Avid Technology, Inc. (NASDAQ:AVID) Short Interest Update

Avid Technology, Inc. (NASDAQ:AVIDGet Rating) saw a significant decline in short interest in August. As of August 31st, there was short interest totalling 749,700 shares, a decline of 11.3% from the August 15th total of 845,600 shares. Based on an average daily volume of 511,900 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.8% of the shares of the company are sold short.

Avid Technology Price Performance

Shares of Avid Technology stock opened at $23.41 on Wednesday. Avid Technology has a 1 year low of $20.83 and a 1 year high of $37.31. The firm has a market cap of $1.04 billion, a PE ratio of 22.51 and a beta of 1.20. The company has a 50 day simple moving average of $26.46 and a two-hundred day simple moving average of $28.57.

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

Hedge Funds Weigh In On Avid Technology

Several institutional investors have recently modified their holdings of the company. Legal & General Group Plc lifted its position in Avid Technology by 6.4% in the 2nd quarter. Legal & General Group Plc now owns 13,320 shares of the technology company’s stock worth $345,000 after buying an additional 807 shares during the last quarter. Prudential Financial Inc. bought a new stake in shares of Avid Technology in the 2nd quarter worth approximately $457,000. Dark Forest Capital Management LP boosted its stake in shares of Avid Technology by 15.3% in the 2nd quarter. Dark Forest Capital Management LP now owns 37,942 shares of the technology company’s stock valued at $985,000 after purchasing an additional 5,031 shares in the last quarter. State Street Corp grew its holdings in shares of Avid Technology by 0.9% during the 2nd quarter. State Street Corp now owns 754,671 shares of the technology company’s stock valued at $19,584,000 after purchasing an additional 7,083 shares during the last quarter. Finally, Voya Investment Management LLC raised its position in Avid Technology by 483.1% in the 2nd quarter. Voya Investment Management LLC now owns 129,862 shares of the technology company’s stock worth $3,369,000 after purchasing an additional 107,592 shares during the period. 80.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on AVID shares. Northland Securities boosted their price objective on Avid Technology from $48.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, May 25th. Rosenblatt Securities initiated coverage on shares of Avid Technology in a report on Monday, July 11th. They set a “neutral” rating and a $30.00 target price on the stock. JPMorgan Chase & Co. began coverage on shares of Avid Technology in a report on Wednesday, July 6th. They issued an “overweight” rating and a $33.00 price target for the company. Finally, TheStreet cut shares of Avid Technology from a “b-” rating to a “c” rating in a report on Wednesday, May 25th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.60.

Avid Technology Company Profile

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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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