Russell Investments Group Ltd. Cuts Holdings in Avid Technology, Inc. (AVID)

Russell Investments Group Ltd. decreased its position in Avid Technology, Inc. (NASDAQ:AVID) by 37.9% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 943,746 shares of the technology company’s stock after selling 574,838 shares during the period. Russell Investments Group Ltd. owned about 2.29% of Avid Technology worth $4,285,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Cove Street Capital LLC lifted its stake in Avid Technology by 9.2% in the 2nd quarter. Cove Street Capital LLC now owns 6,105,539 shares of the technology company’s stock valued at $32,115,000 after acquiring an additional 513,877 shares in the last quarter. Vanguard Group Inc. increased its position 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 last quarter. Dimensional Fund Advisors LP increased its position in shares of Avid Technology by 13.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,909,953 shares of the technology company’s stock worth $10,047,000 after purchasing an additional 229,071 shares during the last quarter. State Street Corp increased its position in shares of Avid Technology by 5.3% during the 2nd quarter. State Street Corp now owns 518,585 shares of the technology company’s stock worth $2,729,000 after purchasing an additional 25,891 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of Avid Technology by 44.8% during the 1st quarter. Morgan Stanley now owns 517,187 shares of the technology company’s stock worth $2,410,000 after purchasing an additional 160,044 shares during the last quarter. Hedge funds and other institutional investors own 71.77% of the company’s stock.

Several research analysts have weighed in on the company. Dougherty & Co lowered Avid Technology from a “neutral” rating to a “sell” rating and set a $4.50 price target on the stock. in a research report on Thursday, December 7th. ValuEngine lowered Avid Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Zacks Investment Research raised Avid Technology from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research report on Wednesday, November 15th.

In related news, Director Robert M. Bakish purchased 20,000 shares of the stock in a transaction on Thursday, December 7th. The shares were purchased at an average price of $6.00 per share, with a total value of $120,000.00. Following the transaction, the director now directly owns 693,058 shares of the company’s stock, valued at $4,158,348. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 7.50% of the stock is owned by insiders.

Avid Technology, Inc. (NASDAQ AVID) opened at $5.92 on Friday. The firm has a market capitalization of $253.71, a P/E ratio of 17.11 and a beta of 1.78. Avid Technology, Inc. has a 1 year low of $3.99 and a 1 year high of $7.65. The company has a debt-to-equity ratio of -0.71, a quick ratio of 0.46 and a current ratio of 0.65.

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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.

Institutional Ownership by Quarter for Avid Technology (NASDAQ:AVID)

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