Wall Street brokerages expect Avid Technology, Inc. (NASDAQ:AVID) to announce $101.39 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Avid Technology’s earnings, with the lowest sales estimate coming in at $100.78 million and the highest estimate coming in at $102.01 million. Avid Technology posted sales of $97.94 million during the same quarter last year, which suggests a positive year over year growth rate of 3.5%. The firm is scheduled to announce its next earnings results on Thursday, May 9th.
On average, analysts expect that Avid Technology will report full year sales of $425.35 million for the current financial year, with estimates ranging from $425.29 million to $425.42 million. For the next year, analysts expect that the firm will report sales of $438.99 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Avid Technology.
Avid Technology (NASDAQ:AVID) last posted its quarterly earnings data on Thursday, March 14th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.08. The company had revenue of $112.70 million during the quarter, compared to analysts’ expectations of $110.43 million. Avid Technology had a negative return on equity of 4.14% and a negative net margin of 2.58%. Avid Technology’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.15 earnings per share.
Institutional investors and hedge funds have recently made changes to their positions in the company. Prudential Financial Inc. bought a new position in shares of Avid Technology in the 4th quarter valued at $51,000. Virtu Financial LLC bought a new position in Avid Technology during the 4th quarter worth $58,000. Heritage Investors Management Corp bought a new position in Avid Technology during the 1st quarter worth $76,000. Mackay Shields LLC bought a new position in Avid Technology during the 4th quarter worth $79,000. Finally, Gamco Investors INC. ET AL raised its position in shares of Avid Technology by 11.1% in the 4th quarter. Gamco Investors INC. ET AL now owns 25,000 shares of the technology company’s stock worth $119,000 after acquiring an additional 2,500 shares in the last quarter. Institutional investors own 57.52% of the company’s stock.
Shares of NASDAQ AVID traded down $0.29 during trading hours on Friday, reaching $8.15. 34,262 shares of the stock were exchanged, compared to its average volume of 703,520. The firm has a market cap of $349.45 million, a P/E ratio of 68.00, a price-to-earnings-growth ratio of 1.60 and a beta of 1.88. Avid Technology has a 52 week low of $4.33 and a 52 week high of $9.08.
About Avid Technology
Avid Technology, Inc develops, markets, sells, and supports software, hardware, and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer, which is used to edit video content, such as television programming, commercials, and films; Avid NEXIS shared storage systems; and Maestro product line solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows.
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