Wall Street brokerages predict that Avid Technology, Inc. (NASDAQ:AVID) will report sales of $101.39 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Avid Technology’s earnings. The highest sales estimate is $102.01 million and the lowest is $100.78 million. Avid Technology posted sales of $97.94 million during the same quarter last year, which would indicate a positive year over year growth rate of 3.5%. The company is scheduled to report its next earnings results on Thursday, May 9th.
According to Zacks, analysts expect that Avid Technology will report full-year sales of $425.35 million for the current fiscal year, with estimates ranging from $425.29 million to $425.42 million. For the next financial year, analysts anticipate that the firm will post sales of $438.99 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Avid Technology.
Avid Technology (NASDAQ:AVID) last announced its earnings results on Thursday, March 14th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.08. Avid Technology had a negative net margin of 2.58% and a negative return on equity of 4.14%. The firm had revenue of $112.70 million for the quarter, compared to the consensus estimate of $110.43 million. During the same period in the prior year, the firm earned $0.15 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis.
Several research firms have commented on AVID. BidaskClub cut shares of Avid Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 18th. BWS Financial upgraded shares of Avid Technology from a “sell” rating to a “hold” rating and set a $5.00 price target for the company in a report on Wednesday, December 26th. ValuEngine cut shares of Avid Technology from a “buy” rating to a “hold” rating in a report on Wednesday, January 2nd. Zacks Investment Research upgraded shares of Avid Technology from a “hold” rating to a “buy” rating and set a $5.25 price target for the company in a report on Wednesday, January 16th. Finally, Dougherty & Co upgraded shares of Avid Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, January 30th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $5.50.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Prudential Financial Inc. acquired a new position in Avid Technology during the 4th quarter worth approximately $51,000. Virtu Financial LLC acquired a new position in shares of Avid Technology in the 4th quarter valued at $58,000. Heritage Investors Management Corp acquired a new position in shares of Avid Technology in the 1st quarter valued at $76,000. Mackay Shields LLC acquired a new position in shares of Avid Technology in the 4th quarter valued at $79,000. Finally, Gamco Investors INC. ET AL boosted its holdings in shares of Avid Technology by 11.1% in the 4th quarter. Gamco Investors INC. ET AL now owns 25,000 shares of the technology company’s stock valued at $119,000 after buying an additional 2,500 shares in the last quarter. Institutional investors own 57.53% of the company’s stock.
AVID traded down $0.11 during trading hours on Friday, hitting $8.37. 20,724 shares of the company’s stock were exchanged, compared to its average volume of 867,589. Avid Technology has a 12-month low of $4.33 and a 12-month high of $9.08. The company has a market cap of $356.16 million, a P/E ratio of 69.09, a PEG ratio of 1.67 and a beta of 1.88.
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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