Equities research analysts at StockNews.com assumed coverage on shares of Avid Technology (NASDAQ:AVID – Get Free Report) in a report issued on Saturday. The firm set a “hold” rating on the technology company’s stock.
A number of other research firms have also weighed in on AVID. Northland Securities lowered Avid Technology from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 10th. B. Riley downgraded Avid Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $35.00 to $27.05 in a research report on Thursday, August 10th. Rosenblatt Securities decreased their price target on Avid Technology from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, August 10th. Truist Financial lowered Avid Technology from a “buy” rating to a “hold” rating and set a $27.05 price target on the stock. in a research note on Monday, August 14th. Finally, Jefferies Financial Group increased their target price on Avid Technology from $25.00 to $27.00 and gave the stock a “hold” rating in a research note on Wednesday, August 9th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $29.22.
Avid Technology Price Performance
Avid Technology (NASDAQ:AVID – Get Free Report) last released its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The company had revenue of $108.54 million for the quarter, compared to analyst estimates of $103.48 million. Avid Technology had a negative return on equity of 27.20% and a net margin of 7.59%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, analysts expect that Avid Technology will post 1.05 earnings per share for the current year.
Institutional Investors Weigh In On Avid Technology
Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in shares of Avid Technology by 122.4% in the 3rd quarter. BlackRock Inc. now owns 5,410,382 shares of the technology company’s stock valued at $125,845,000 after acquiring an additional 2,977,539 shares during the last quarter. FMR LLC grew its stake in Avid Technology by 16.3% during the 1st quarter. FMR LLC now owns 5,058,536 shares of the technology company’s stock worth $161,772,000 after buying an additional 710,031 shares during the last quarter. Vanguard Group Inc. grew its stake in Avid Technology by 31.9% during the 3rd quarter. Vanguard Group Inc. now owns 2,489,355 shares of the technology company’s stock worth $57,902,000 after buying an additional 602,451 shares during the last quarter. Royce & Associates LP grew its stake in Avid Technology by 36.1% during the 2nd quarter. Royce & Associates LP now owns 2,377,807 shares of the technology company’s stock worth $60,634,000 after buying an additional 630,285 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Avid Technology by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,288,428 shares of the technology company’s stock worth $34,259,000 after buying an additional 18,573 shares during the last quarter. Institutional investors and hedge funds own 84.96% of the company’s stock.
About Avid Technology
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 in the United States and internationally. 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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