Avid Technology (AVID) Downgraded to “Hold” at Zacks Investment Research

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Zacks Investment Research lowered shares of Avid Technology (NASDAQ:AVID) from a buy rating to a hold rating in a research report report published on Wednesday.

According to Zacks, “Avid Technology, Inc. develops, markets, sells and supports a wide range of software and systems for creating and manipulating digital media content. Digital media are media elements, whether video or audio or graphics, in which the image, sound or picture is recorded and stored as digital values, as opposed to analog signals. The company’s systems are designed to improve the productivity of video and film editors by enabling them to edit moving pictures and sound in a faster, easier, and more cost-effective manner than traditional analog tape-based systems. “

Separately, ValuEngine lowered Avid Technology from a buy rating to a hold rating in a research report on Thursday, September 13th.

Shares of Avid Technology stock opened at $5.81 on Wednesday. Avid Technology has a one year low of $3.99 and a one year high of $7.65. The company has a debt-to-equity ratio of -1.30, a quick ratio of 0.84 and a current ratio of 1.02. The stock has a market cap of $247.82 million, a P/E ratio of 14.43 and a beta of 1.95.

Avid Technology (NASDAQ:AVID) last announced its earnings results on Thursday, August 9th. The technology company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Avid Technology had a negative net margin of 4.46% and a negative return on equity of 2.51%. The business had revenue of $98.62 million for the quarter, compared to the consensus estimate of $98.27 million. During the same quarter in the previous year, the company earned ($0.26) EPS. The firm’s revenue for the quarter was down 3.7% on a year-over-year basis. Equities research analysts expect that Avid Technology will post 0.04 earnings per share for the current fiscal year.

In other Avid Technology news, SVP Peter Ennis sold 8,600 shares of the stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $5.92, for a total value of $50,912.00. Following the transaction, the senior vice president now owns 41,857 shares in the company, valued at $247,793.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 7.90% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Paloma Partners Management Co boosted its holdings in Avid Technology by 152.9% in the second quarter. Paloma Partners Management Co now owns 25,900 shares of the technology company’s stock worth $135,000 after acquiring an additional 15,658 shares in the last quarter. Barclays PLC boosted its holdings in Avid Technology by 196.9% in the first quarter. Barclays PLC now owns 31,853 shares of the technology company’s stock worth $145,000 after acquiring an additional 21,123 shares in the last quarter. Bank of America Corp DE boosted its holdings in Avid Technology by 77.3% in the second quarter. Bank of America Corp DE now owns 33,329 shares of the technology company’s stock worth $173,000 after acquiring an additional 14,531 shares in the last quarter. Gabelli Funds LLC boosted its holdings in Avid Technology by 45.2% in the second quarter. Gabelli Funds LLC now owns 90,000 shares of the technology company’s stock worth $468,000 after acquiring an additional 28,000 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its holdings in Avid Technology by 26.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 153,962 shares of the technology company’s stock worth $699,000 after acquiring an additional 31,936 shares in the last quarter. Institutional investors and hedge funds own 70.43% of the company’s stock.

About Avid Technology

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 product line that is used to edit film, television programming, news broadcasts, commercials, and other video content; Avid shared storage systems and Avid Interplay asset management solutions, which provide complete network, storage, and database solutions to enable users to simultaneously share and manage media assets throughout a project or organization.

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