Royce & Associates LP boosted its position in Avid Technology, Inc. (NASDAQ:AVID) by 31.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,507,181 shares of the technology company’s stock after acquiring an additional 364,438 shares during the quarter. Royce & Associates LP owned 3.60% of Avid Technology worth $8,938,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Bank of America Corp DE raised its holdings in Avid Technology by 77.3% during the second quarter. Bank of America Corp DE now owns 33,329 shares of the technology company’s stock worth $173,000 after purchasing an additional 14,531 shares in the last quarter. Paloma Partners Management Co raised its holdings in Avid Technology by 152.9% during the second quarter. Paloma Partners Management Co now owns 25,900 shares of the technology company’s stock worth $135,000 after purchasing an additional 15,658 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Avid Technology by 1.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,887,306 shares of the technology company’s stock worth $11,191,000 after purchasing an additional 20,989 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in Avid Technology during the third quarter worth approximately $134,000. Finally, Gabelli Funds LLC raised its holdings in Avid Technology by 45.2% during the second quarter. Gabelli Funds LLC now owns 90,000 shares of the technology company’s stock worth $468,000 after purchasing an additional 28,000 shares in the last quarter. 70.17% of the stock is currently owned by hedge funds and other institutional investors.
Shares of AVID opened at $6.06 on Friday. The company has a market cap of $252.37 million, a PE ratio of 15.15 and a beta of 1.76. Avid Technology, Inc. has a 12-month low of $4.26 and a 12-month high of $6.99.
Avid Technology (NASDAQ:AVID) last announced its earnings results on Wednesday, November 7th. The technology company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $104.05 million for the quarter, compared to analyst estimates of $104.96 million. Avid Technology had a negative net margin of 4.28% and a negative return on equity of 1.55%. As a group, research analysts predict that Avid Technology, Inc. will post -0.04 EPS for the current year.
A number of analysts have weighed in on the stock. Zacks Investment Research raised shares of Avid Technology from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a report on Wednesday, August 15th. BWS Financial cut shares of Avid Technology from a “hold” rating to a “sell” rating and set a $5.00 price objective on the stock. in a report on Friday, November 16th. BidaskClub cut shares of Avid Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 27th. Finally, ValuEngine raised shares of Avid Technology from a “hold” rating to a “buy” rating in a report on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $5.75.
Avid Technology Company Profile
Avid Technology, Inc develops, markets, sells, and supports software, hardware, and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer product line that is used to edit film, television programming, news broadcasts, commercials, and other video content; Avid shared storage systems and Avid Interplay asset management solutions, which provide complete network, storage, and database solutions to enable users to simultaneously share and manage media assets throughout a project or organization.
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