Avid Technology (NASDAQ:AVID) Stock Price Down 9%

Avid Technology, Inc. (NASDAQ:AVID) dropped 9% during mid-day trading on Wednesday . The company traded as low as $5.42 and last traded at $5.44, approximately 1,215,304 shares changed hands during trading. An increase of 259% from the average daily volume of 338,970 shares. The stock had previously closed at $5.98.

AVID has been the topic of a number of analyst reports. Zacks Investment Research raised Avid Technology from a “hold” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Thursday, March 12th. BidaskClub raised Avid Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, March 31st. ValuEngine upgraded Avid Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, March 10th. Finally, Maxim Group reiterated a “buy” rating and issued a $14.00 price target on shares of Avid Technology in a research note on Monday, March 16th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Avid Technology presently has an average rating of “Buy” and a consensus target price of $10.13.

The firm has a market capitalization of $258.83 million, a price-to-earnings ratio of 34.00, a P/E/G ratio of 0.45 and a beta of 1.61. The stock has a 50 day moving average of $6.92 and a 200 day moving average of $7.51.

Avid Technology (NASDAQ:AVID) last posted its quarterly earnings results on Monday, March 9th. The technology company reported $0.28 EPS for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.02). The firm had revenue of $116.30 million during the quarter, compared to analyst estimates of $111.85 million. Avid Technology had a negative return on equity of 11.12% and a net margin of 1.85%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter last year, the business posted $0.14 earnings per share. Sell-side analysts forecast that Avid Technology, Inc. will post 0.66 EPS for the current year.

Hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC acquired a new position in Avid Technology in the fourth quarter valued at approximately $31,000. Bank of Montreal Can boosted its position in shares of Avid Technology by 45.7% during the fourth quarter. Bank of Montreal Can now owns 3,621 shares of the technology company’s stock worth $31,000 after buying an additional 1,135 shares during the period. Zebra Capital Management LLC acquired a new position in shares of Avid Technology during the fourth quarter worth approximately $89,000. Millennium Management LLC acquired a new position in shares of Avid Technology during the third quarter worth approximately $96,000. Finally, First Quadrant L P CA raised its holdings in Avid Technology by 109.6% during the fourth quarter. First Quadrant L P CA now owns 26,206 shares of the technology company’s stock worth $225,000 after purchasing an additional 13,706 shares in the last quarter. Institutional investors own 58.44% of the company’s stock.

Avid Technology Company Profile (NASDAQ:AVID)

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, which is used to edit video content, such as television programming, commercials, and films; Avid NEXIS shared storage systems; and Maestro product line solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows.

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