Avid Technology (NASDAQ:AVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The brokerage currently has a $5.50 price target on the technology company’s stock. Zacks Investment Research‘s target price suggests a potential downside of 11.72% from the company’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 has been the subject of a number of other research reports. ValuEngine upgraded shares of Avid Technology from a “hold” rating to a “buy” rating in a research note on Thursday, February 7th. BidaskClub cut shares of Avid Technology from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 27th. BWS Financial cut shares of Avid Technology from a “hold” rating to a “sell” rating and set a $5.00 target price for the company. in a research note on Friday, November 16th. Finally, Dougherty & Co upgraded shares of Avid Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, January 30th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $5.50.

NASDAQ:AVID opened at $6.23 on Friday. Avid Technology has a 1 year low of $4.26 and a 1 year high of $6.99. The company has a market capitalization of $260.74 million, a PE ratio of 15.58, a PEG ratio of 0.92 and a beta of 1.79.

Avid Technology (NASDAQ:AVID) last posted its earnings results on Thursday, March 14th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.08. Avid Technology had a negative net margin of 4.28% and a negative return on equity of 1.55%. The company had revenue of $112.70 million during the quarter, compared to analysts’ expectations of $110.43 million. During the same quarter in the previous year, the company posted $0.15 earnings per share. Avid Technology’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, sell-side analysts forecast that Avid Technology will post -0.04 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE raised its position in Avid Technology by 77.3% in the 2nd 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 during the last quarter. Gabelli Funds LLC raised its position in Avid Technology by 34.3% in the 4th quarter. Gabelli Funds LLC now owns 127,600 shares of the technology company’s stock worth $606,000 after purchasing an additional 32,600 shares during the last quarter. Royce & Associates LP raised its position in Avid Technology by 1.5% in the 4th quarter. Royce & Associates LP now owns 1,530,248 shares of the technology company’s stock worth $7,269,000 after purchasing an additional 23,067 shares during the last quarter. Engineers Gate Manager LP bought a new position in Avid Technology in the 3rd quarter worth approximately $134,000. Finally, Dimensional Fund Advisors LP raised its position in Avid Technology by 1.1% in the 3rd 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 during the last quarter. Hedge funds and other institutional investors own 57.74% of the company’s stock.

About Avid Technology

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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