Several other brokerages have also recently weighed in on AVID. Truist Financial cut Avid Technology from a buy rating to a hold rating and set a $27.05 price target for the company. in a research report on Monday, August 14th. B. Riley cut Avid Technology from a buy rating to a neutral rating and reduced their price target for the company from $35.00 to $27.05 in a research report on Thursday, August 10th. Jefferies Financial Group lifted their price target on Avid Technology from $25.00 to $27.00 and gave the company a hold rating in a research report on Wednesday, August 9th. Northland Securities cut Avid Technology from an outperform rating to a market perform rating in a research report on Thursday, August 10th. Finally, Rosenblatt Securities reduced their target price on Avid Technology from $28.00 to $27.00 and set a neutral rating for the company in a research report on Thursday, August 10th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $29.22.
Avid Technology Price Performance
Avid Technology (NASDAQ:AVID – Get Free Report) last released its earnings results on Monday, November 6th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.57). Avid Technology had a negative return on equity of 27.20% and a net margin of 7.59%. The firm had revenue of $91.01 million during the quarter, compared to analysts’ expectations of $115.37 million. On average, equities research analysts anticipate that Avid Technology will post 1.05 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Avid Technology
Several hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in shares of Avid Technology by 2.3% in the 1st quarter. Bank of New York Mellon Corp now owns 133,570 shares of the technology company’s stock valued at $4,656,000 after acquiring an additional 3,003 shares during the last quarter. MetLife Investment Management LLC raised its position in Avid Technology by 58.6% during the 1st quarter. MetLife Investment Management LLC now owns 19,403 shares of the technology company’s stock valued at $677,000 after purchasing an additional 7,172 shares during the last quarter. Rhumbline Advisers raised its position in Avid Technology by 2.6% during the 1st quarter. Rhumbline Advisers now owns 37,125 shares of the technology company’s stock valued at $1,295,000 after purchasing an additional 926 shares during the last quarter. Lord Abbett & CO. LLC grew its holdings in shares of Avid Technology by 42.4% during the 1st quarter. Lord Abbett & CO. LLC now owns 458,638 shares of the technology company’s stock worth $15,993,000 after acquiring an additional 136,524 shares during the period. Finally, Loomis Sayles & Co. L P purchased a new position in shares of Avid Technology during the 1st quarter worth approximately $20,908,000. Institutional investors own 84.96% of the company’s stock.
Avid Technology Company Profile
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 in the United States and internationally. 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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