Avid Technology, Inc. (AVID) Rating Lowered to Hold at Zacks Investment Research
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 trading on Tuesday, hitting $7.56. 449,681 shares of the stock traded hands. The firm has a 50-day moving average price of $8.44 and a 200 day moving average price of $6.79. Avid Technology has a 52-week low of $5.26 and a 52-week high of $9.78. The company has a market cap of $301.05 million and a P/E ratio of 7.55.
Avid Technology (OTCMKTS:AVID) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.41. The firm earned $134.40 million during the quarter. On average, equities analysts expect that Avid Technology will post $2.19 EPS for the current year.
In other Avid Technology news, CFO John W. Frederick sold 457,506 shares of the company’s stock in a transaction dated Tuesday, August 16th. The shares were 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 in the company, valued at approximately $1,171,264.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Institutional investors have recently bought and sold shares of the stock. A.R.T. Advisors LLC acquired a new position in shares of Avid Technology during the second quarter valued at $116,000. BlackRock Inc. boosted its position in shares of Avid Technology by 1,046.8% in the second quarter. BlackRock Inc. now owns 21,754 shares of the company’s stock valued at $126,000 after buying an additional 19,857 shares during the period. Ameriprise Financial Inc. acquired a new position in shares of Avid Technology during the second quarter valued at $137,000. Thompson Davis & CO. Inc. acquired a new position in shares of Avid Technology during the second quarter valued at $169,000. Finally, William Harris Investors Inc. boosted its position in shares of Avid Technology by 21.4% in the second quarter. William Harris Investors Inc. now owns 34,060 shares of the company’s stock valued at $198,000 after buying an additional 6,000 shares during the period.
Avid Technology Company Profile
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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