ValuEngine cut shares of Avid Technology (NASDAQ:AVID) from a hold rating to a sell rating in a research note issued to investors on Thursday morning, ValuEngine reports.

Other equities analysts also recently issued reports about the company. Zacks Investment Research downgraded Avid Technology from a strong-buy rating to a hold rating in a research report on Wednesday, May 15th. Maxim Group restated a buy rating and set a $14.00 price objective on shares of Avid Technology in a research report on Friday, June 7th. BidaskClub downgraded Avid Technology from a strong-buy rating to a buy rating in a research report on Wednesday. Finally, Jefferies Financial Group raised their price objective on Avid Technology from $6.50 to $8.50 and gave the stock a hold rating in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Avid Technology currently has an average rating of Hold and a consensus price target of $8.25.

Avid Technology stock traded down $0.08 during trading hours on Thursday, hitting $6.39. The stock had a trading volume of 171,285 shares, compared to its average volume of 436,278. The stock has a market cap of $291.24 million, a price-to-earnings ratio of 53.25, a P/E/G ratio of 1.60 and a beta of 1.85. Avid Technology has a one year low of $4.37 and a one year high of $10.79. The business’s 50 day simple moving average is $7.50 and its 200-day simple moving average is $7.75.

Avid Technology (NASDAQ:AVID) last posted its earnings results on Monday, August 5th. The technology company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). Avid Technology had a negative net margin of 0.99% and a negative return on equity of 11.13%. The firm had revenue of $98.70 million during the quarter, compared to the consensus estimate of $101.29 million. During the same quarter in the prior year, the business posted ($0.20) earnings per share. Avid Technology’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, analysts anticipate that Avid Technology will post 0.43 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of AVID. Acadian Asset Management LLC raised its position in shares of Avid Technology by 528.1% during the second quarter. Acadian Asset Management LLC now owns 643,475 shares of the technology company’s stock worth $5,868,000 after acquiring an additional 541,028 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in Avid Technology in the second quarter worth approximately $4,175,000. Renaissance Technologies LLC increased its holdings in Avid Technology by 1,206.7% in the second quarter. Renaissance Technologies LLC now owns 400,464 shares of the technology company’s stock worth $3,652,000 after purchasing an additional 369,816 shares in the last quarter. Hennessy Advisors Inc. bought a new stake in Avid Technology in the second quarter worth approximately $3,076,000. Finally, Intrinsic Edge Capital Management LLC bought a new stake in Avid Technology in the second quarter worth approximately $1,813,000. Institutional investors own 53.09% 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, 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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