Gilder Gagnon Howe & Co. LLC Lowers Stock Position in Avid Technology, Inc. (NASDAQ:AVID)

Gilder Gagnon Howe & Co. LLC reduced its stake in shares of Avid Technology, Inc. (NASDAQ:AVIDGet Rating) by 60.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 779,067 shares of the technology company’s stock after selling 1,183,454 shares during the period. Gilder Gagnon Howe & Co. LLC owned 1.73% of Avid Technology worth $27,166,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Canada Pension Plan Investment Board lifted its position in shares of Avid Technology by 6.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 36,300 shares of the technology company’s stock valued at $1,182,000 after buying an additional 2,300 shares in the last quarter. New York State Common Retirement Fund raised its stake in Avid Technology by 8.9% during the 1st quarter. New York State Common Retirement Fund now owns 27,019 shares of the technology company’s stock valued at $942,000 after purchasing an additional 2,214 shares during the period. Patient Capital Management LLC bought a new stake in Avid Technology during the 4th quarter valued at approximately $7,403,000. Spire Wealth Management raised its stake in Avid Technology by 600.0% during the 1st quarter. Spire Wealth Management now owns 2,100 shares of the technology company’s stock valued at $73,000 after purchasing an additional 1,800 shares during the period. Finally, Citigroup Inc. raised its stake in Avid Technology by 3.5% during the 4th quarter. Citigroup Inc. now owns 37,865 shares of the technology company’s stock valued at $1,233,000 after purchasing an additional 1,290 shares during the period. 80.99% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Tom J. A. Cordiner sold 9,923 shares of the business’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $25.63, for a total transaction of $254,326.49. Following the transaction, the senior vice president now owns 229,016 shares of the company’s stock, valued at approximately $5,869,680.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 6.40% of the company’s stock.

Avid Technology Price Performance

NASDAQ:AVID opened at $26.31 on Tuesday. Avid Technology, Inc. has a 1 year low of $20.83 and a 1 year high of $37.31. The stock’s 50 day simple moving average is $26.89 and its two-hundred day simple moving average is $28.83. The company has a market cap of $1.17 billion, a price-to-earnings ratio of 25.30 and a beta of 1.20.

Avid Technology (NASDAQ:AVIDGet Rating) last released its earnings results on Tuesday, August 2nd. The technology company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.01. Avid Technology had a negative return on equity of 35.68% and a net margin of 11.44%. During the same quarter in the prior year, the company posted $0.17 EPS. As a group, analysts anticipate that Avid Technology, Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on AVID shares. Rosenblatt Securities started coverage on Avid Technology in a research note on Monday, July 11th. They set a “neutral” rating and a $30.00 target price on the stock. TheStreet downgraded Avid Technology from a “b-” rating to a “c” rating in a research note on Wednesday, May 25th. Northland Securities lifted their target price on Avid Technology from $48.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, May 25th. Jefferies Financial Group reduced their price objective on Avid Technology from $33.00 to $30.00 in a research note on Monday, May 23rd. Finally, JPMorgan Chase & Co. assumed coverage on Avid Technology in a research note on Wednesday, July 6th. They issued an “overweight” rating and a $33.00 price objective on the stock. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.60.

Avid Technology 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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Institutional Ownership by Quarter for Avid Technology (NASDAQ:AVID)

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