Insider Selling: Avid Technology, Inc. (NASDAQ:AVID) SVP Sells 29,978 Shares of Stock

Avid Technology, Inc. (NASDAQ:AVIDGet Rating) SVP Tom J. A. Cordiner sold 29,978 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $27.90, for a total transaction of $836,386.20. Following the sale, the senior vice president now directly owns 193,136 shares of the company’s stock, valued at $5,388,494.40. The sale was disclosed in a document filed with the SEC, which is available through this link.

Avid Technology Stock Performance

NASDAQ AVID opened at $28.38 on Friday. The company has a market capitalization of $1.24 billion, a P/E ratio of 28.67 and a beta of 1.28. Avid Technology, Inc. has a one year low of $20.83 and a one year high of $37.31. The stock has a 50 day moving average price of $25.42 and a 200-day moving average price of $26.18.

Analyst Ratings Changes

A number of equities research analysts have issued reports on AVID shares. Rosenblatt Securities cut their price objective 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. StockNews.com upgraded Avid Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, November 9th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.20.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of AVID. BlackRock Inc. boosted its position in shares of Avid Technology by 122.4% during the 3rd quarter. BlackRock Inc. now owns 5,410,382 shares of the technology company’s stock valued at $125,845,000 after acquiring an additional 2,977,539 shares during the last quarter. FMR LLC lifted its position in Avid Technology by 37.2% in the second quarter. FMR LLC now owns 4,910,542 shares of the technology company’s stock worth $127,429,000 after buying an additional 1,330,348 shares during the last quarter. Vanguard Group Inc. lifted its position in Avid Technology by 31.9% in the third quarter. Vanguard Group Inc. now owns 2,489,355 shares of the technology company’s stock worth $57,902,000 after buying an additional 602,451 shares during the last quarter. Loomis Sayles & Co. L P bought a new stake in Avid Technology in the first quarter worth $20,908,000. Finally, State Street Corp lifted its position in Avid Technology by 57.5% in the third quarter. State Street Corp now owns 1,188,961 shares of the technology company’s stock worth $27,655,000 after buying an additional 434,290 shares during the last quarter. 80.99% of the stock is currently owned by institutional investors.

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.

Featured Stories

Insider Buying and Selling by Quarter for Avid Technology (NASDAQ:AVID)

Receive News & Ratings for Avid Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avid Technology and related companies with MarketBeat.com's FREE daily email newsletter.