Avid Technology, Inc. (OTCMKTS:AVID) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

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. “

Separately, BWS Financial downgraded shares of Avid Technology from a “buy” rating to a “hold” rating and set a $5.00 target price on the stock. in a research note on Thursday, November 10th.

Avid Technology (OTCMKTS:AVID) traded up 2.12% during mid-day trading on Wednesday, reaching $4.81. The company’s stock had a trading volume of 691,076 shares. The stock has a market cap of $195.41 million and a P/E ratio of 4.95. The firm’s 50 day moving average is $6.80 and its 200-day moving average is $6.88. Avid Technology has a one year low of $4.34 and a one year high of $9.78.

Hedge funds have recently added to or reduced their stakes in the company. Cove Street Capital LLC increased its position 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 period. Dimensional Fund Advisors LP increased its position in Avid Technology by 1.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,397,844 shares of the company’s stock valued at $13,931,000 after buying an additional 25,299 shares during the period. Vanguard Group Inc. increased its position in Avid Technology by 3.7% in the second quarter. Vanguard Group Inc. now owns 1,669,502 shares of the company’s stock valued at $9,700,000 after buying an additional 59,551 shares during the period. Paradigm Capital Management Inc. NY increased its position in Avid Technology by 0.7% in the second quarter. Paradigm Capital Management Inc. NY now owns 1,439,800 shares of the company’s stock valued at $8,365,000 after buying an additional 10,700 shares during the period. Finally, Peregrine Capital Management LLC acquired a new position in Avid Technology during the third quarter valued at $8,933,000.

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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