Texas Permanent School Fund Corp Lowers Position in Avid Technology, Inc. (NASDAQ:AVID)

Texas Permanent School Fund Corp lowered its holdings in Avid Technology, Inc. (NASDAQ:AVID) by 1.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,660 shares of the technology company’s stock after selling 409 shares during the period. Texas Permanent School Fund Corp’s holdings in Avid Technology were worth $731,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of AVID. Legal & General Group Plc raised its holdings in shares of Avid Technology by 0.4% during the 4th quarter. Legal & General Group Plc now owns 81,595 shares of the technology company’s stock valued at $2,170,000 after buying an additional 337 shares in the last quarter. Credit Suisse AG raised its holdings in shares of Avid Technology by 1.6% during the 4th quarter. Credit Suisse AG now owns 31,933 shares of the technology company’s stock valued at $849,000 after buying an additional 502 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Avid Technology by 134.3% during the 1st quarter. Tower Research Capital LLC TRC now owns 937 shares of the technology company’s stock worth $30,000 after acquiring an additional 537 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Avid Technology by 5.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,523 shares of the technology company’s stock worth $401,000 after acquiring an additional 593 shares during the last quarter. Finally, Pathstone Family Office LLC grew its position in Avid Technology by 7.8% during the 3rd quarter. Pathstone Family Office LLC now owns 11,927 shares of the technology company’s stock worth $277,000 after acquiring an additional 868 shares during the last quarter. Hedge funds and other institutional investors own 84.96% of the company’s stock.

Avid Technology Stock Performance

Shares of AVID stock opened at $27.04 on Tuesday. The firm has a market cap of $1.19 billion, a P/E ratio of 37.04 and a beta of 1.13. Avid Technology, Inc. has a fifty-two week low of $19.78 and a fifty-two week high of $33.41. The business’s 50 day moving average price is $26.93 and its 200-day moving average price is $25.56.

Avid Technology (NASDAQ:AVID) last issued its quarterly earnings data on Monday, November 6th. The technology company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.57). Avid Technology had a negative return on equity of 27.20% and a net margin of 7.59%. The business had revenue of $91.01 million during the quarter, compared to the consensus estimate of $115.37 million. As a group, equities analysts predict that Avid Technology, Inc. will post 1.05 EPS for the current year.

Analysts Set New Price Targets

AVID has been the topic of several recent research reports. B. Riley lowered Avid Technology from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $35.00 to $27.05 in a research report on Thursday, August 10th. StockNews.com initiated coverage on Avid Technology in a research report on Tuesday. They set a “hold” rating on the stock. Rosenblatt Securities reduced their price target on Avid Technology from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, August 10th. Northland Securities lowered Avid Technology from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 10th. Finally, Jefferies Financial Group raised their price target on Avid Technology from $25.00 to $27.00 and gave the stock a “hold” rating in a research report on Wednesday, August 9th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $29.22.

About Avid Technology

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 in the United States and internationally. 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.