Zacks: Avid Technology, Inc. (AVID) Given Consensus Rating of “Hold” by Analysts

Shares of Avid Technology, Inc. (NASDAQ:AVID) have been assigned an average broker rating score of 3.00 (Hold) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. Two investment analysts have rated the stock with a hold rating.

Analysts have set a twelve-month consensus price objective of $5.00 for the company and are expecting that the company will post $0.23 earnings per share for the current quarter, according to Zacks. Zacks has also given Avid Technology an industry rank of 113 out of 265 based on the ratings given to its competitors.

AVID has been the topic of a number of research analyst reports. Zacks Investment Research cut Avid Technology from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. ValuEngine cut Avid Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 1st.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC bought a new stake in Avid Technology in the 2nd quarter valued at $105,000. Petrus Trust Company LTA bought a new stake in Avid Technology in the 2nd quarter valued at $105,000. Voya Investment Management LLC raised its stake in Avid Technology by 25.6% in the 2nd quarter. Voya Investment Management LLC now owns 20,703 shares of the technology company’s stock valued at $109,000 after acquiring an additional 4,220 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Avid Technology in the 3rd quarter valued at $109,000. Finally, Alliancebernstein L.P. bought a new stake in Avid Technology in the 2nd quarter valued at $140,000. Institutional investors and hedge funds own 71.77% of the company’s stock.

Shares of Avid Technology (NASDAQ AVID) traded down $0.23 during trading on Friday, hitting $6.76. The stock had a trading volume of 822,000 shares, compared to its average volume of 396,129. Avid Technology has a one year low of $3.99 and a one year high of $7.65. The company has a market cap of $287.89, a PE ratio of 19.42 and a beta of 1.78. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of -0.71.

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About Avid Technology

Avid Technology, Inc is a provider of an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Company develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution.

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