California Public Employees Retirement System raised its holdings in shares of Avid Technology, Inc. (NASDAQ:AVID) by 19.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 268,796 shares of the technology company’s stock after acquiring an additional 42,996 shares during the period. California Public Employees Retirement System owned approximately 0.65% of Avid Technology worth $1,220,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. Oppenheimer Asset Management Inc. grew its holdings in shares of Avid Technology by 28.1% during the third quarter. Oppenheimer Asset Management Inc. now owns 199,265 shares of the technology company’s stock valued at $905,000 after buying an additional 43,675 shares in the last quarter. Royce & Associates LP boosted its position in Avid Technology by 71.6% during the third quarter. Royce & Associates LP now owns 574,998 shares of the technology company’s stock valued at $2,610,000 after purchasing an additional 240,000 shares during the last quarter. Trexquant Investment LP acquired a new stake in Avid Technology during the third quarter valued at $130,000. Dynamic Technology Lab Private Ltd acquired a new stake in Avid Technology during the third quarter valued at $109,000. Finally, West Coast Financial LLC acquired a new stake in Avid Technology during the third quarter valued at $233,000. 71.45% of the stock is currently owned by hedge funds and other institutional investors.
In other Avid Technology news, Director Robert M. Bakish purchased 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The shares were acquired at an average cost of $6.00 per share, for a total transaction of $120,000.00. Following the transaction, the director now directly owns 693,058 shares in the company, valued at $4,158,348. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 7.50% of the stock is owned by corporate insiders.
Avid Technology, Inc. (AVID) traded up $0.17 during mid-day trading on Wednesday, hitting $4.92. The stock had a trading volume of 267,825 shares, compared to its average volume of 334,959. The company has a market cap of $195.63, a price-to-earnings ratio of -27.33 and a beta of 1.80. Avid Technology, Inc. has a 52 week low of $3.99 and a 52 week 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.
A number of analysts have weighed in on AVID shares. ValuEngine raised Avid Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, November 21st. Zacks Investment Research raised Avid Technology from a “sell” rating to a “hold” rating in a research report on Tuesday, October 17th. Finally, Dougherty & Co cut Avid Technology from a “neutral” rating to a “sell” rating and set a $4.50 price objective for the company. in a research report on Thursday, December 7th.
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About Avid Technology
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.
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