Avid Technology (NASDAQ:AVID) Releases Q2 Earnings Guidance

Avid Technology (NASDAQ:AVIDGet Rating) updated its second quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.19-0.32 for the period, compared to the consensus estimate of $0.28. The company issued revenue guidance of $92-104 million, compared to the consensus revenue estimate of $100.06 million.Avid Technology also updated its FY22 guidance to $1.40-1.51 EPS.

AVID has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of Avid Technology from a buy rating to a strong-buy rating in a research note on Friday. Zacks Investment Research lowered shares of Avid Technology from a buy rating to a hold rating in a research note on Wednesday, March 9th. Finally, 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. One investment analyst has rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Avid Technology has a consensus rating of Buy and a consensus target price of $39.67.

Shares of NASDAQ AVID traded down $1.99 on Friday, hitting $23.43. The company’s stock had a trading volume of 1,192,816 shares, compared to its average volume of 259,057. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 22.75 and a beta of 1.20. The stock has a 50 day moving average of $32.79 and a 200-day moving average of $31.70. Avid Technology has a 12-month low of $23.27 and a 12-month high of $40.48.

Avid Technology (NASDAQ:AVIDGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The technology company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.01). Avid Technology had a net margin of 11.43% and a negative return on equity of 36.24%. During the same quarter in the previous year, the company posted $0.22 EPS. On average, sell-side analysts forecast that Avid Technology will post 1.13 earnings per share for the current fiscal year.

In other news, SVP Dana Ruzicka sold 23,000 shares of the stock in a transaction on Monday, March 14th. The shares were sold at an average price of $27.67, for a total value of $636,410.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kenneth L. Gayron sold 5,500 shares of the stock in a transaction on 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.

Hedge funds and other institutional investors have recently bought and sold shares of the business. LPL Financial LLC lifted its position in shares of Avid Technology by 46.5% in the 3rd quarter. LPL Financial LLC now owns 17,264 shares of the technology company’s stock worth $499,000 after buying an additional 5,481 shares during the last quarter. UBS Group AG lifted its position in shares of Avid Technology by 8.8% in the 3rd quarter. UBS Group AG now owns 48,725 shares of the technology company’s stock worth $1,409,000 after buying an additional 3,933 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Avid Technology by 310.6% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,410 shares of the technology company’s stock worth $185,000 after buying an additional 4,849 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Avid Technology by 24.7% in the 4th quarter. Bank of America Corp DE now owns 28,420 shares of the technology company’s stock worth $925,000 after buying an additional 5,636 shares during the last quarter. Finally, Ensign Peak Advisors Inc bought a new position in shares of Avid Technology in the 4th quarter worth about $50,000. Hedge funds and other institutional investors own 75.83% of the company’s stock.

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.

Read More

Want More Great Investing Ideas?

Receive News & Ratings for Avid Technology Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Avid Technology and related companies with MarketBeat.com’s FREE daily email newsletter.