Analysts forecast that Avid Technology, Inc. (NASDAQ:AVID - Get Rating) will post sales of $95.19 million for the current quarter, Zacks reports. Two analysts have provided estimates for Avid Technology's earnings, with the lowest sales estimate coming in at $92.00 million and the highest estimate coming in at $98.38 million. Avid Technology reported sales of $94.88 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 0.3%. The company is expected to issue its next quarterly earnings results on Monday, January 1st.
On average, analysts expect that Avid Technology will report full-year sales of $438.32 million for the current year, with estimates ranging from $434.71 million to $440.20 million. For the next fiscal year, analysts forecast that the business will post sales of $471.19 million, with estimates ranging from $458.60 million to $483.36 million. Zacks' sales calculations are an average based on a survey of sell-side research analysts that cover Avid Technology.
Avid Technology (NASDAQ:AVID - Get Rating) last posted 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. Avid Technology had a negative return on equity of 36.00% and a net margin of 11.43%. The company had revenue of $100.65 million during the quarter, compared to the consensus estimate of $103.07 million. During the same quarter last year, the firm earned $0.22 earnings per share.
Several equities analysts have issued reports on the company. Zacks Investment Research lowered Avid Technology from a "buy" rating to a "hold" rating in a research note on Wednesday, March 9th. StockNews.com downgraded Avid Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Finally, Maxim Group dropped their price objective on Avid Technology from $45.00 to $42.00 and set a "buy" rating on the stock in a report on Wednesday, March 2nd. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Avid Technology presently has an average rating of "Buy" and a consensus target price of $39.67.
In other news, CFO Kenneth L. Gayron sold 5,500 shares of the business's stock in a transaction on Tuesday, March 15th. The stock was sold at an average price of $28.89, for a total value of $158,895.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Dana Ruzicka sold 23,000 shares of the business's stock in a transaction on Monday, March 14th. The stock was sold at an average price of $27.67, for a total value of $636,410.00. The disclosure for this sale can be found here. 6.70% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the business. Allworth Financial LP grew its holdings in Avid Technology by 476.0% during the fourth quarter. Allworth Financial LP now owns 864 shares of the technology company's stock valued at $28,000 after purchasing an additional 714 shares during the period. Maverick Capital Ltd. purchased a new position in shares of Avid Technology in the fourth quarter valued at about $31,000. Ensign Peak Advisors Inc purchased a new position in shares of Avid Technology in the fourth quarter valued at about $50,000. Covestor Ltd lifted its position in shares of Avid Technology by 12,291.7% in the first quarter. Covestor Ltd now owns 1,487 shares of the technology company's stock valued at $52,000 after acquiring an additional 1,475 shares in the last quarter. Finally, Advisor Group Holdings Inc. lifted its position in shares of Avid Technology by 41.2% in the fourth quarter. Advisor Group Holdings Inc. now owns 2,149 shares of the technology company's stock valued at $70,000 after acquiring an additional 627 shares in the last quarter. 75.83% of the stock is owned by institutional investors and hedge funds.
NASDAQ:AVID opened at $22.95 on Friday. The stock's 50-day moving average is $32.02 and its 200-day moving average is $31.47. The stock has a market cap of $1.03 billion, a P/E ratio of 22.28 and a beta of 1.20. Avid Technology has a 1-year low of $20.83 and a 1-year high of $40.48.
About Avid Technology (Get Rating)
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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