The stock of Avid Technology, Inc. (NASDAQ:AVID) is a huge mover today! The stock increased 4.47% or $0.34 during the last trading session, hitting $7.94. About 482,139 shares traded hands. Avid Technology, Inc. (NASDAQ:AVID) has risen 1.60% since February 26, 2016 and is uptrending. It has underperformed by 8.82% the S&P500.
The move comes after 9 months positive chart setup for the $305.72 million company. It was reported on Oct, 1 by Barchart.com. We have $12.07 PT which if reached, will make NASDAQ:AVID worth $158.97M more.
Analysts await Avid Technology, Inc. (NASDAQ:AVID) to report earnings on November, 3. They expect $0.42 earnings per share, up 2.44% or $0.01 from last year’s $0.41 per share. AVID’s profit will be $16.17 million for 4.73 P/E if the $0.42 EPS becomes a reality. After $0.40 actual earnings per share reported by Avid Technology, Inc. for the previous quarter, Wall Street now forecasts 5.00% EPS growth.
Avid Technology, Inc. (NASDAQ:AVID) Ratings Coverage
Out of 3 analysts covering Avid Technology (NASDAQ:AVID), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Avid Technology has been the topic of 4 analyst reports since August 11, 2015 according to StockzIntelligence Inc. As per Wednesday, December 9, the company rating was initiated by Singular Research. BWS Financial maintained it with “Buy” rating and $11 target price in Wednesday, November 11 report. As per Tuesday, August 11, the company rating was downgraded by Dougherty & Company.
According to Zacks Investment Research, “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.”
Insitutional Activity: The institutional sentiment increased to 1.57 in Q2 2016. Its up 0.40, from 1.17 in 2016Q1. The ratio improved, as 8 funds sold all Avid Technology, Inc. shares owned while 20 reduced positions. 13 funds bought stakes while 31 increased positions. They now own 26.65 million shares or 21.23% less from 33.83 million shares in 2016Q1.
Blackrock Advisors Ltd Co last reported 0% of its portfolio in the stock. Next Fincl Gru last reported 0% of its portfolio in the stock. Tiaa Cref Mngmt Ltd Liability Corp accumulated 119,806 shares or 0% of the stock. Barclays Public Limited Liability Corp holds 604 shares or 0% of its portfolio. Moreover, Creative Planning has 0% invested in Avid Technology, Inc. (NASDAQ:AVID) for 151 shares. Goldman Sachs Group Inc holds 74,247 shares or 0% of its portfolio. Brave Asset Mgmt holds 0% of its portfolio in Avid Technology, Inc. (NASDAQ:AVID) for 200 shares. Eidelman Virant Capital has 10,000 shares for 0.04% of their US portfolio. West Coast Fincl Ltd Liability has 0.89% invested in the company for 425,413 shares. Ig Investment Mngmt, a Manitoba – Canada-based fund reported 120,000 shares. Ameriprise Inc has invested 0% of its portfolio in Avid Technology, Inc. (NASDAQ:AVID). Northern Tru holds 0% or 358,029 shares in its portfolio. Blackrock Invest Mgmt Ltd Liability reported 131,882 shares or 0% of all its holdings. Vanguard Group owns 1.67 million shares or 0% of their US portfolio. Pnc Financial Svcs Grp, a Pennsylvania-based fund reported 150 shares.
Insider Transactions: Since May 9, 2016, the stock had 5 buys, and 2 selling transactions for $3.49 million net activity. 10,000 shares were bought by SIDI ILAN, worth $56,700 on Tuesday, May 10. $864,240 worth of Avid Technology, Inc. (NASDAQ:AVID) was bought by HERNANDEZ LOUIS JR on Monday, May 9. Another trade for 152,813 shares valued at $1.35M was sold by Frederick John W.. 16,500 shares were bought by BOGGS PAULA, worth $101,492.
More news for Avid Technology, Inc. (NASDAQ:AVID) were recently published by: Fool.com, which released: “Why Avid Technology, Inc. Stock Plummeted Tuesday” on August 11, 2015. Seekingalpha.com‘s article titled: “Avid Technology – CFO Pulls Ripcord As Bookings Crater And Liquidity Crisis Nears” and published on May 11, 2016 is yet another important article.
AVID Company Profile
Avid Technology, Inc., incorporated on October 4, 1987, provides an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Firm develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution. The Company’s products are used in production and post-production facilities; film studios; network, affiliate, independent and cable television stations; recording studios; live-sound performance venues; advertising agencies; government and educational institutions; corporate communication departments, and by independent video and audio creative professionals, as well as aspiring professionals and enthusiasts. Projects produced using its products include feature films, television programs, live events, news broadcasts, commercials, music, video and other digital media content.
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