Avid (AVID) Announces Earnings Results

Avid (NASDAQ:AVID) posted its quarterly earnings data on Thursday, March 15th. The technology company reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.25), RTT News reports. The company had revenue of $107.30 million for the quarter, compared to analysts’ expectations of $108.53 million. Avid had a negative net margin of 3.24% and a negative return on equity of 3.59%. The firm’s revenue was down 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.13 earnings per share.

Shares of AVID stock traded down $0.11 during mid-day trading on Friday, hitting $4.43. 107,254 shares of the company’s stock were exchanged, compared to its average volume of 264,628. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of -0.76. The stock has a market capitalization of $183.76, a price-to-earnings ratio of 11.08 and a beta of 1.91. Avid has a fifty-two week low of $3.99 and a fifty-two week high of $7.65.

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Several research firms have commented on AVID. ValuEngine downgraded Avid from a “buy” rating to a “hold” rating in a research note on Tuesday, April 3rd. Zacks Investment Research downgraded Avid from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 21st.

An institutional investor recently raised its position in Avid stock. The Manufacturers Life Insurance Company lifted its holdings in shares of Avid (NASDAQ:AVID) by 8.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 29,927 shares of the technology company’s stock after acquiring an additional 2,386 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Avid worth $158,000 as of its most recent filing with the SEC. 74.70% of the stock is owned by institutional investors and hedge funds.

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Avid Company Profile

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.

Earnings History for Avid (NASDAQ:AVID)

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