Zacks Investment Research cut shares of Avid Technology (NASDAQ:AVID) from a buy rating to a hold rating in a report published on Tuesday, September 18th.

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 downgraded shares of Avid Technology from a buy rating to a hold rating in a report on Thursday, September 13th.

NASDAQ:AVID traded up $0.23 during trading hours on Tuesday, hitting $5.81. The stock had a trading volume of 263,221 shares, compared to its average volume of 222,326. The company has a debt-to-equity ratio of -1.30, a current ratio of 1.02 and a quick ratio of 0.84. 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 $247.82 million, a price-to-earnings ratio of 14.53 and a beta of 1.95.

Avid Technology (NASDAQ:AVID) last announced its quarterly earnings results on Thursday, August 9th. The technology company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $98.62 million during the quarter, compared to the consensus estimate of $98.27 million. During the same period in the previous year, the business earned ($0.26) earnings per share. 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 EPS for the current fiscal year.

In other news, SVP Peter Ennis sold 8,600 shares of Avid Technology stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $5.92, for a total transaction of $50,912.00. Following the completion of the sale, the senior vice president now directly owns 41,857 shares of the company’s stock, valued at approximately $247,793.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.90% of the company’s stock.

A number of large investors have recently modified their holdings of AVID. Paloma Partners Management Co raised its position in Avid Technology by 152.9% in the 2nd quarter. Paloma Partners Management Co now owns 25,900 shares of the technology company’s stock worth $135,000 after purchasing an additional 15,658 shares during the period. Barclays PLC raised its position in Avid Technology by 196.9% in the 1st quarter. Barclays PLC now owns 31,853 shares of the technology company’s stock worth $145,000 after purchasing an additional 21,123 shares during the period. Bank of America Corp DE raised its position in Avid Technology by 77.3% in the 2nd quarter. Bank of America Corp DE now owns 33,329 shares of the technology company’s stock worth $173,000 after purchasing an additional 14,531 shares during the period. Gabelli Funds LLC raised its position in Avid Technology by 45.2% in the 2nd quarter. Gabelli Funds LLC now owns 90,000 shares of the technology company’s stock worth $468,000 after purchasing an additional 28,000 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in Avid Technology by 26.2% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 153,962 shares of the technology company’s stock worth $699,000 after purchasing an additional 31,936 shares during the period. Institutional investors 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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