Avid Technology (NASDAQ:AVID) Releases Q2 2022 Earnings Guidance

Avid Technology (NASDAQ:AVIDGet Rating) issued an update on its second quarter 2022 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.19-$0.32 for the period, compared to the consensus estimate of $0.28. The company issued revenue guidance of $92.00 million-$104.00 million, compared to the consensus revenue estimate of $100.06 million.Avid Technology also updated its FY 2022 guidance to $1.40-$1.51 EPS.

Shares of NASDAQ:AVID traded down $0.47 during mid-day trading on Monday, reaching $22.96. The stock had a trading volume of 46,774 shares, compared to its average volume of 355,202. The business’s 50 day moving average price is $32.79 and its 200 day moving average price is $31.72. Avid Technology has a 1 year low of $23.00 and a 1 year high of $40.48. The company has a market cap of $1.03 billion, a P/E ratio of 22.29 and a beta of 1.20.

Avid Technology (NASDAQ:AVIDGet Rating) last issued its quarterly earnings data on Wednesday, May 4th. The technology company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.01). Avid Technology had a negative return on equity of 36.00% and a net margin of 11.43%. During the same period in the prior year, the firm earned $0.22 EPS. As a group, equities research analysts anticipate that Avid Technology will post 1.13 EPS for the current year.

A number of research analysts have recently commented on AVID shares. StockNews.com raised Avid Technology from a buy rating to a strong-buy rating in a research note on Friday. Zacks Investment Research cut Avid Technology from a buy rating to a hold rating in a research note on Wednesday, March 9th. Finally, Maxim Group dropped their price objective on Avid Technology from $45.00 to $42.00 and set a buy rating on the stock in a research note on Wednesday, March 2nd. One analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Avid Technology has an average rating of Buy and an average price target of $39.67.

In other Avid Technology news, CFO Kenneth L. Gayron sold 5,500 shares of the company’s stock in a transaction on Tuesday, March 15th. The stock was sold at an average price of $28.89, for a total transaction of $158,895.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Dana Ruzicka sold 23,000 shares of the company’s stock in a transaction on Monday, March 14th. The stock was sold at an average price of $27.67, for a total value of $636,410.00. The disclosure for this sale can be found here. 6.40% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Parametric Portfolio Associates LLC raised its stake in Avid Technology by 21.6% in the 4th quarter. Parametric Portfolio Associates LLC now owns 81,910 shares of the technology company’s stock worth $2,668,000 after acquiring an additional 14,571 shares during the last quarter. Alliancebernstein L.P. raised its stake in Avid Technology by 61.6% in the 4th quarter. Alliancebernstein L.P. now owns 62,876 shares of the technology company’s stock worth $2,048,000 after acquiring an additional 23,976 shares during the last quarter. California State Teachers Retirement System raised its stake in Avid Technology by 2.6% in the 4th quarter. California State Teachers Retirement System now owns 48,492 shares of the technology company’s stock worth $1,579,000 after acquiring an additional 1,244 shares during the last quarter. Barclays PLC raised its stake in Avid Technology by 83.4% in the 4th quarter. Barclays PLC now owns 43,887 shares of the technology company’s stock worth $1,429,000 after acquiring an additional 19,961 shares during the last quarter. Finally, UBS Group AG raised its stake in Avid Technology by 8.8% in the 3rd 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. Hedge funds and other institutional investors own 75.83% of the company’s stock.

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.

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