Avid Technology, Inc. (NASDAQ:AVID) Short Interest Down 7.6% in February

Avid Technology, Inc. (NASDAQ:AVID – Get Rating) saw a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 1,940,000 shares, a decline of 7.6% from the February 13th total of 2,100,000 shares. Currently, 4.8% of the company’s shares are short sold. Based on an average daily trading volume, of 219,100 shares, the short-interest ratio is presently 8.9 days.

Avid Technology Stock Down 0.8 %

Shares of Avid Technology stock opened at $28.67 on Thursday. The firm has a market cap of $1.26 billion, a PE ratio of 23.31 and a beta of 1.23. Avid Technology has a 52 week low of $20.83 and a 52 week high of $37.31. The business’s fifty day simple moving average is $29.60 and its 200-day simple moving average is $27.15.

Institutional Investors Weigh In On Avid Technology

Several institutional investors and hedge funds have recently modified their holdings of AVID. Bank of New York Mellon Corp raised its holdings in shares of Avid Technology by 2.3% in the 1st quarter. Bank of New York Mellon Corp now owns 133,570 shares of the technology company’s stock valued at $4,656,000 after buying an additional 3,003 shares during the period. MetLife Investment Management LLC raised its holdings in shares of Avid Technology by 58.6% in the 1st quarter. MetLife Investment Management LLC now owns 19,403 shares of the technology company’s stock valued at $677,000 after buying an additional 7,172 shares during the period. Rhumbline Advisers raised its holdings in shares of Avid Technology by 2.6% in the 1st quarter. Rhumbline Advisers now owns 37,125 shares of the technology company’s stock valued at $1,295,000 after buying an additional 926 shares during the period. Lord Abbett & CO. LLC raised its holdings in shares of Avid Technology by 42.4% in the 1st quarter. Lord Abbett & CO. LLC now owns 458,638 shares of the technology company’s stock valued at $15,993,000 after buying an additional 136,524 shares during the period. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of Avid Technology in the 1st quarter valued at $20,908,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Analyst Ratings Changes

AVID has been the topic of a number of recent research reports. StockNews.com initiated coverage on Avid Technology in a research note on Thursday. They set a “buy” rating on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $28.00 price objective on shares of Avid Technology in a research note on Friday, March 3rd. Truist Financial began coverage on Avid Technology in a research note on Monday, March 6th. They issued a “buy” rating and a $45.00 price target on the stock. Finally, Maxim Group reaffirmed a “buy” rating and issued a $38.00 price target on shares of Avid Technology in a research note on Friday, March 3rd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.83.

Avid Technology Company Profile

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Avid Technology, Inc engages in the provision of technology services for the 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.