Putnam Investments LLC Sells 7,679 Shares of Avid Technology, Inc. (NASDAQ:AVID)

Putnam Investments LLC reduced its position in Avid Technology, Inc. (NASDAQ:AVID – Get Rating) by 11.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 62,182 shares of the technology company’s stock after selling 7,679 shares during the period. Putnam Investments LLC owned 0.14% of Avid Technology worth $1,447,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Avid Technology by 122.4% during the third quarter. BlackRock Inc. now owns 5,410,382 shares of the technology company’s stock valued at $125,845,000 after buying an additional 2,977,539 shares during the period. FMR LLC lifted its stake in Avid Technology by 37.2% in the second quarter. FMR LLC now owns 4,910,542 shares of the technology company’s stock worth $127,429,000 after acquiring an additional 1,330,348 shares during the period. Loomis Sayles & Co. L P purchased a new position in Avid Technology during the first quarter valued at $20,908,000. JPMorgan Chase & Co. lifted its position in Avid Technology by 190.6% during the second quarter. JPMorgan Chase & Co. now owns 366,459 shares of the technology company’s stock valued at $9,510,000 after buying an additional 240,371 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Avid Technology during the third quarter valued at $5,099,000. 90.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVID. Truist Financial began coverage on Avid Technology in a report on Monday, March 6th. They issued a “buy” rating and a $45.00 price objective for the company. StockNews.com upgraded Avid Technology from a “hold” rating to a “buy” rating in a research note on Thursday, December 8th. Maxim Group restated a “buy” rating and set a $38.00 price target on shares of Avid Technology in a research note on Friday, March 3rd. Finally, Rosenblatt Securities restated a “neutral” rating and set a $28.00 price target on shares of Avid Technology in a research note on Friday, March 3rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Avid Technology presently has an average rating of “Moderate Buy” and an average price target of $37.83.

Avid Technology Stock Down 0.5 %

AVID stock opened at $28.54 on Tuesday. Avid Technology, Inc. has a twelve month low of $20.83 and a twelve month high of $37.31. The stock has a market cap of $1.25 billion, a P/E ratio of 23.20 and a beta of 1.23. The business’s 50-day moving average price is $29.51 and its 200-day moving average price is $27.09.

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.