Avid Technology (NASDAQ:AVID) Shares Gap Up to $21.58


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Shares of Avid Technology, Inc. (NASDAQ:AVID) gapped up before the market opened on Thursday . The stock had previously closed at $21.58, but opened at $22.34. Avid Technology shares last traded at $21.49, with a volume of 13,567 shares trading hands.

Several analysts have recently commented on the stock. B. Riley raised their price objective on shares of Avid Technology from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, March 10th. Maxim Group lifted their price target on shares of Avid Technology from $14.00 to $23.00 and gave the company a “buy” rating in a report on Friday, January 8th. Zacks Investment Research upgraded shares of Avid Technology from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Friday, March 12th. Royal Bank of Canada assumed coverage on shares of Avid Technology in a report on Wednesday, March 17th. They issued an “outperform” rating on the stock. Finally, Northland Securities restated a “buy” rating on shares of Avid Technology in a report on Monday, March 29th. Five research analysts have rated the stock with a buy rating, Avid Technology currently has a consensus rating of “Buy” and an average price target of $20.40.

The business’s 50 day moving average is $20.57 and its 200 day moving average is $15.11. The stock has a market capitalization of $956.09 million, a PE ratio of 50.19 and a beta of 1.30.

Avid Technology (NASDAQ:AVID) last released its quarterly earnings results on Monday, March 8th. The technology company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. Avid Technology had a net margin of 5.19% and a negative return on equity of 11.17%. The firm had revenue of $104.30 million during the quarter, compared to analysts’ expectations of $105.14 million. On average, equities analysts expect that Avid Technology, Inc. will post 0.39 EPS for the current fiscal year.

In related news, SVP Dana Ruzicka sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $20.85, for a total transaction of $521,250.00. Following the completion of the transaction, the senior vice president now owns 345,050 shares in the company, valued at approximately $7,194,292.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kenneth L. Gayron sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 17th. The stock was sold at an average price of $19.38, for a total transaction of $58,140.00. Following the transaction, the chief financial officer now owns 291,570 shares of the company’s stock, valued at approximately $5,650,626.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,000 shares of company stock valued at $684,140. 6.70% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. NEXT Financial Group Inc boosted its holdings in Avid Technology by 14.5% during the fourth quarter. NEXT Financial Group Inc now owns 3,950 shares of the technology company’s stock worth $63,000 after buying an additional 500 shares in the last quarter. Citigroup Inc. lifted its holdings in Avid Technology by 258.3% during the fourth quarter. Citigroup Inc. now owns 6,224 shares of the technology company’s stock valued at $99,000 after purchasing an additional 4,487 shares in the last quarter. Credit Suisse AG purchased a new position in Avid Technology during the fourth quarter valued at $163,000. Paloma Partners Management Co purchased a new position in Avid Technology during the fourth quarter valued at $173,000. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in Avid Technology by 22.8% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 12,781 shares of the technology company’s stock valued at $203,000 after purchasing an additional 2,376 shares in the last quarter. Institutional investors and hedge funds own 67.32% of the company’s stock.

Avid Technology Company Profile (NASDAQ:AVID)

Avid Technology, Inc 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.

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