Avid Technology (AVID) Downgraded to Hold at ValuEngine
ValuEngine lowered shares of Avid Technology (NASDAQ:AVID) from a buy rating to a hold rating in a research report released on Friday morning.
Separately, Zacks Investment Research downgraded Avid Technology from a hold rating to a sell rating in a report on Friday, August 11th.
Shares of Avid Technology (AVID) traded down $0.11 during trading on Friday, hitting $6.62. The stock had a trading volume of 714,651 shares, compared to its average volume of 657,902. The company has a debt-to-equity ratio of -0.71, a quick ratio of 0.46 and a current ratio of 0.65. The firm has a market capitalization of $277.18, a P/E ratio of 18.69 and a beta of 1.75. Avid Technology has a 1-year low of $3.99 and a 1-year high of $7.65.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Avid Technology by 1.5% in the first quarter. Vanguard Group Inc. now owns 2,373,218 shares of the technology company’s stock valued at $11,059,000 after purchasing an additional 35,225 shares in the last quarter. Nomura Holdings Inc. acquired a new position in Avid Technology in the second quarter valued at approximately $470,000. Ameriprise Financial Inc. acquired a new position in Avid Technology in the second quarter valued at approximately $396,000. S Squared Technology LLC acquired a new position in Avid Technology in the second quarter valued at approximately $1,262,000. Finally, Cove Street Capital LLC boosted its holdings in Avid Technology by 9.2% in the second quarter. Cove Street Capital LLC now owns 6,105,539 shares of the technology company’s stock valued at $32,115,000 after purchasing an additional 513,877 shares in the last quarter. 72.11% of the stock is owned by hedge funds and other institutional investors.
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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.
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