Avid Technology (NASDAQ:AVID) Upgraded by ValuEngine to “Buy”

ValuEngine upgraded shares of Avid Technology (NASDAQ:AVID) from a hold rating to a buy rating in a report issued on Tuesday, November 21st.

Separately, Zacks Investment Research raised shares of Avid Technology from a hold rating to a buy rating and set a $6.00 price objective for the company in a research note on Wednesday, November 15th.

Shares of Avid Technology (NASDAQ:AVID) traded down $0.55 during mid-day trading on Tuesday, reaching $5.95. 1,331,378 shares of the company traded hands, compared to its average volume of 402,109. Avid Technology has a 12-month low of $3.99 and a 12-month high of $7.65. The firm has a market cap of $278.42, a P/E ratio of 18.78 and a beta of 1.78. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of -0.71.

Large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Avid Technology by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 2,373,218 shares of the technology company’s stock worth $11,059,000 after purchasing an additional 35,225 shares during the period. Nomura Holdings Inc. purchased a new position in Avid Technology in the 2nd quarter worth approximately $470,000. Ameriprise Financial Inc. purchased a new position in Avid Technology in the 2nd quarter worth approximately $396,000. AQR Capital Management LLC boosted its holdings in Avid Technology by 30.3% in the 1st quarter. AQR Capital Management LLC now owns 415,179 shares of the technology company’s stock worth $1,934,000 after acquiring an additional 96,664 shares during the period. Finally, S Squared Technology LLC purchased a new position in Avid Technology in the 2nd quarter worth approximately $1,262,000. Institutional investors and hedge funds own 71.77% of the company’s stock.

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Avid Technology Company Profile

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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