Avid Technology, Inc. (AVID) Upgraded to Hold by Zacks Investment Research
Avid Technology, Inc. (OTCMKTS:AVID) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
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. “
Separately, ValuEngine lowered Avid Technology from a “buy” rating to a “hold” rating in a report on Friday, September 1st.
Avid Technology (AVID) traded up 0.22% during midday trading on Tuesday, hitting $4.57. 181,199 shares of the company traded hands. The stock has a 50 day moving average of $4.48 and a 200 day moving average of $4.92. Avid Technology has a 12-month low of $3.99 and a 12-month high of $7.56. The stock has a market cap of $187.96 million and a P/E ratio of 117.18.
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A number of institutional investors and hedge funds have recently modified their holdings of AVID. Petrus Trust Company LTA purchased a new position in Avid Technology in the 2nd quarter worth about $105,000. Tower Research Capital LLC TRC purchased a new position in Avid Technology in the 2nd quarter worth about $105,000. Voya Investment Management LLC increased its stake in Avid Technology by 25.6% in the 2nd quarter. Voya Investment Management LLC now owns 20,703 shares of the technology company’s stock worth $109,000 after purchasing an additional 4,220 shares in the last quarter. Goldman Sachs Group Inc. purchased a new position in Avid Technology in the 1st quarter worth about $133,000. Finally, SG Americas Securities LLC purchased a new position in Avid Technology in the 1st quarter worth about $138,000.
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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