Thrivent Financial for Lutherans Cuts Stock Position in Avid Technology, Inc. (NASDAQ:AVID)

Thrivent Financial for Lutherans cut its holdings in Avid Technology, Inc. (NASDAQ:AVID – Get Rating) by 2.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 34,060 shares of the technology company’s stock after selling 1,009 shares during the quarter. Thrivent Financial for Lutherans owned 0.08% of Avid Technology worth $906,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Swiss National Bank grew its position in Avid Technology by 1.7% in the fourth quarter. Swiss National Bank now owns 86,200 shares of the technology company’s stock worth $2,292,000 after acquiring an additional 1,400 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Avid Technology by 16.2% in the fourth quarter. Russell Investments Group Ltd. now owns 96,801 shares of the technology company’s stock valued at $2,574,000 after acquiring an additional 13,467 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Avid Technology by 46.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 26,503 shares of the technology company’s stock worth $705,000 after acquiring an additional 8,444 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Avid Technology by 27.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the technology company’s stock worth $158,000 after purchasing an additional 1,296 shares during the period. Finally, NorthCrest Asset Manangement LLC lifted its position in shares of Avid Technology by 3.2% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 19,200 shares of the technology company’s stock worth $511,000 after purchasing an additional 600 shares during the last quarter. 90.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVID. Maxim Group reiterated a “buy” rating and set a $38.00 target price on shares of Avid Technology in a research report on Friday, March 3rd. StockNews.com initiated coverage on shares of Avid Technology in a research note on Thursday, May 18th. They set a “buy” rating for the company. Rosenblatt Securities reaffirmed a “neutral” rating and set a $28.00 price target on shares of Avid Technology in a research note on Friday, March 3rd. Finally, Truist Financial began coverage on shares of Avid Technology in a research note on Monday, March 6th. They set a “buy” rating and a $45.00 price target for the company. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Avid Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.40.

Avid Technology Trading Down 1.7 %

Shares of AVID opened at $20.47 on Wednesday. Avid Technology, Inc. has a 12 month low of $19.78 and a 12 month high of $33.41. The stock has a fifty day moving average price of $27.92 and a 200-day moving average price of $28.16. The firm has a market cap of $898.84 million, a PE ratio of 20.68 and a beta of 1.21.

Avid Technology (NASDAQ:AVID – Get Rating) last announced its quarterly earnings data on Wednesday, March 1st. The technology company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.07). The company had revenue of $116.10 million during the quarter, compared to analysts’ expectations of $114.09 million. Avid Technology had a net margin of 10.68% and a negative return on equity of 28.67%. As a group, research analysts forecast that Avid Technology, Inc. will post 1.17 EPS for the current year.

Avid Technology Company Profile

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Avid Technology, Inc engages in the provision of technology services for the media and entertainment industry. It develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management, and distribution. The company was founded by William J. Warner in September 1987 and is headquartered in Burlington, MA.