Avid Technology, Inc. (OTCMKTS:AVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $8.00 price target on the stock. Zacks Investment Research’s price target indicates a potential upside of 10.34% from the stock’s previous close.

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 Technology (OTCMKTS:AVID) opened at 7.25 on Tuesday. The firm has a market capitalization of $288.70 million and a price-to-earnings ratio of 7.24. The company has a 50 day moving average price of $8.12 and a 200-day moving average price of $6.82. Avid Technology has a 1-year low of $5.26 and a 1-year high of $9.78.

Avid Technology (OTCMKTS:AVID) last announced its earnings results on Wednesday, August 3rd. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.41. The business earned $134.40 million during the quarter. On average, analysts forecast that Avid Technology will post $2.19 EPS for the current fiscal year.

In other news, CFO John W. Frederick sold 457,506 shares of the 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 transaction, the chief financial officer now directly owns 128,852 shares in the company, valued at approximately $1,171,264.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Several institutional investors have recently made changes to their positions in the stock. Fox Run Management L.L.C. purchased a new position in shares of Avid Technology during the third quarter valued at approximately $143,000. A.R.T. Advisors LLC bought a new stake in shares of Avid Technology during the second quarter valued at $116,000. BlackRock Inc. boosted its stake in shares of Avid Technology by 1,046.8% in the second quarter. BlackRock Inc. now owns 21,754 shares of the company’s stock valued at $126,000 after buying an additional 19,857 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in shares of Avid Technology during the second quarter valued at $137,000. Finally, Thompson Davis & CO. Inc. bought a new stake in shares of Avid Technology during the second quarter valued at $169,000.

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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