Zacks Investment Research Upgrades Avid Technology, Inc. (AVID) to “Buy”
Avid Technology, Inc. (OTCMKTS:AVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $8.00 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 10.50% from the company’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. “
Avid Technology (OTCMKTS:AVID) traded down 4.11% during midday trading on Tuesday, hitting $7.24. 303,255 shares of the stock traded hands. Avid Technology has a one year low of $5.26 and a one year high of $9.78. The stock has a market cap of $288.30 million and a price-to-earnings ratio of 7.23. The company has a 50-day moving average price of $8.24 and a 200 day moving average price of $6.81.
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Avid Technology (OTCMKTS:AVID) last released its earnings results on Wednesday, August 3rd. The company reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.41. The business had revenue of $134.40 million for the quarter. Equities research analysts anticipate that Avid Technology will post $2.19 earnings per share for the current year.
In other Avid Technology news, CFO John W. Frederick sold 457,506 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $9.09, for a total transaction of $4,158,729.54. Following the sale, the chief financial officer now directly owns 128,852 shares in the company, valued at approximately $1,171,264.68. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Large investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. increased its stake in shares of Avid Technology by 1.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 90,286 shares of the company’s stock worth $525,000 after buying an additional 1,554 shares in the last quarter. Teton Advisors Inc. increased its stake in shares of Avid Technology by 3.2% in the second quarter. Teton Advisors Inc. now owns 65,000 shares of the company’s stock worth $378,000 after buying an additional 2,000 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Avid Technology by 11.9% in the second quarter. Rhumbline Advisers now owns 43,654 shares of the company’s stock worth $254,000 after buying an additional 4,627 shares in the last quarter. Teachers Advisors Inc. increased its stake in shares of Avid Technology by 11.0% in the second quarter. Teachers Advisors Inc. now owns 51,280 shares of the company’s stock worth $298,000 after buying an additional 5,094 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Avid Technology by 2.5% in the first quarter. Geode Capital Management LLC now owns 217,642 shares of the company’s stock worth $1,471,000 after buying an additional 5,282 shares in the last quarter.
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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