Brokerages expect Avid Technology, Inc. (NASDAQ:AVID) to post $82.65 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Avid Technology’s earnings. The highest sales estimate is $84.13 million and the lowest is $81.70 million. Avid Technology reported sales of $93.46 million during the same quarter last year, which would suggest a negative year over year growth rate of 11.6%. The business is expected to announce its next quarterly earnings report on Thursday, November 5th.
According to Zacks, analysts expect that Avid Technology will report full-year sales of $354.16 million for the current financial year, with estimates ranging from $351.97 million to $356.30 million. For the next year, analysts expect that the company will post sales of $391.00 million, with estimates ranging from $382.72 million to $404.87 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that follow Avid Technology.
Avid Technology (NASDAQ:AVID) last announced its earnings results on Monday, August 3rd. The technology company reported $0.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.18. Avid Technology had a net margin of 3.87% and a negative return on equity of 7.75%. The firm had revenue of $79.28 million for the quarter, compared to analyst estimates of $77.43 million.
AVID has been the topic of a number of research analyst reports. B. Riley lifted their price target on shares of Avid Technology from $9.00 to $12.00 in a report on Tuesday, August 4th. Northland Securities reiterated a “buy” rating and issued a $14.00 price target on shares of Avid Technology in a report on Wednesday, July 22nd. Maxim Group lifted their price target on shares of Avid Technology from $12.00 to $14.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Zacks Investment Research upgraded shares of Avid Technology from a “hold” rating to a “strong-buy” rating and set a $11.00 price target on the stock in a report on Thursday, August 6th. Finally, BidaskClub lowered shares of Avid Technology from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $11.80.
Shares of NASDAQ AVID opened at $7.98 on Thursday. Avid Technology has a 1 year low of $4.67 and a 1 year high of $9.66. The firm’s 50 day moving average price is $8.13 and its 200 day moving average price is $7.11. The firm has a market cap of $350.75 million, a P/E ratio of 24.94 and a beta of 1.18.
In other Avid Technology news, Director Christian Asmar bought 103,711 shares of the business’s stock in a transaction dated Thursday, July 9th. The shares were acquired at an average price of $6.93 per share, with a total value of $718,717.23. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 6.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its holdings in Avid Technology by 9.0% during the 1st quarter. Geode Capital Management LLC now owns 720,878 shares of the technology company’s stock worth $4,851,000 after acquiring an additional 59,788 shares in the last quarter. Aigen Investment Management LP boosted its holdings in shares of Avid Technology by 46.5% in the 2nd quarter. Aigen Investment Management LP now owns 11,579 shares of the technology company’s stock valued at $84,000 after buying an additional 3,677 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in shares of Avid Technology by 92.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 8,726 shares of the technology company’s stock valued at $59,000 after buying an additional 4,195 shares during the period. Gamco Investors INC. ET AL boosted its holdings in shares of Avid Technology by 27.1% in the 1st quarter. Gamco Investors INC. ET AL now owns 165,118 shares of the technology company’s stock valued at $1,111,000 after buying an additional 35,231 shares during the period. Finally, ETRADE Capital Management LLC boosted its stake in Avid Technology by 36.7% during the 2nd quarter. ETRADE Capital Management LLC now owns 27,334 shares of the technology company’s stock valued at $199,000 after purchasing an additional 7,334 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Avid Technology Company Profile
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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