Shares of Avid Technology, Inc. (NASDAQ:AVID – Get Rating) have received a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $37.60.
A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. assumed coverage on Avid Technology in a research report on Wednesday, July 6th. They set an “overweight” rating and a $33.00 price target on the stock. Rosenblatt Securities began coverage on Avid Technology in a report on Monday, July 11th. They set a “neutral” rating and a $30.00 price objective for the company. Northland Securities boosted their price objective on Avid Technology from $48.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday, May 25th. TheStreet cut Avid Technology from a “b-” rating to a “c” rating in a report on Wednesday, May 25th. Finally, Jefferies Financial Group reduced their price objective on Avid Technology from $33.00 to $30.00 in a report on Monday, May 23rd.
Institutional Investors Weigh In On Avid Technology
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its holdings in shares of Avid Technology by 7.7% during the first quarter. Principal Financial Group Inc. now owns 6,621 shares of the technology company’s stock worth $231,000 after buying an additional 473 shares in the last quarter. Credit Suisse AG increased its holdings in Avid Technology by 2.2% in the second quarter. Credit Suisse AG now owns 26,419 shares of the technology company’s stock valued at $685,000 after purchasing an additional 562 shares during the period. Advisor Group Holdings Inc. increased its holdings in 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 purchasing an additional 627 shares during the period. Arizona State Retirement System increased its holdings in Avid Technology by 6.9% in the second quarter. Arizona State Retirement System now owns 9,761 shares of the technology company’s stock valued at $253,000 after purchasing an additional 633 shares during the period. Finally, Legal & General Group Plc increased its holdings in Avid Technology by 6.4% in the second quarter. Legal & General Group Plc now owns 13,320 shares of the technology company’s stock valued at $345,000 after purchasing an additional 807 shares during the period. 80.99% of the stock is currently owned by institutional investors.
Avid Technology Stock Up 1.1 %
Avid Technology (NASDAQ:AVID – Get Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The technology company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm earned $0.17 EPS. As a group, research analysts anticipate that Avid Technology will post 1.12 EPS for the current fiscal year.
About Avid Technology
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.
- Get a free copy of the StockNews.com research report on Avid Technology (AVID)
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