Avid Technology, Inc. (NASDAQ:AVID) traded up 5.9% on Tuesday . The company traded as high as $8.45 and last traded at $8.37. 737,648 shares were traded during trading, an increase of 68% from the average session volume of 438,975 shares. The stock had previously closed at $7.90.

A number of equities research analysts have weighed in on the stock. BidaskClub downgraded shares of Avid Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Zacks Investment Research upgraded shares of Avid Technology from a “hold” rating to a “buy” rating and set a $5.50 price target on the stock in a research note on Friday, March 15th. ValuEngine upgraded shares of Avid Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 15th. Finally, Maxim Group reiterated a “buy” rating and set a $14.00 price target on shares of Avid Technology in a research note on Tuesday, May 7th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $7.63.

The company has a market capitalization of $336.85 million, a price-to-earnings ratio of 69.25, a price-to-earnings-growth ratio of 1.49 and a beta of 1.86.

Avid Technology (NASDAQ:AVID) last issued its quarterly earnings data on Monday, May 6th. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.04. The company had revenue of $103.32 million during the quarter, compared to analysts’ expectations of $100.78 million. Avid Technology had a negative return on equity of 7.54% and a negative net margin of 0.46%. The business’s revenue was up 5.5% on a year-over-year basis. During the same period last year, the business earned ($0.06) earnings per share. Equities analysts forecast that Avid Technology, Inc. will post 0.52 earnings per share for the current year.

In other Avid Technology news, insider Ryan H. Murray sold 12,000 shares of Avid Technology stock in a transaction on Friday, May 10th. The stock was sold at an average price of $8.00, for a total transaction of $96,000.00. Following the completion of the transaction, the insider now directly owns 35,995 shares of the company’s stock, valued at $287,960. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.90% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the business. ExodusPoint Capital Management LP bought a new position in shares of Avid Technology during the first quarter valued at $91,000. Wellington Management Group LLP lifted its holdings in shares of Avid Technology by 11.0% during the first quarter. Wellington Management Group LLP now owns 413,463 shares of the technology company’s stock valued at $3,080,000 after acquiring an additional 40,939 shares during the period. Marshall Wace LLP bought a new position in shares of Avid Technology during the first quarter valued at $324,000. Geode Capital Management LLC lifted its holdings in shares of Avid Technology by 39.9% during the first quarter. Geode Capital Management LLC now owns 466,558 shares of the technology company’s stock valued at $3,475,000 after acquiring an additional 133,000 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Avid Technology by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 173,820 shares of the technology company’s stock valued at $1,295,000 after acquiring an additional 3,785 shares during the period. 58.05% of the stock is owned by institutional investors.

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About Avid Technology (NASDAQ:AVID)

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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