Avid Technology (NASDAQ:AVID) Issues Quarterly Earnings Results

Avid Technology (NASDAQ:AVIDGet Rating) announced its quarterly earnings data on Wednesday. The technology company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.01), MarketWatch Earnings reports. Avid Technology had a negative return on equity of 34.31% and a net margin of 10.10%. During the same quarter in the prior year, the business posted $0.22 earnings per share. Avid Technology updated its Q2 guidance to $0.19-0.32 EPS and its FY22 guidance to $1.40-1.51 EPS.

AVID stock traded down $0.75 during midday trading on Friday, reaching $24.67. The company had a trading volume of 4,181 shares, compared to its average volume of 257,339. Avid Technology has a 1 year low of $23.72 and a 1 year high of $40.48. The company has a market capitalization of $1.11 billion, a P/E ratio of 24.68 and a beta of 1.20. The firm has a 50-day moving average price of $32.96 and a 200-day moving average price of $31.74.

In other news, CFO Kenneth L. Gayron sold 5,500 shares of the company’s stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $28.89, for a total value of $158,895.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Dana Ruzicka sold 23,000 shares of the company’s stock in a transaction on Monday, March 14th. The shares were sold at an average price of $27.67, for a total transaction of $636,410.00. The disclosure for this sale can be found here. 6.70% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Parametric Portfolio Associates LLC boosted its position in Avid Technology by 21.6% during the 4th quarter. Parametric Portfolio Associates LLC now owns 81,910 shares of the technology company’s stock valued at $2,668,000 after buying an additional 14,571 shares during the period. Alliancebernstein L.P. boosted its position in Avid Technology by 61.6% during the 4th quarter. Alliancebernstein L.P. now owns 62,876 shares of the technology company’s stock valued at $2,048,000 after buying an additional 23,976 shares during the period. California State Teachers Retirement System boosted its position in Avid Technology by 2.6% during the 4th quarter. California State Teachers Retirement System now owns 48,492 shares of the technology company’s stock valued at $1,579,000 after buying an additional 1,244 shares during the period. Barclays PLC boosted its position in Avid Technology by 83.4% during the 4th quarter. Barclays PLC now owns 43,887 shares of the technology company’s stock valued at $1,429,000 after buying an additional 19,961 shares during the period. Finally, UBS Group AG boosted its position in Avid Technology by 8.8% during the 3rd quarter. UBS Group AG now owns 48,725 shares of the technology company’s stock valued at $1,409,000 after buying an additional 3,933 shares during the period. 75.83% of the stock is owned by institutional investors and hedge funds.

Several analysts have commented on the stock. StockNews.com assumed coverage on shares of Avid Technology in a research report on Thursday, March 31st. They issued a “buy” rating on the stock. Zacks Investment Research lowered shares of Avid Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, March 9th. Finally, Maxim Group lowered their price target on shares of Avid Technology from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Wednesday, March 2nd. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $39.67.

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.

See Also

Earnings History for Avid Technology (NASDAQ:AVID)

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