Avid Technology, Inc. (AVID) Downgraded by Zacks Investment Research to “Hold”
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. “
Shares of Avid Technology (OTCMKTS:AVID) opened at 7.47 on Tuesday. The company’s 50-day moving average price is $8.30 and its 200 day moving average price is $6.80. The firm has a market capitalization of $297.46 million and a price-to-earnings ratio of 7.46. Avid Technology has a 12-month low of $5.26 and a 12-month high of $9.78.
Avid Technology (OTCMKTS:AVID) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.41. The business had revenue of $134.40 million for the quarter. On average, equities research analysts forecast that Avid Technology will post $2.19 EPS for the current fiscal year.
In other Avid Technology news, CFO John W. Frederick sold 457,506 shares of Avid Technology stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $9.09, for a total transaction of $4,158,729.54. Following the completion of the sale, the chief financial officer now directly owns 128,852 shares of the company’s stock, valued at approximately $1,171,264.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Hedge funds have recently made changes to their positions in the company. Cove Street Capital LLC increased its stake in Avid Technology by 53.9% in the second quarter. Cove Street Capital LLC now owns 3,553,985 shares of the company’s stock valued at $20,649,000 after buying an additional 1,244,396 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Avid Technology during the second quarter valued at $3,887,000. Royce & Associates LP increased its stake in Avid Technology by 29.4% in the first quarter. Royce & Associates LP now owns 911,280 shares of the company’s stock valued at $6,160,000 after buying an additional 207,000 shares during the last quarter. Prudential Financial Inc. purchased a new stake in Avid Technology during the second quarter valued at $1,044,000. Finally, Oxford Asset Management purchased a new stake in Avid Technology during the second quarter valued at $943,000.
Avid Technology Company Profile
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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