Avid Technology, Inc. (AVID) Issues Quarterly Earnings Results, Misses Expectations By $0.03 EPS
Avid Technology, Inc. (OTCMKTS:AVID) announced its quarterly earnings results on Wednesday. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by $0.03. The company had revenue of $104.10 million during the quarter, compared to analysts’ expectations of $105.72 million. During the same period in the prior year, the company posted $0.76 EPS. The company’s quarterly revenue was down 27.5% compared to the same quarter last year.
Shares of Avid Technology (OTCMKTS:AVID) traded up 4.53% during mid-day trading on Thursday, reaching $5.77. The company had a trading volume of 171,463 shares. The company’s 50-day moving average is $4.96 and its 200 day moving average is $5.09. The stock has a market capitalization of $235.79 million and a P/E ratio of 4.81. Avid Technology has a 52-week low of $3.99 and a 52-week high of $9.78.
Several analysts recently issued reports on AVID shares. BWS Financial downgraded Avid Technology from a “buy” rating to a “hold” rating in a report on Tuesday, January 31st. Zacks Investment Research upgraded Avid Technology from a “hold” rating to a “buy” rating and set a $5.25 price target for the company in a report on Tuesday, March 28th.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Alambic Investment Management L.P. increased its position in Avid Technology by 89.1% in the third quarter. Alambic Investment Management L.P. now owns 178,987 shares of the technology company’s stock valued at $1,421,000 after buying an additional 84,322 shares during the last quarter. Capital One National Association bought a new position in Avid Technology during the third quarter valued at about $475,000. Peregrine Capital Management LLC bought a new position in Avid Technology during the third quarter valued at about $8,933,000. Trellus Management Company LLC bought a new position in Avid Technology during the third quarter valued at about $413,000. Finally, Prudential Financial Inc. increased its position in Avid Technology by 72.2% in the third quarter. Prudential Financial Inc. now owns 309,370 shares of the technology company’s stock valued at $2,456,000 after buying an additional 129,670 shares during the last quarter.
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About Avid Technology
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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