Avid Technology (NASDAQ:AVID) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a report released on Saturday.

Several other research analysts have also recently issued reports on the stock. Zacks Investment Research raised shares of Avid Technology from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a report on Wednesday, November 15th. Dougherty & Co cut shares of Avid Technology from a “neutral” rating to a “sell” rating and set a $4.50 target price for the company. in a report on Thursday, December 7th.

Avid Technology (NASDAQ:AVID) opened at $4.91 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of -0.71. Avid Technology has a fifty-two week low of $3.99 and a fifty-two week high of $7.65. The stock has a market cap of $202.22, a price-to-earnings ratio of -27.28 and a beta of 1.80.

Avid Technology (NASDAQ:AVID) last issued its earnings results on Thursday, November 9th. The technology company reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01. Avid Technology had a negative net margin of 1.75% and a negative return on equity of 5.36%. The firm had revenue of $105.27 million during the quarter, compared to analysts’ expectations of $102.63 million. analysts forecast that Avid Technology will post 0.34 EPS for the current year.

In other Avid Technology news, Director Robert M. Bakish bought 20,000 shares of Avid Technology stock in a transaction that occurred on Thursday, December 7th. The stock was purchased at an average price of $6.00 per share, with a total value of $120,000.00. Following the completion of the acquisition, the director now directly owns 693,058 shares in the company, valued at approximately $4,158,348. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.50% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC purchased a new position in Avid Technology in the second quarter valued at $105,000. Voya Investment Management LLC increased its holdings in Avid Technology by 25.6% in the second quarter. Voya Investment Management LLC now owns 20,703 shares of the technology company’s stock valued at $109,000 after buying an additional 4,220 shares in the last quarter. Gamco Investors INC. ET AL purchased a new position in Avid Technology in the fourth quarter valued at $116,000. Dynamic Technology Lab Private Ltd purchased a new position in Avid Technology in the third quarter valued at $109,000. Finally, Alliancebernstein L.P. purchased a new position in Avid Technology in the second quarter valued at $140,000. 71.75% of the stock is owned by 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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