Avid Technology (AVID) Downgraded by ValuEngine to “Hold”

Avid Technology (NASDAQ:AVID) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a report released on Friday.

Separately, Zacks Investment Research upgraded Avid Technology from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a report on Wednesday, November 15th.

Shares of Avid Technology (NASDAQ AVID) traded down $0.11 during trading hours on Friday, hitting $6.62. The stock had a trading volume of 714,919 shares, compared to its average volume of 512,678. Avid Technology has a 52 week low of $3.99 and a 52 week high of $7.65. The firm has a market capitalization of $272.65, a price-to-earnings ratio of 18.39 and a beta of 1.78. The company has a debt-to-equity ratio of -0.71, a quick ratio of 0.46 and a current ratio of 0.65.

Institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC bought a new position in Avid Technology during the second quarter worth about $105,000. Petrus Trust Company LTA acquired a new stake in shares of Avid Technology during the second quarter worth about $105,000. Voya Investment Management LLC raised its position in shares of Avid Technology by 25.6% during the second 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 during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Avid Technology during the third quarter worth about $109,000. Finally, Trexquant Investment LP acquired a new stake in shares of Avid Technology during the third quarter worth about $130,000. Hedge funds and other institutional investors own 72.11% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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