Avid Technology (NASDAQ:AVID) Upgraded at BidaskClub

BidaskClub upgraded shares of Avid Technology (NASDAQ:AVID) from a buy rating to a strong-buy rating in a research note published on Tuesday, BidAskClub reports.

Other research analysts have also issued research reports about the stock. BWS Financial lowered shares of Avid Technology from a hold rating to a sell rating and set a $5.00 price target on the stock. in a research note on Thursday, March 21st. Maxim Group set a $5.00 price target on shares of Adial Pharmaceuticals and gave the company a buy rating in a research note on Friday, June 7th. Zacks Investment Research lowered shares of HEXO from a hold rating to a sell rating in a research note on Wednesday, May 15th. Jefferies Financial Group upped their price target on shares of Avid Technology from $6.50 to $8.50 and gave the company a hold rating in a research note on Friday, June 7th. Finally, ValuEngine upgraded shares of ZEALAND PHARMA/S from a sell rating to a hold rating in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $8.25.

Avid Technology stock opened at $10.32 on Tuesday. The firm has a market cap of $433.44 million, a price-to-earnings ratio of 86.00, a PEG ratio of 2.58 and a beta of 1.77. The business’s 50-day moving average price is $8.56. Avid Technology has a fifty-two week low of $4.37 and a fifty-two week high of $10.65.

Avid Technology (NASDAQ:AVID) last announced its quarterly earnings results on Monday, May 6th. The technology company reported $0.08 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.04. Avid Technology had a negative net margin of 0.46% and a negative return on equity of 7.54%. The business had revenue of $103.32 million for the quarter, compared to analyst estimates of $100.78 million. During the same quarter in the prior year, the business earned ($0.06) EPS. Avid Technology’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, equities research analysts predict that Avid Technology will post 0.39 EPS for the current year.

In other Avid Technology news, insider Ryan H. Murray sold 12,000 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $8.00, for a total transaction of $96,000.00. Following the transaction, the insider now owns 35,995 shares in the company, valued at approximately $287,960. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.90% of the company’s stock.

Several large investors have recently made changes to their positions in the business. Hennessy Advisors Inc. acquired a new position in shares of Avid Technology during the 2nd quarter worth approximately $3,076,000. Geode Capital Management LLC grew its position in shares of Avid Technology by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 333,558 shares of the technology company’s stock worth $1,584,000 after purchasing an additional 15,678 shares in the last quarter. Teton Advisors Inc. grew its position in shares of Avid Technology by 44.4% during the 1st quarter. Teton Advisors Inc. now owns 260,042 shares of the technology company’s stock worth $1,937,000 after purchasing an additional 80,000 shares in the last quarter. Gabelli Funds LLC grew its position in shares of Avid Technology by 63.0% during the 1st quarter. Gabelli Funds LLC now owns 208,020 shares of the technology company’s stock worth $1,550,000 after purchasing an additional 80,420 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of Avid Technology during the 1st quarter worth approximately $764,000. Hedge funds and other institutional investors own 57.04% of the company’s stock.

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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