Russell Investments Group Ltd. lessened its holdings in shares of Avid Technology, Inc. (NASDAQ:AVID) by 52.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 262,845 shares of the technology company’s stock after selling 294,224 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.63% of Avid Technology worth $2,397,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in AVID. Meeder Asset Management Inc. lifted its holdings in shares of Avid Technology by 505.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 5,468 shares of the technology company’s stock valued at $51,000 after buying an additional 4,565 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of 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 buying an additional 2,659 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Avid Technology during the 2nd quarter valued at about $114,000. Chicago Equity Partners LLC acquired a new stake in shares of Avid Technology during the 2nd quarter valued at about $151,000. Finally, Stone Ridge Asset Management LLC lifted its holdings in shares of Avid Technology by 7.5% during the 2nd quarter. Stone Ridge Asset Management LLC now owns 30,030 shares of the technology company’s stock valued at $274,000 after buying an additional 2,100 shares during the last quarter. 53.03% of the stock is currently owned by institutional investors.
AVID traded down $0.15 on Wednesday, hitting $6.23. The company had a trading volume of 96,910 shares, compared to its average volume of 429,933. The company’s fifty day moving average price is $7.15 and its 200 day moving average price is $7.79. Avid Technology, Inc. has a 1-year low of $4.37 and a 1-year high of $10.79. The stock has a market cap of $273.23 million, a price-to-earnings ratio of 51.92, a price-to-earnings-growth ratio of 1.50 and a beta of 1.85.
Avid Technology (NASDAQ:AVID) last posted its earnings results 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). Avid Technology had a negative return on equity of 11.13% and a negative net margin of 0.99%. The company had revenue of $98.70 million during the quarter, compared to analyst estimates of $101.29 million. During the same quarter last year, the firm posted ($0.20) earnings per share. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. Analysts expect that Avid Technology, Inc. will post 0.43 earnings per share for the current fiscal year.
Several brokerages have recently issued reports on AVID. Jefferies Financial Group lifted their price target on Avid Technology from $6.50 to $8.50 and gave the company a “hold” rating in a report on Friday, June 7th. ValuEngine lowered Avid Technology from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Maxim Group reiterated a “buy” rating and set a $14.00 price target on shares of Avid Technology in a report on Friday, June 7th. Finally, BidaskClub lowered Avid Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $8.25.
Avid Technology Profile
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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