State of Alaska Department of Revenue Makes New $546,000 Investment in Avid Technology, Inc. (NASDAQ:AVID)

State of Alaska Department of Revenue acquired a new position in shares of Avid Technology, Inc. (NASDAQ:AVIDGet Rating) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 23,487 shares of the technology company’s stock, valued at approximately $546,000. State of Alaska Department of Revenue owned approximately 0.05% of Avid Technology at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Covestor Ltd raised its holdings in Avid Technology by 12,291.7% during the first quarter. Covestor Ltd now owns 1,487 shares of the technology company’s stock worth $52,000 after purchasing an additional 1,475 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Avid Technology in the 2nd quarter valued at $154,000. Fox Run Management L.L.C. acquired a new position in shares of Avid Technology in the 2nd quarter valued at $212,000. Dupont Capital Management Corp acquired a new position in shares of Avid Technology in the 2nd quarter valued at $215,000. Finally, TownSquare Capital LLC acquired a new position in shares of Avid Technology in the 2nd quarter valued at $222,000. Institutional investors and hedge funds own 90.28% of the company’s stock.

Insider Buying and Selling

In related news, SVP Tom J. A. Cordiner sold 29,978 shares of the business’s stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $27.90, for a total value of $836,386.20. Following the sale, the senior vice president now directly owns 193,136 shares in the company, valued at approximately $5,388,494.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Timothy Claman sold 4,462 shares of the business’s stock in a transaction dated Monday, December 12th. The shares were sold at an average price of $27.30, for a total value of $121,812.60. Following the completion of the transaction, the senior vice president now owns 89,240 shares of the company’s stock, valued at approximately $2,436,252. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tom J. A. Cordiner sold 29,978 shares of the company’s stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $27.90, for a total transaction of $836,386.20. Following the transaction, the senior vice president now directly owns 193,136 shares of the company’s stock, valued at approximately $5,388,494.40. The disclosure for this sale can be found here. Insiders own 6.40% of the company’s stock.

Avid Technology Stock Performance

Shares of NASDAQ AVID opened at $28.88 on Friday. The firm has a market capitalization of $1.26 billion, a P/E ratio of 29.17 and a beta of 1.21. Avid Technology, Inc. has a one year low of $20.83 and a one year high of $37.31. The company’s fifty day moving average is $26.82 and its two-hundred day moving average is $26.29.

Avid Technology (NASDAQ:AVIDGet Rating) last released its quarterly earnings data on Tuesday, November 8th. The technology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. Avid Technology had a net margin of 10.75% and a negative return on equity of 37.85%. The business had revenue of $102.99 million for the quarter, compared to analyst estimates of $105.35 million. On average, sell-side analysts forecast that Avid Technology, Inc. will post 1.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Rosenblatt Securities cut their target price on shares of Avid Technology from $30.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday, November 9th. StockNews.com raised shares of Avid Technology from a “hold” rating to a “buy” rating in a report on Thursday, December 8th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Avid Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.20.

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

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Institutional Ownership by Quarter for Avid Technology (NASDAQ:AVID)

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