Worth Watching: Avid Technology, Inc. Declines A lot Today, Is Now One of The Worst Performer

Worth Watching: Avid Technology, Inc. Declines A lot Today, Is Now One of The Worst Performer

The stock of Avid Technology, Inc. (NASDAQ:AVID) is a huge mover today! The stock decreased 3.40% or $0.27 during the last trading session, hitting $7.67. About 281,387 shares traded hands. Avid Technology, Inc. (NASDAQ:AVID) has risen 7.88% since March 1, 2016 and is uptrending. It has underperformed by 4.34% the S&P500.
The move comes after 8 months negative chart setup for the $319.09 million company. It was reported on Oct, 4 by Barchart.com. We have $6.90 PT which if reached, will make NASDAQ:AVID worth $31.91 million less.

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 $17.47M for 4.57 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. The rating was initiated by Singular Research with “Buy” on Wednesday, December 9. The rating was maintained by BWS Financial with “Buy” on Wednesday, November 11. The stock has “Buy” rating given by Dougherty & Company on Tuesday, August 11.

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 is positive, 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.
Schwab Charles Mngmt Incorporated holds 0% of its portfolio in Avid Technology, Inc. (NASDAQ:AVID) for 90,286 shares. New York State Common Retirement Fund, a New York-based fund reported 29,500 shares. Credit Suisse Ag holds 0% of its portfolio in Avid Technology, Inc. (NASDAQ:AVID) for 14,540 shares. Comml Bank Of Montreal Can, a Ontario – Canada-based fund reported 90 shares. Moreover, Van Den Berg Mngmt I has 1.98% invested in Avid Technology, Inc. (NASDAQ:AVID) for 2.66 million shares. Blue Clay Cap Mgmt Ltd Co reported 106,255 shares or 0.72% of all its holdings. Blackrock Advsrs Llc has 57,377 shares for 0% of their US portfolio. Art Advsrs Ltd Llc, a New York-based fund reported 19,993 shares. Thompson Davis & Com accumulated 0.27% or 29,100 shares. The North Carolina-based Bank & Trust Of America Corporation De has invested 0% in Avid Technology, Inc. (NASDAQ:AVID). Eaton Vance Mngmt has 23,655 shares for 0% of their US portfolio. Parametric Port Assocs Limited Liability Co holds 0% or 277,386 shares in its portfolio. Rhumbline Advisers last reported 43,654 shares in the company. Fincl Bank Of New York Mellon Corporation accumulated 108,133 shares or 0% of the stock. Jnba Financial Advsrs reported 400 shares or 0% of all its holdings.

Insider Transactions: Since May 9, 2016, the stock had 5 insider purchases, and 2 sales for $3.49 million net activity. Shares for $4.16 million were sold by Frederick John W.. HERNANDEZ LOUIS JR bought $864,240 worth of stock or 150,000 shares. $101,492 worth of Avid Technology, Inc. (NASDAQ:AVID) was bought by BOGGS PAULA on Thursday, June 2. SIDI ILAN had bought 10,000 shares worth $56,700.

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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