The stock of Avid Technology, Inc. (NASDAQ:AVID) is a huge mover today! About 556,700 shares traded hands. Avid Technology, Inc. (NASDAQ:AVID) has declined 15.96% since April 18, 2016 and is downtrending. It has underperformed by 20.39% the S&P500.
The move comes after 5 months negative chart setup for the $196.37M company. It was reported on Nov, 18 by Barchart.com. We have $4.23 PT which if reached, will make NASDAQ:AVID worth $19.64 million less.
Avid Technology, Inc. (NASDAQ:AVID) Ratings Coverage
Out of 3 analysts covering Avid Technology (NASDAQ:AVID), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. Avid Technology has been the topic of 5 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The company was maintained on Wednesday, November 11 by BWS Financial. The stock of Avid Technology, Inc. (NASDAQ:AVID) has “Buy” rating given on Wednesday, December 9 by Singular Research. BWS Financial downgraded the stock to “Hold” rating in Thursday, November 10 report. Dougherty & Company downgraded Avid Technology, Inc. (NASDAQ:AVID) on Tuesday, August 11 to “Buy” rating.
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 decreased to 1.55 in Q2 2016. Its down 0.02, from 1.57 in 2016Q1. The ratio is negative, 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.
Manufacturers Life Ins Company The has 0% invested in the company for 24,331 shares. Northern owns 358,029 shares or 0% of their US portfolio. Invesco Limited holds 0% or 43,713 shares in its portfolio. Fmr Limited Liability Company has 1.83M shares for 0% of their US portfolio. Paradigm Cap Management accumulated 1.02% or 1.44 million shares. Metropolitan Life Insur Communication New York has 25,456 shares for 0% of their US portfolio. Goldman Sachs Gp has 0% invested in the company for 74,247 shares. Tiaa Cref Investment Mngmt Lc has 119,806 shares for 0% of their US portfolio. Parametric Portfolio Assoc Lc last reported 277,386 shares in the company. Tower Research Capital Ltd Co (Trc) holds 0% of its portfolio in Avid Technology, Inc. (NASDAQ:AVID) for 1,121 shares. Moreover, Westport Mgmt has 0% invested in Avid Technology, Inc. (NASDAQ:AVID) for 250 shares. California Pub Employees Retirement Sys last reported 0% of its portfolio in the stock. Ativo Cap Management Ltd Liability Com holds 0.22% or 152,234 shares in its portfolio. Private Cap Management Ltd holds 0.7% or 823,703 shares in its portfolio. Moreover, Jacobs Levy Equity Mngmt Incorporated has 0.03% invested in Avid Technology, Inc. (NASDAQ:AVID) for 284,805 shares.
Insider Transactions: Since June 2, 2016, the stock had 1 insider purchase, and 2 selling transactions for $5.41 million net activity. On Friday, August 12 Frederick John W. sold $1.35M worth of the stock or 152,813 shares. 16,500 Avid Technology, Inc. (NASDAQ:AVID) shares with value of $101,492 were bought by BOGGS PAULA.
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. Prnewswire.com‘s article titled: “AVID ALERT: Shareholder Rights Law Firm Johnson & Weaver, LLP Commences an …” and published on November 13, 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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