Avid Technology, Inc. (OTCMKTS:AVID) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday.
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) traded down 1.43% during midday trading on Tuesday, reaching $7.56. 449,681 shares of the company traded hands. Avid Technology has a 1-year low of $5.26 and a 1-year high of $9.78. The firm has a 50-day moving average of $8.44 and a 200-day moving average of $6.79. The stock has a market capitalization of $301.05 million and a P/E ratio of 7.55.
Avid Technology (OTCMKTS:AVID) last posted its earnings results on Wednesday, August 3rd. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.41. The company earned $134.40 million during the quarter. On average, analysts predict that Avid Technology will post $2.19 earnings per share for the current year.
In other news, CFO John W. Frederick sold 457,506 shares of the business’s 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 sale, the chief financial officer now owns 128,852 shares in the company, valued at $1,171,264.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Several large investors have recently added to or reduced their stakes in AVID. 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 worth $6,160,000 after buying an additional 207,000 shares during the period. Spark Investment Management LLC purchased a new stake in Avid Technology during the first quarter worth approximately $613,000. State Street Corp increased its stake in Avid Technology by 8.1% in the first quarter. State Street Corp now owns 445,771 shares of the company’s stock worth $3,013,000 after buying an additional 33,326 shares during the period. Geode Capital Management LLC increased its stake in Avid Technology by 2.5% in the first quarter. Geode Capital Management LLC now owns 217,642 shares of the company’s stock worth $1,471,000 after buying an additional 5,282 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its stake in Avid Technology by 77.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 292,305 shares of the company’s stock worth $1,976,000 after buying an additional 127,900 shares during the period.
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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