Avid Technology, Inc. (AVID) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Avid Technology, Inc. (NASDAQ:AVID) from a hold rating to a buy rating in a research note released on Wednesday morning. The brokerage currently has $6.00 price objective on the technology company’s stock.
According to Zacks, “Avid Technology, Inc. develops, markets, sells and supports a wide range of software and systems for creating and manipulating digital media content. Digital media are media elements, whether video or audio or graphics, in which the image, sound or picture is recorded and stored as digital values, as opposed to analog signals. The company’s systems are designed to improve the productivity of video and film editors by enabling them to edit moving pictures and sound in a faster, easier, and more cost-effective manner than traditional analog tape-based systems. “
Separately, ValuEngine downgraded Avid Technology from a buy rating to a hold rating in a research report on Friday, September 1st.
Shares of Avid Technology (NASDAQ:AVID) traded up $0.18 during mid-day trading on Wednesday, hitting $5.92. The stock had a trading volume of 453,098 shares, compared to its average volume of 325,515. The firm has a market capitalization of $243.82, a P/E ratio of 14.69 and a beta of 1.56. The company has a debt-to-equity ratio of -0.71, a quick ratio of 0.46 and a current ratio of 0.65. Avid Technology has a 1-year low of $3.99 and a 1-year high of $6.33.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVID. California Public Employees Retirement System increased its position in shares of Avid Technology by 12.5% in the 1st quarter. California Public Employees Retirement System now owns 239,400 shares of the technology company’s stock valued at $1,116,000 after acquiring an additional 26,600 shares during the period. Vanguard Group Inc. grew its position in 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. Geode Capital Management LLC grew its position in Avid Technology by 16.4% during the 1st quarter. Geode Capital Management LLC now owns 268,460 shares of the technology company’s stock worth $1,251,000 after purchasing an additional 37,868 shares during the period. Morgan Stanley grew its position in 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 period. Finally, Schwab Charles Investment Management Inc. grew its position in Avid Technology by 109.7% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 92,330 shares of the technology company’s stock worth $431,000 after purchasing an additional 48,308 shares during the period. 72.11% of the stock is currently owned by hedge funds and other institutional investors.
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.
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