Brokerages Set Avid Technology, Inc. (NASDAQ:AVID) Target Price at $9.17

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Shares of Avid Technology, Inc. (NASDAQ:AVID) have been given a consensus rating of “Hold” by the seven ratings firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $9.17.

A number of analysts have recently issued reports on the company. Zacks Investment Research cut Avid Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 15th. BidaskClub cut Avid Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. Maxim Group reiterated a “buy” rating and set a $14.00 target price on shares of Avid Technology in a report on Friday, June 7th. ValuEngine cut Avid Technology from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, Jefferies Financial Group boosted their target price on Avid Technology from $6.50 to $8.50 and gave the stock a “hold” rating in a report on Friday, June 7th.

NASDAQ AVID opened at $6.32 on Friday. Avid Technology has a 12 month low of $4.37 and a 12 month high of $10.79. The company has a 50-day moving average of $8.75 and a 200-day moving average of $7.56. The company has a market cap of $261.17 million, a P/E ratio of 52.67, a P/E/G ratio of 1.43 and a beta of 1.79.

Avid Technology (NASDAQ:AVID) last posted its quarterly earnings data on Monday, August 5th. The technology company reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.02). Avid Technology had a negative net margin of 0.99% and a negative return on equity of 11.13%. The company had revenue of $98.70 million for the quarter, compared to analyst estimates of $101.29 million. During the same period in the prior year, the company earned ($0.20) EPS. The company’s revenue was up .1% compared to the same quarter last year. On average, analysts expect that Avid Technology will post 0.43 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA boosted its stake in shares of Avid Technology by 86.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 5,722 shares of the technology company’s stock valued at $43,000 after buying an additional 2,659 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Avid Technology by 505.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 5,468 shares of the technology company’s stock valued at $51,000 after buying an additional 4,565 shares during the last quarter. Quantamental Technologies LLC purchased a new position in shares of Avid Technology during the 1st quarter valued at approximately $58,000. Algert Global LLC purchased a new position in shares of Avid Technology during the 1st quarter valued at approximately $86,000. Finally, Zacks Investment Management purchased a new position in shares of Avid Technology during the 2nd quarter valued at approximately $105,000. Institutional investors own 52.87% 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, which is used to edit video content, such as television programming, commercials, and films; Avid NEXIS shared storage systems; and Maestro product line solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows.

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