Brokerages Set Avid Technology, Inc. (NASDAQ:AVID) PT at $37.60

Avid Technology, Inc. (NASDAQ:AVIDGet Rating) has been given an average rating of “Moderate Buy” by the eight ratings firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $37.60.

A number of equities analysts have commented on the stock. TheStreet lowered shares of Avid Technology from a “b-” rating to a “c” rating in a report on Wednesday, May 25th. StockNews.com lowered shares of Avid Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 14th. JPMorgan Chase & Co. assumed coverage on shares of Avid Technology in a report on Wednesday, July 6th. They issued an “overweight” rating and a $33.00 price objective on the stock. Rosenblatt Securities began coverage on shares of Avid Technology in a report on Monday, July 11th. They issued a “neutral” rating and a $30.00 price objective on the stock. Finally, 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, May 25th.

Avid Technology Trading Down 0.6 %

Shares of Avid Technology stock opened at $28.09 on Friday. The company has a fifty day moving average price of $27.38 and a 200 day moving average price of $29.69. Avid Technology has a twelve month low of $20.83 and a twelve month high of $38.99. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 27.27 and a beta of 1.21.

Avid Technology (NASDAQ:AVIDGet Rating) last announced its quarterly earnings results on Wednesday, May 4th. The technology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.02. Avid Technology had a net margin of 11.43% and a negative return on equity of 36.00%. The firm had revenue of $100.65 million during the quarter, compared to analysts’ expectations of $103.07 million. During the same period in the prior year, the company earned $0.22 EPS. Analysts forecast that Avid Technology will post 1.12 earnings per share for the current year.

Insider Activity

In other Avid Technology news, Director Christian Asmar acquired 250,000 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The shares were 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 $176,369,240.89. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Avid Technology news, Director Christian Asmar acquired 250,000 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The shares were 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 $176,369,240.89. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Tom J. A. Cordiner sold 9,923 shares of the stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $25.63, for a total transaction of $254,326.49. Following the sale, the senior vice president now owns 229,016 shares in the company, valued at approximately $5,869,680.08. The disclosure for this sale can be found here. Company insiders own 6.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of AVID. Maverick Capital Ltd. bought a new position in Avid Technology in the 4th quarter worth about $31,000. Covestor Ltd boosted its holdings in shares of Avid Technology by 12,291.7% in the first quarter. Covestor Ltd now owns 1,487 shares of the technology company’s stock valued at $52,000 after acquiring an additional 1,475 shares in the last quarter. Advisor Group Holdings Inc. boosted its holdings in shares of Avid Technology by 41.2% in the fourth quarter. Advisor Group Holdings Inc. now owns 2,149 shares of the technology company’s stock valued at $70,000 after acquiring an additional 627 shares in the last quarter. Spire Wealth Management boosted its holdings in shares of Avid Technology by 600.0% in the first quarter. Spire Wealth Management now owns 2,100 shares of the technology company’s stock valued at $73,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of Avid Technology in the fourth quarter valued at approximately $91,000. Institutional investors own 75.83% of the company’s stock.

About Avid Technology

(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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