Brokerages predict that Avid Technology, Inc. (NASDAQ:AVID – Get Rating) will post $95.19 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Avid Technology’s earnings. The lowest sales estimate is $92.00 million and the highest is $98.38 million. Avid Technology posted sales of $94.88 million during the same quarter last year, which would indicate a positive year over year growth rate of 0.3%. The company is expected to issue its next quarterly earnings report on Monday, January 1st.
On average, analysts expect that Avid Technology will report full-year sales of $438.32 million for the current financial year, with estimates ranging from $434.71 million to $440.20 million. For the next financial year, analysts expect that the business will report sales of $471.19 million, with estimates ranging from $458.60 million to $483.36 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Avid Technology.
Avid Technology (NASDAQ:AVID – Get Rating) last released its earnings results on Wednesday, May 4th. The technology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.02. The firm had revenue of $100.65 million during the quarter, compared to the consensus estimate of $103.07 million. Avid Technology had a negative return on equity of 36.00% and a net margin of 11.43%. During the same period in the prior year, the firm posted $0.22 earnings per share.
A number of equities analysts have recently weighed in on AVID shares. StockNews.com downgraded shares of Avid Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Maxim Group dropped their price target on shares of Avid Technology from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Wednesday, March 2nd. Finally, Zacks Investment Research downgraded shares of Avid Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, March 9th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Avid Technology has a consensus rating of “Buy” and a consensus price target of $39.67.
In other news, SVP Dana Ruzicka sold 23,000 shares of the firm’s stock in a transaction dated Monday, March 14th. The stock was sold at an average price of $27.67, for a total value of $636,410.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kenneth L. Gayron sold 5,500 shares of the firm’s stock in a transaction dated Tuesday, March 15th. The stock was sold at an average price of $28.89, for a total transaction of $158,895.00. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Marshall Wace LLP bought a new stake in Avid Technology in the 1st quarter valued at $324,000. SG Americas Securities LLC acquired a new position in Avid Technology in the 3rd quarter valued at about $493,000. Victory Capital Management Inc. grew its stake in Avid Technology by 76.1% in the 3rd quarter. Victory Capital Management Inc. now owns 25,843 shares of the technology company’s stock valued at $747,000 after buying an additional 11,169 shares during the last quarter. Deutsche Bank AG grew its stake in Avid Technology by 13.0% in the 3rd quarter. Deutsche Bank AG now owns 93,817 shares of the technology company’s stock valued at $2,713,000 after buying an additional 10,825 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Avid Technology in the 3rd quarter valued at about $208,000. 75.83% of the stock is owned by institutional investors.
NASDAQ AVID opened at $22.95 on Friday. Avid Technology has a 1-year low of $20.83 and a 1-year high of $40.48. The company has a market capitalization of $1.03 billion, a PE ratio of 22.28 and a beta of 1.20. The firm’s fifty day simple moving average is $32.02 and its 200-day simple moving average is $31.47.
Avid Technology Company Profile (GetRated)
Avid Technology, Inc, together with its subsidiaries, develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management, and distribution worldwide. The company’s video products and solutions include the Media Composer, a cloud-enabled solution used to edit video content; Avid NEXIS shared storage systems; Maestro solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows; AirSpeed 5000 and AirSpeed 5500 on-air server solutions; and MediaCentral, a media production suite.
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