Inc. now owns 6,621 shares of the technology company’s stock valued at $231,000 after acquiring an additional 473 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Avid Technology by 4.3% during the 4th quarter. Legal & General Group Plc now owns 12,511 shares of the technology company’s stock worth $407,000 after buying an additional 516 shares during the last quarter. Voya Investment Management LLC lifted its stake in shares of Avid Technology by 3.8% during the 3rd quarter. Voya Investment Management LLC now owns 14,516 shares of the technology company’s stock worth $420,000 after buying an additional 531 shares during the last quarter. Metropolitan Life Insurance Co NY lifted its stake in shares of Avid Technology by 6.2% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 9,916 shares of the technology company’s stock worth $287,000 after buying an additional 583 shares during the last quarter. Finally, Advisor Group Holdings Inc. lifted its stake in shares of Avid Technology by 41.2% during the 4th quarter. Advisor Group Holdings Inc. now owns 2,149 shares of the technology company’s stock worth $70,000 after buying an additional 627 shares during the last quarter. Hedge funds and other institutional investors own 75.83% of the company’s stock.

Avid Technology Company Profile (Get Rating)

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 worldwide. 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.

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