Northland Capmk Comments on Avid Technology, Inc.’s Q1 2023 Earnings (NASDAQ:AVID)

Avid Technology, Inc. (NASDAQ:AVIDGet Rating) – Northland Capmk lowered their Q1 2023 earnings per share (EPS) estimates for Avid Technology in a research report issued on Wednesday, November 9th. Northland Capmk analyst N. Chokshi now expects that the technology company will post earnings per share of $0.23 for the quarter, down from their prior forecast of $0.24. The consensus estimate for Avid Technology’s current full-year earnings is $1.12 per share.

Other equities analysts have also recently issued reports about the stock. StockNews.com raised shares of Avid Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, November 9th. Rosenblatt Securities reduced their target price on shares of Avid Technology from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday, November 9th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Avid Technology has a consensus rating of “Moderate Buy” and an average price target of $37.20.

Avid Technology Trading Up 2.8 %

AVID stock opened at $27.67 on Monday. Avid Technology has a 1-year low of $20.83 and a 1-year high of $37.31. The business’s 50 day simple moving average is $24.95 and its 200 day simple moving average is $26.28. The firm has a market capitalization of $1.21 billion, a PE ratio of 27.95 and a beta of 1.28.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Avid Technology by 37.2% in the second quarter. FMR LLC now owns 4,910,542 shares of the technology company’s stock valued at $127,429,000 after acquiring an additional 1,330,348 shares during the period. Loomis Sayles & Co. L P bought a new stake in Avid Technology in the 1st quarter valued at about $20,908,000. Portolan Capital Management LLC grew its position in shares of Avid Technology by 70.6% during the 1st quarter. Portolan Capital Management LLC now owns 739,345 shares of the technology company’s stock worth $25,781,000 after purchasing an additional 305,963 shares in the last quarter. Royce & Associates LP increased its holdings in shares of Avid Technology by 13.8% during the second quarter. Royce & Associates LP now owns 2,512,766 shares of the technology company’s stock worth $65,206,000 after purchasing an additional 305,458 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Avid Technology by 190.6% in the second quarter. JPMorgan Chase & Co. now owns 366,459 shares of the technology company’s stock valued at $9,510,000 after buying an additional 240,371 shares in the last quarter. Institutional investors own 80.99% of the company’s stock.

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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