Avid Technology, Inc. (NASDAQ:AVID) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its stake in shares of Avid Technology, Inc. (NASDAQ:AVID – Get Rating) by 5.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 245,500 shares of the technology company’s stock after acquiring an additional 12,300 shares during the period. Renaissance Technologies LLC owned about 0.56% of Avid Technology worth $5,710,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Lazard Asset Management LLC raised its position in Avid Technology by 517.0% during the third quarter. Lazard Asset Management LLC now owns 126,654 shares of the technology company’s stock worth $2,945,000 after acquiring an additional 106,126 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Avid Technology in the third quarter valued at about $5,099,000. Oberweis Asset Management Inc. raised its position in shares of Avid Technology by 20.1% in the third quarter. Oberweis Asset Management Inc. now owns 37,700 shares of the technology company’s stock valued at $877,000 after buying an additional 6,300 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Avid Technology by 71.9% in the third quarter. Envestnet Asset Management Inc. now owns 18,059 shares of the technology company’s stock valued at $420,000 after buying an additional 7,555 shares during the last quarter. Finally, Citizens Financial Group Inc RI acquired a new stake in shares of Avid Technology in the third quarter valued at about $640,000. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Avid Technology Trading Down 1.2 %

Avid Technology stock opened at $28.67 on Friday. Avid Technology, Inc. has a 12-month low of $20.83 and a 12-month high of $37.31. The stock has a market cap of $1.26 billion, a P/E ratio of 23.31 and a beta of 1.23. The company has a 50-day moving average price of $29.51 and a 200 day moving average price of $27.07.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $28.00 target price on shares of Avid Technology in a research report on Friday, March 3rd. Maxim Group reiterated a “buy” rating and issued a $38.00 target price on shares of Avid Technology in a research report on Friday, March 3rd. StockNews.com upgraded shares of Avid Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 8th. Finally, Truist Financial started coverage on shares of Avid Technology in a research report on Monday, March 6th. They set a “buy” rating and a $45.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.83.

Insiders Place Their Bets

In other Avid Technology news, SVP Timothy Claman sold 4,462 shares of the stock in a transaction dated Monday, December 12th. The shares were sold at an average price of $27.30, for a total transaction 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 $2,436,252. The sale was disclosed in a legal filing with the SEC, which is available at this link. 6.70% of the stock is currently owned by insiders.

Avid Technology Company Profile

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Avid Technology, Inc engages in the provision of technology services for media and entertainment industry. It develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management and distribution. The company was founded by William J. Warner in September 1987 and is headquartered in Burlington, MA.