Avid Technology (NASDAQ:AVID) Cut to “Hold” at BidaskClub

BidaskClub lowered shares of Avid Technology (NASDAQ:AVID) from a buy rating to a hold rating in a research report report published on Friday, BidAskClub reports.

Other analysts have also recently issued reports about the stock. Maxim Group reaffirmed a buy rating and issued a $14.00 target price on shares of Avid Technology in a research note on Tuesday, November 5th. Zacks Investment Research cut shares of Avid Technology from a buy rating to a hold rating in a research note on Thursday, October 24th. Finally, ValuEngine raised shares of Avid Technology from a sell rating to a hold rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Avid Technology currently has an average rating of Hold and an average target price of $8.95.

AVID stock traded down $0.12 during midday trading on Friday, hitting $7.60. The stock had a trading volume of 9,004 shares, compared to its average volume of 394,541. The firm has a market cap of $314.26 million, a PE ratio of 63.17, a price-to-earnings-growth ratio of 1.62 and a beta of 1.91. Avid Technology has a 12-month low of $4.37 and a 12-month high of $10.79. The company’s 50-day moving average price is $6.55 and its 200 day moving average price is $7.67.

Several hedge funds and other institutional investors have recently made changes to their positions in AVID. Meeder Asset Management Inc. grew its stake in shares of Avid Technology by 505.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 5,468 shares of the technology company’s stock valued at $51,000 after buying an additional 4,565 shares during the period. First Quadrant L P CA purchased a new stake in shares of Avid Technology during the 3rd quarter valued at $77,000. Zacks Investment Management purchased a new stake in shares of Avid Technology during the 2nd quarter valued at $105,000. SG Americas Securities LLC purchased a new stake in shares of Avid Technology during the 2nd quarter valued at $114,000. Finally, Chicago Equity Partners LLC purchased a new stake in shares of Avid Technology during the 2nd quarter valued at $151,000. 54.07% of the stock is owned by institutional investors.

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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