Avid Technology, Inc. (AVID) Lifted to “Buy” at Zacks Investment Research
Avid Technology, Inc. (OTCMKTS:AVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $8.00 price objective on the stock. Zacks Investment Research’s target price indicates a potential upside of 10.50% from the stock’s current price.
According to Zacks, “Avid Technology, Inc. develops, markets, sells and supports a wide range of software and systems for creating and manipulating digital media content. Digital media are media elements, whether video or audio or graphics, in which the image, sound or picture is recorded and stored as digital values, as opposed to analog signals. The company’s systems are designed to improve the productivity of video and film editors by enabling them to edit moving pictures and sound in a faster, easier, and more cost-effective manner than traditional analog tape-based systems. “
Shares of Avid Technology (OTCMKTS:AVID) traded down 4.11% during mid-day trading on Tuesday, hitting $7.24. The company had a trading volume of 303,255 shares. The firm’s 50 day moving average is $8.24 and its 200-day moving average is $6.81. The firm has a market cap of $288.30 million and a PE ratio of 7.23. Avid Technology has a 12-month low of $5.26 and a 12-month high of $9.78.
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Avid Technology (OTCMKTS:AVID) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.41. The business had revenue of $134.40 million for the quarter. On average, equities analysts expect that Avid Technology will post $2.19 EPS for the current year.
In related news, CFO John W. Frederick sold 457,506 shares of the business’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $9.09, for a total transaction of $4,158,729.54. Following the transaction, the chief financial officer now directly owns 128,852 shares in the company, valued at $1,171,264.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
A number of institutional investors have recently modified their holdings of the stock. Cove Street Capital LLC raised its position in shares of Avid Technology by 53.9% in the second quarter. Cove Street Capital LLC now owns 3,553,985 shares of the company’s stock valued at $20,649,000 after buying an additional 1,244,396 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of Avid Technology during the second quarter valued at about $3,887,000. Royce & Associates LP raised its position in shares of Avid Technology by 29.4% in the first quarter. Royce & Associates LP now owns 911,280 shares of the company’s stock valued at $6,160,000 after buying an additional 207,000 shares in the last quarter. Prudential Financial Inc. purchased a new position in shares of Avid Technology during the second quarter valued at about $1,044,000. Finally, Oxford Asset Management purchased a new position in shares of Avid Technology during the second quarter valued at about $943,000.
Avid Technology Company Profile
Avid Technology, Inc is a provider of an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Company develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution.
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