Avid Technology (NASDAQ:AVID) posted its earnings results on Monday, May 6th. The technology company reported $0.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.04, Morningstar.com reports. Avid Technology had a negative return on equity of 7.54% and a negative net margin of 0.46%. The business had revenue of $103.32 million during the quarter, compared to analysts’ expectations of $100.78 million. During the same period in the previous year, the business earned ($0.06) earnings per share. The firm’s revenue was up 5.5% on a year-over-year basis. Avid Technology updated its FY 2019 guidance to EPS and its Q2 2019 guidance to EPS.
Avid Technology stock traded down $0.17 during trading on Thursday, reaching $7.87. The company had a trading volume of 361,400 shares, compared to its average volume of 438,865. Avid Technology has a 52 week low of $4.37 and a 52 week high of $10.65. The stock has a market cap of $337.68 million, a P/E ratio of 65.58, a P/E/G ratio of 1.54 and a beta of 1.86.
In other Avid Technology news, insider Ryan H. Murray sold 12,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $8.00, for a total transaction of $96,000.00. Following the sale, the insider now directly owns 35,995 shares of the company’s stock, valued at $287,960. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.90% of the stock is currently owned by company insiders.
A number of research analysts have commented on AVID shares. ValuEngine raised Avid Technology from a “hold” rating to a “buy” rating in a research report on Thursday, February 7th. Zacks Investment Research upgraded Avid Technology from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a report on Friday, March 15th. BWS Financial downgraded Avid Technology from a “hold” rating to a “sell” rating and set a $5.00 price target on the stock. in a research note on Thursday, March 21st. Dougherty & Co upgraded Avid Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, January 30th. Finally, BidaskClub upgraded Avid Technology from a “strong sell” rating to a “sell” rating in a research note on Tuesday, March 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $7.63.
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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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