Chicago Equity Partners LLC bought a new position in Avid Technology, Inc. (NASDAQ:AVID) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 16,600 shares of the technology company’s stock, valued at approximately $151,000.
Several other large investors have also added to or reduced their stakes in the company. BNP Paribas Arbitrage SA grew its position in 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 purchasing an additional 2,659 shares during the last quarter. Hennessy Advisors Inc. bought a new position in Avid Technology during the 2nd quarter valued at about $3,076,000. Geode Capital Management LLC lifted its stake in Avid Technology by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 333,558 shares of the technology company’s stock valued at $1,584,000 after acquiring an additional 15,678 shares during the period. Algert Global LLC bought a new position in Avid Technology during the 1st quarter valued at about $86,000. Finally, Gabelli Funds LLC lifted its stake in Avid Technology by 63.0% during the 1st quarter. Gabelli Funds LLC now owns 208,020 shares of the technology company’s stock valued at $1,550,000 after acquiring an additional 80,420 shares during the period. 52.87% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have issued reports on the stock. Jefferies Financial Group upped their target price on shares of Avid Technology from $6.50 to $8.50 and gave the company a “hold” rating in a research note on Friday, June 7th. ValuEngine cut shares of Avid Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. BidaskClub cut shares of Avid Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 7th. Zacks Investment Research cut shares of Avid Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Finally, Maxim Group restated a “buy” rating and set a $14.00 target price on shares of Avid Technology in a research note on Friday, June 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $8.25.
Shares of NASDAQ:AVID opened at $6.07 on Tuesday. The firm’s 50 day moving average price is $8.44 and its 200-day moving average price is $7.58. Avid Technology, Inc. has a twelve month low of $4.37 and a twelve month high of $10.79. The stock has a market capitalization of $256.88 million, a PE ratio of 13.29, a price-to-earnings-growth ratio of 1.41 and a beta of 1.79.
Avid Technology (NASDAQ:AVID) last issued its quarterly earnings data on Monday, August 5th. The technology company reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.02). The business had revenue of $98.70 million during the quarter, compared to the consensus estimate of $101.29 million. Avid Technology had a negative return on equity of 11.13% and a negative net margin of 0.99%. Avid Technology’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the company earned ($0.20) EPS. Equities analysts forecast that Avid Technology, Inc. will post 0.43 earnings per share for the current year.
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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