Avid Technology (NASDAQ:AVID) Issues FY22 Earnings Guidance

Avid Technology (NASDAQ:AVIDGet Rating) updated its FY22 earnings guidance on Wednesday. The company provided EPS guidance of $1.40-1.51 for the period, compared to the consensus EPS estimate of $1.47. The company issued revenue guidance of $430-450 million, compared to the consensus revenue estimate of $440.04 million.Avid Technology also updated its Q2 guidance to $0.19-0.32 EPS.

Several brokerages recently commented on AVID. Zacks Investment Research cut shares of Avid Technology from a buy rating to a hold rating in a research note on Wednesday, March 9th. Maxim Group reduced their price objective on shares of Avid Technology from $45.00 to $42.00 and set a buy rating for the company in a research note on Wednesday, March 2nd. Finally, StockNews.com upgraded shares of Avid Technology from a buy rating to a strong-buy rating in a research note on Friday. One analyst has rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Avid Technology has a consensus rating of Buy and a consensus target price of $39.67.

AVID stock traded down $1.99 during midday trading on Friday, reaching $23.43. 1,192,816 shares of the company’s stock traded hands, compared to its average volume of 259,057. The company has a market capitalization of $1.05 billion, a P/E ratio of 22.75 and a beta of 1.20. Avid Technology has a fifty-two week low of $23.27 and a fifty-two week high of $40.48. The business has a 50-day moving average price of $32.79 and a two-hundred day moving average price of $31.70.

Avid Technology (NASDAQ:AVIDGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The technology company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.01). Avid Technology had a net margin of 11.43% and a negative return on equity of 36.24%. During the same quarter last year, the firm earned $0.22 earnings per share. Equities analysts expect that Avid Technology will post 1.13 earnings per share for the current year.

In other Avid Technology news, SVP Dana Ruzicka sold 23,000 shares of the business’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kenneth L. Gayron sold 5,500 shares of the company’s stock in a transaction dated Tuesday, March 15th. The stock was sold at an average price of $28.89, for a total transaction of $158,895.00. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in AVID. LPL Financial LLC grew its position in shares of Avid Technology by 46.5% during the third quarter. LPL Financial LLC now owns 17,264 shares of the technology company’s stock worth $499,000 after acquiring an additional 5,481 shares during the last quarter. UBS Group AG grew its position in shares of Avid Technology by 8.8% during the third quarter. UBS Group AG now owns 48,725 shares of the technology company’s stock worth $1,409,000 after acquiring an additional 3,933 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in shares of Avid Technology by 310.6% during the third quarter. BNP Paribas Arbitrage SA now owns 6,410 shares of the technology company’s stock worth $185,000 after acquiring an additional 4,849 shares during the last quarter. Bank of America Corp DE grew its position in shares of Avid Technology by 24.7% during the fourth quarter. Bank of America Corp DE now owns 28,420 shares of the technology company’s stock worth $925,000 after acquiring an additional 5,636 shares during the last quarter. Finally, Ensign Peak Advisors Inc bought a new position in shares of Avid Technology during the fourth quarter worth about $50,000. Institutional investors and hedge funds own 75.83% of the company’s stock.

Avid Technology Company Profile (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.

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