Avid Technology (NASDAQ:AVID) Upgraded to “Buy” at BidaskClub

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

Several other brokerages also recently commented on AVID. ValuEngine upgraded Avid Technology from a sell rating to a hold rating in a research note on Friday. Zacks Investment Research downgraded Avid Technology from a buy rating to a hold rating in a research note on Thursday, October 24th. Finally, Maxim Group restated a buy rating and issued a $14.00 target price on shares of Avid Technology in a research note on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. Avid Technology presently has a consensus rating of Hold and a consensus price target of $8.69.

Shares of AVID traded up $0.93 during trading hours on Friday, reaching $7.74. The stock had a trading volume of 878,600 shares, compared to its average volume of 438,082. The company’s 50-day moving average is $6.38 and its two-hundred day moving average is $7.67. The stock has a market capitalization of $277.92 million, a PE ratio of 64.50, a PEG ratio of 1.50 and a beta of 1.91. Avid Technology has a 12 month low of $4.37 and a 12 month high of $10.79.

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Avid Technology by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 2,936,395 shares of the technology company’s stock valued at $26,780,000 after purchasing an additional 27,641 shares during the last quarter. BlackRock Inc. boosted its stake in Avid Technology by 8.8% during the 2nd quarter. BlackRock Inc. now owns 1,961,171 shares of the technology company’s stock valued at $17,887,000 after purchasing an additional 158,941 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Avid Technology by 528.1% during the 2nd quarter. Acadian Asset Management LLC now owns 643,475 shares of the technology company’s stock valued at $5,868,000 after purchasing an additional 541,028 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in Avid Technology during the 2nd quarter valued at about $4,175,000. Finally, Renaissance Technologies LLC boosted its stake in Avid Technology by 1,206.7% during the 2nd quarter. Renaissance Technologies LLC now owns 400,464 shares of the technology company’s stock valued at $3,652,000 after purchasing an additional 369,816 shares during the last quarter. Institutional investors and hedge funds own 53.68% of the company’s stock.

Avid Technology 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, 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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