Zacks Investment Research upgraded shares of Avid Technology, Inc. (OTCMKTS:AVID) from a hold rating to a buy rating in a report released on Tuesday. The brokerage currently has $8.00 price target on the stock.
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. “
Shares of Avid Technology (OTCMKTS:AVID) opened at 7.21 on Tuesday. The stock has a 50 day moving average price of $8.04 and a 200 day moving average price of $6.82. The company has a market capitalization of $287.11 million and a PE ratio of 7.20. Avid Technology has a 52-week low of $5.26 and a 52-week high of $9.78.
Avid Technology (OTCMKTS:AVID) last released its earnings results on Wednesday, August 3rd. The company reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.41. The firm earned $134.40 million during the quarter. On average, analysts predict that Avid Technology will post $2.19 earnings per share for the current fiscal year.
In other Avid Technology news, CFO John W. Frederick sold 457,506 shares of the business’s stock in a transaction that occurred on 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 owns 128,852 shares of the company’s stock, valued at approximately $1,171,264.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Royce & Associates LP raised its position in Avid Technology by 29.4% in the first quarter. Royce & Associates LP now owns 911,280 shares of the company’s stock valued at $6,160,000 after buying an additional 207,000 shares during the period. Spark Investment Management LLC bought a new position in Avid Technology during the first quarter valued at $613,000. State Street Corp raised its position in Avid Technology by 8.1% in the first quarter. State Street Corp now owns 445,771 shares of the company’s stock valued at $3,013,000 after buying an additional 33,326 shares during the period. Geode Capital Management LLC raised its position in Avid Technology by 2.5% in the first quarter. Geode Capital Management LLC now owns 217,642 shares of the company’s stock valued at $1,471,000 after buying an additional 5,282 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its position 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 valued at $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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