Maxim Group Reiterates “Buy” Rating for Avid Technology (NASDAQ:AVID)

Avid Technology (NASDAQ:AVID)‘s stock had its “buy” rating reissued by equities research analysts at Maxim Group in a research note issued to investors on Thursday, November 21st, TipRanks reports. They presently have a $14.00 price objective on the technology company’s stock. Maxim Group’s price objective points to a potential upside of 82.05% from the company’s previous close.

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A number of other analysts also recently issued reports on the company. Zacks Investment Research downgraded Avid Technology from a “hold” rating to a “sell” rating in a research note on Friday, November 15th. BidaskClub upgraded Avid Technology from a “hold” rating to a “buy” rating in a research report on Thursday, November 21st. ValuEngine raised shares of Avid Technology from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Finally, B. Riley began coverage on shares of Avid Technology in a research note on Friday, November 15th. They set a “buy” rating and a $10.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $8.95.

NASDAQ AVID traded down $0.01 on Thursday, reaching $7.69. The company had a trading volume of 152,882 shares, compared to its average volume of 425,734. The firm’s 50 day moving average price is $7.28 and its 200 day moving average price is $7.64. Avid Technology has a 12 month low of $4.37 and a 12 month high of $10.79. The stock has a market capitalization of $331.05 million, a PE ratio of 64.08, a price-to-earnings-growth ratio of 2.16 and a beta of 1.91.

Avid Technology (NASDAQ:AVID) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported $0.09 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.09. The firm had revenue of $93.46 million during the quarter. Avid Technology had a negative return on equity of 10.84% and a negative net margin of 0.46%. Equities research analysts expect that Avid Technology will post 0.37 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of AVID. Vanguard Group Inc. increased its position in Avid Technology by 1.0% during the second quarter. Vanguard Group Inc. now owns 2,936,395 shares of the technology company’s stock valued at $26,780,000 after acquiring an additional 27,641 shares during the last quarter. BlackRock Inc. lifted its stake in Avid Technology by 8.8% in the second quarter. BlackRock Inc. now owns 1,961,171 shares of the technology company’s stock worth $17,887,000 after purchasing an additional 158,941 shares during the last quarter. Acadian Asset Management LLC boosted 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 valued at $5,868,000 after buying an additional 541,028 shares during the period. Nuveen Asset Management LLC purchased a new position in shares of Avid Technology during the second quarter valued at approximately $4,175,000. Finally, Renaissance Technologies LLC grew its stake in shares of Avid Technology by 1,206.7% during the second quarter. Renaissance Technologies LLC now owns 400,464 shares of the technology company’s stock valued at $3,652,000 after buying an additional 369,816 shares during the last quarter. Institutional investors and hedge funds own 49.52% of the company’s stock.

Avid Technology Company Profile

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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Analyst Recommendations for Avid Technology (NASDAQ:AVID)

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