Avid Technology (NASDAQ: AVID – Get Rating) updated its earnings guidance for fiscal year 22 on Wednesday. The company provided EPS guidance of $1.40-1.51 for the period, compared to a consensus EPS estimate of $1.47. The company released revenue guidance of $430-450 million, compared to total revenue estimates of $440.04 million, and Avid Technology updated its second-quarter guidance to 0.19-0.32 EPS.
Several brokerages have recently commented on AVID. Zacks Investment Research lowered shares of Avid Technology from a buy rating to a hold rating in a research note on Wednesday, March 9th. Maxim Group lowered its price target for Avid Technology shares from $45.00 to $42.00 and placed a buy rating on the company in a research note on Wednesday, March 2nd. Finally, StockNews.com upgraded shares of Avid Technology from a buy rating to a strong buy rating in a research note on Friday. One analyst has rated the stock with a hold rating, two have assigned a buy rating and recently issued a strong buy rating to the company’s stock. According to MarketBeat, Avid Technology has a consensus buy rating and an agreed price target of $39.67.
Avid stock traded down $1.99 during midday Friday, to $23.43. 1,192,816 shares of the company’s stock were traded, compared to an average trading volume of 259,057. The company has a market capitalization of $1.05 billion, a price-earnings ratio of 22.75 and a beta of 1.20. Avid Technology recorded a 52-week low at $23.27 and a 52-week high at $40.48. The business has a 50-day moving average of $32.79 and a 200-day moving average of $31.70.
Avid Technology (NASDAQ: Avid – Get Rating) posted its latest quarterly earnings results on Wednesday, May 4th. The tech company reported earnings of $0.33 per share (EPS) for the quarter, topping the consensus estimate of $0.34 ($0.01). Avid Technology achieved a net profit margin of 11.43% and a negative return on equity of 36.24%. During the same quarter last year, the company posted earnings of $0.22 per share. Equity analysts expect Avid Technology to report earnings per share of 1.13 for the current year.
In other Avid Technology news, SVP Dana Ruzicka sold 23,000 shares of the company’s stock in a transaction on Monday, March 14th. The shares sold for an average price of $27.67, for a total transaction of $636.410.00. The transaction was disclosed in a document filed with the Securities and Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kenneth L. Jayron 5,500 shares of the company’s stock in a transaction dated Tuesday, March 15th. The stock sold at an average price of $28.89, bringing the total transaction to $1,8895.00. The disclosure of this sale can be found here. Corporate insiders own 6.70% of the company’s shares.
Several institutional investors have recently added to or reduced their stakes in Avid. LPL Financial LLC boosted its position in shares of Avid Technology by 46.5% during the 3rd quarter. LPL Financial LLC now owns 17,264 shares of the technology company’s stock, valued at $499,000 after acquiring an additional 5,481 shares during the last quarter. UBS Group AG boosted its position in shares of Avid Technology by 8.8% during the 3rd quarter. UBS Group AG now owns 48,725 shares of the technology company’s stock valued at $1,400,000 after purchasing an additional 3,933 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Avid Technology by 310.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,410 shares of the technology company’s stock valued at $185,000 after acquiring an additional 4,849 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Avid Technology by 24.7% during the 4th quarter. Bank of America Corp. DE now owns 28,420 shares of the technology company’s stock valued at $95,000 after acquiring an additional 5,636 shares during the last quarter. Finally, Ensign Peak Advisors Inc bought new shares of Avid Technology during the 4th quarter valued at approximately $50,000. Institutional investors and hedge funds own 75.83% of the company’s stock.
Avid Technology Company Profile (Get Rating)
Avid Technology, Inc., along with its subsidiaries, develops, markets, sells and supports integrated software and solutions for creating, managing, and distributing video and audio content worldwide. The company’s video products and solutions include Media Composer, a cloud-enabled solution used to edit video content; Avid NEXIS Shared Storage Systems; Maestro solutions for integrating virtual clusters, augmented reality, and video wall control into existing workflows; Server solutions on the air AirSpeed 5000 and AirSpeed 5500; and MediaCentral, a media production group.
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