Avid Technology, Inc. (NASDAQ:AVID) Receives $38.00 Average Target Price from Analysts

Shares of Avid Technology, Inc. (NASDAQ:AVID) have earned a consensus recommendation of “Buy” from the five research firms that are presently covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have covered the stock in the last year is $38.00.

Several brokerages have commented on AVID. Maxim Group boosted their price target on shares of Avid Technology from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, August 4th. B. Riley boosted their price target on shares of Avid Technology from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, July 28th.

AVID stock opened at $29.19 on Wednesday. The company has a market capitalization of $1.33 billion, a P/E ratio of 49.47 and a beta of 1.37. The company has a 50-day simple moving average of $29.24 and a 200 day simple moving average of $28.70. Avid Technology has a fifty-two week low of $7.75 and a fifty-two week high of $40.48.

Avid Technology (NASDAQ:AVID) last issued its quarterly earnings results on Monday, August 2nd. The technology company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.23 by $0.02. Avid Technology had a net margin of 6.89% and a negative return on equity of 29.86%. The firm had revenue of $94.88 million for the quarter, compared to analysts’ expectations of $91.34 million. On average, sell-side analysts expect that Avid Technology will post 0.86 EPS for the current fiscal year.

In other Avid Technology news, Director Robert M. Bakish sold 23,510 shares of the business’s stock in a transaction dated Monday, July 19th. The stock was sold at an average price of $36.63, for a total transaction of $861,171.30. Following the sale, the director now owns 794,800 shares in the company, valued at approximately $29,113,524. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Robert M. Bakish sold 14,996 shares of Avid Technology stock in a transaction dated Wednesday, July 21st. The shares were sold at an average price of $37.29, for a total value of $559,200.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,729 shares of company stock worth $3,286,156. Corporate insiders own 6.40% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in AVID. Panagora Asset Management Inc. grew its stake in shares of Avid Technology by 530.3% in the 1st quarter. Panagora Asset Management Inc. now owns 2,830 shares of the technology company’s stock valued at $60,000 after buying an additional 2,381 shares in the last quarter. Quantbot Technologies LP grew its stake in shares of Avid Technology by 204.2% in the 1st quarter. Quantbot Technologies LP now owns 3,346 shares of the technology company’s stock valued at $70,000 after buying an additional 2,246 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Avid Technology by 5,354.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,982 shares of the technology company’s stock valued at $84,000 after buying an additional 3,909 shares in the last quarter. Amundi bought a new stake in Avid Technology during the second quarter worth approximately $115,000. Finally, SG Americas Securities LLC bought a new stake in Avid Technology during the first quarter worth approximately $118,000. 75.50% of the stock is currently owned by institutional investors.

Avid Technology Company Profile

Avid Technology, Inc engages in the provision of technology services for media and entertainment industry. It develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management and distribution. The company was founded by William J. Warner in September 1987 and is headquartered in Burlington, MA.

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