Zacks Investment Research lowered shares of Avid Technology (NASDAQ:AVID) from a buy rating to a hold rating in a research report report published on Wednesday morning.

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 raised Avid Technology from a hold rating to a buy rating in a report on Tuesday, October 2nd.

Shares of AVID opened at $5.81 on Wednesday. Avid Technology has a 12-month low of $3.99 and a 12-month high of $7.65. The company has a quick ratio of 0.84, a current ratio of 1.02 and a debt-to-equity ratio of -1.30. The stock has a market capitalization of $247.82 million, a price-to-earnings ratio of 14.43 and a beta of 1.95.

Avid Technology (NASDAQ:AVID) last issued its earnings results on Thursday, August 9th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Avid Technology had a negative return on equity of 2.51% and a negative net margin of 4.46%. The firm had revenue of $98.62 million during the quarter, compared to analyst estimates of $98.27 million. During the same period in the previous year, the company earned ($0.26) EPS. Avid Technology’s revenue for the quarter was down 3.7% on a year-over-year basis. As a group, research analysts forecast that Avid Technology will post 0.04 earnings per share for the current fiscal year.

In other Avid Technology news, SVP Peter Ennis sold 8,600 shares of the company’s stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $5.92, for a total value of $50,912.00. Following the sale, the senior vice president now owns 41,857 shares in the company, valued at approximately $247,793.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 7.90% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Paloma Partners Management Co grew its position in shares of Avid Technology by 152.9% in the 2nd quarter. Paloma Partners Management Co now owns 25,900 shares of the technology company’s stock valued at $135,000 after buying an additional 15,658 shares during the last quarter. Barclays PLC grew its position in shares of Avid Technology by 196.9% in the 1st quarter. Barclays PLC now owns 31,853 shares of the technology company’s stock valued at $145,000 after buying an additional 21,123 shares during the last quarter. Bank of America Corp DE grew its position in shares of Avid Technology by 77.3% in the 2nd quarter. Bank of America Corp DE now owns 33,329 shares of the technology company’s stock valued at $173,000 after buying an additional 14,531 shares during the last quarter. Gabelli Funds LLC grew its position in shares of Avid Technology by 45.2% in the 2nd quarter. Gabelli Funds LLC now owns 90,000 shares of the technology company’s stock valued at $468,000 after buying an additional 28,000 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in shares of Avid Technology by 26.2% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 153,962 shares of the technology company’s stock valued at $699,000 after buying an additional 31,936 shares during the last quarter. Hedge funds and other institutional investors own 70.43% of the company’s stock.

About Avid Technology

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.

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