Avid Technology, Inc. (NASDAQ:AVID) SVP Tom J. A. Cordiner Sells 29,978 Shares

Avid Technology, Inc. (NASDAQ:AVIDGet Rating) SVP Tom J. A. Cordiner sold 29,978 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $27.90, for a total value of $836,386.20. Following the sale, the senior vice president now directly owns 193,136 shares of the company’s stock, valued at $5,388,494.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Avid Technology Trading Up 1.8 %

Shares of AVID stock opened at $28.38 on Thursday. The company has a market cap of $1.24 billion, a price-to-earnings ratio of 28.67 and a beta of 1.28. The stock has a 50 day simple moving average of $25.33 and a 200-day simple moving average of $26.16. Avid Technology, Inc. has a 12-month low of $20.83 and a 12-month high of $37.31.

Hedge Funds Weigh In On Avid Technology

Large investors have recently modified their holdings of the business. New York State Common Retirement Fund increased its stake in Avid Technology by 8.9% in the 1st quarter. New York State Common Retirement Fund now owns 27,019 shares of the technology company’s stock valued at $942,000 after purchasing an additional 2,214 shares in the last quarter. Herald Investment Management Ltd increased its stake in Avid Technology by 11.1% in the 2nd quarter. Herald Investment Management Ltd now owns 300,000 shares of the technology company’s stock valued at $7,770,000 after purchasing an additional 30,000 shares in the last quarter. Congress Asset Management Co. MA increased its stake in Avid Technology by 8.9% in the 2nd quarter. Congress Asset Management Co. MA now owns 530,831 shares of the technology company’s stock valued at $13,775,000 after purchasing an additional 43,583 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Avid Technology in the 2nd quarter valued at approximately $283,000. Finally, Goldstein Munger & Associates purchased a new position in Avid Technology in the 1st quarter valued at approximately $302,000. 80.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on AVID. Rosenblatt Securities decreased their price objective on Avid Technology from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday, November 9th. StockNews.com raised Avid Technology from a “hold” rating to a “buy” rating in a research note on Wednesday, November 9th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.20.

About Avid Technology

(Get Rating)

Avid Technology, Inc, together with its subsidiaries, develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer, a cloud-enabled solution used to edit video content; Avid NEXIS shared storage systems; Maestro solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows; AirSpeed 5000 and AirSpeed 5500 on-air server solutions; and MediaCentral, a media production suite.

Further Reading

Insider Buying and Selling by Quarter for Avid Technology (NASDAQ:AVID)

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