Avid Technology, Inc. (OTCMKTS:AVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $8.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 10.50% from the stock’s previous close.

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 4.11% during trading on Tuesday, reaching $7.24. The company had a trading volume of 303,255 shares. The stock has a 50 day moving average of $8.24 and a 200-day moving average of $6.81. Avid Technology has a 12-month low of $5.26 and a 12-month high of $9.78. The stock has a market capitalization of $288.30 million and a P/E ratio of 7.23.

Avid Technology (OTCMKTS:AVID) last issued its earnings results on Wednesday, August 3rd. The company reported $0.33 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.41. The company had revenue of $134.40 million for the quarter. On average, analysts forecast that Avid Technology will post $2.19 earnings per share for the current fiscal year.

In related news, CFO John W. Frederick sold 457,506 shares of Avid Technology stock in a transaction that occurred on 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 directly owns 128,852 shares of the company’s stock, valued at $1,171,264.68. The sale was disclosed in a filing with the SEC, which is accessible through this link.

A number of institutional investors have recently added to or reduced their stakes in AVID. Cove Street Capital LLC increased its stake in Avid Technology by 53.9% in the second quarter. Cove Street Capital LLC now owns 3,553,985 shares of the company’s stock valued at $20,649,000 after buying an additional 1,244,396 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in Avid Technology by 1.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 90,286 shares of the company’s stock valued at $525,000 after buying an additional 1,554 shares during the last quarter. Engine Capital Management LLC increased its stake in Avid Technology by 6.4% in the second quarter. Engine Capital Management LLC now owns 734,533 shares of the company’s stock valued at $4,268,000 after buying an additional 44,135 shares during the last quarter. A.R.T. Advisors LLC bought a new stake in Avid Technology during the second quarter valued at approximately $116,000. Finally, Parametric Portfolio Associates LLC increased its stake in Avid Technology by 7.9% in the second quarter. Parametric Portfolio Associates LLC now owns 277,386 shares of the company’s stock valued at $1,612,000 after buying an additional 20,320 shares during the last quarter.

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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