Zacks Investment Research Lowers Avid Technology (AVID) to Hold
Avid Technology (NASDAQ:AVID) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
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 has been the topic of a number of other research reports. ValuEngine cut shares of Avid Technology from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Dougherty & Co cut shares of Avid Technology from a “neutral” rating to a “sell” rating and set a $4.50 price target on the stock. in a report on Thursday, December 7th.
In related news, Director Robert M. Bakish acquired 20,000 shares of the stock in a transaction that occurred on Thursday, December 7th. The shares were bought at an average price of $6.00 per share, for a total transaction of $120,000.00. Following the completion of the transaction, the director now directly owns 693,058 shares in the company, valued at $4,158,348. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.50% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC bought a new position in Avid Technology during the second quarter valued at approximately $105,000. Petrus Trust Company LTA bought a new position in Avid Technology during the second quarter valued at approximately $105,000. Voya Investment Management LLC lifted its position in Avid Technology by 25.6% during the second quarter. Voya Investment Management LLC now owns 20,703 shares of the technology company’s stock valued at $109,000 after purchasing an additional 4,220 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Avid Technology during the third quarter valued at approximately $109,000. Finally, Alliancebernstein L.P. bought a new position in Avid Technology during the second quarter valued at approximately $140,000. Institutional investors own 71.77% of the company’s stock.
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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