BidaskClub upgraded shares of Avid Technology (NASDAQ:AVID) from a buy rating to a strong-buy rating in a research report report published on Tuesday, BidAskClub reports.

Other analysts have also recently issued reports about the company. Maxim Group set a $5.00 price target on Adial Pharmaceuticals and gave the stock a buy rating in a research report on Friday, June 7th. ValuEngine raised ZEALAND PHARMA/S from a sell rating to a hold rating in a research note on Friday, March 15th. BWS Financial lowered Avid Technology from a hold rating to a sell rating and set a $5.00 price target on the stock. in a research report on Thursday, March 21st. Jefferies Financial Group increased their price target on Avid Technology from $6.50 to $8.50 and gave the company a hold rating in a research report on Friday, June 7th. Finally, Zacks Investment Research lowered HEXO from a hold rating to a sell rating in a research report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $8.25.

Shares of AVID opened at $10.08 on Tuesday. Avid Technology has a 52-week low of $4.37 and a 52-week high of $10.65. The company has a market capitalization of $423.36 million, a P/E ratio of 84.00, a PEG ratio of 2.56 and a beta of 1.77. The stock has a fifty day moving average of $8.51.

Avid Technology (NASDAQ:AVID) last issued its quarterly earnings results on Monday, May 6th. The technology company reported $0.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.04. The business had revenue of $103.32 million for the quarter, compared to analyst estimates of $100.78 million. Avid Technology had a negative return on equity of 7.54% and a negative net margin of 0.46%. The company’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. Sell-side analysts predict that Avid Technology will post 0.39 EPS for the current fiscal year.

In other news, insider Ryan H. Murray sold 12,000 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $8.00, for a total value of $96,000.00. Following the completion of the sale, the insider now owns 35,995 shares of the company’s stock, valued at $287,960. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.90% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in AVID. BNP Paribas Arbitrage SA grew its holdings in Avid Technology by 86.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,722 shares of the technology company’s stock worth $43,000 after buying an additional 2,659 shares in the last quarter. Prudential Financial Inc. acquired a new stake in shares of Avid Technology during the 4th quarter valued at $51,000. Quantamental Technologies LLC purchased a new stake in shares of Avid Technology in the first quarter valued at $58,000. Heritage Investors Management Corp purchased a new stake in shares of Avid Technology in the first quarter valued at $76,000. Finally, Mackay Shields LLC purchased a new stake in shares of Avid Technology in the fourth quarter valued at $79,000. Hedge funds and other institutional investors own 57.04% 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, 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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