The stock of Avid Technology, Inc. (NASDAQ:AVID) is a huge mover today! About 371,385 shares traded hands. Avid Technology, Inc. (NASDAQ:AVID) has declined 20.57% since April 14, 2016 and is downtrending. It has underperformed by 25.26% the S&P500.
The move comes after 5 months positive chart setup for the $196.69 million company. It was reported on Nov, 16 by Barchart.com. We have $10.56 PT which if reached, will make NASDAQ:AVID worth $237.99M more.
Avid Technology, Inc. (NASDAQ:AVID) Ratings Coverage
Out of 3 analysts covering Avid Technology (NASDAQ:AVID), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. Avid Technology has been the topic of 5 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The firm earned “Buy” rating on Tuesday, August 11 by Dougherty & Company. On Wednesday, December 9 the stock rating was initiated by Singular Research with “Buy”. BWS Financial maintained it with “Buy” rating and $11 target price in Wednesday, November 11 report. The rating was downgraded by BWS Financial to “Hold” on Thursday, November 10.
According to Zacks Investment Research, “Avid Technology, Inc. develops, markets, sells and supports a wide range of software and systems for creating and manipulating digital media content. Digital media are media elements, whether video or audio or graphics, in which the image, sound or picture is recorded and stored as digital values, as opposed to analog signals. The company’s systems are designed to improve the productivity of video and film editors by enabling them to edit moving pictures and sound in a faster, easier, and more cost-effective manner than traditional analog tape-based systems.”
Insitutional Activity: The institutional sentiment increased to 1.57 in Q2 2016. Its up 0.40, from 1.17 in 2016Q1. The ratio increased, as 8 funds sold all Avid Technology, Inc. shares owned while 20 reduced positions. 13 funds bought stakes while 31 increased positions. They now own 26.65 million shares or 21.23% less from 33.83 million shares in 2016Q1.
D E Shaw And owns 111,785 shares or 0% of their US portfolio. Ameriprise last reported 23,500 shares in the company. Moreover, Manufacturers Life Insurance The has 0% invested in Avid Technology, Inc. (NASDAQ:AVID) for 24,331 shares. Architects, a New Jersey-based fund reported 500 shares. Moreover, Blackrock Fund Advsr has 0% invested in Avid Technology, Inc. (NASDAQ:AVID) for 838,857 shares. New Jersey Better Educational Savings Tru holds 50,000 shares or 0.2% of its portfolio. Van Den Berg Management I has 1.98% invested in the company for 2.66 million shares. Moreover, Art Advsr Ltd Liability Corporation has 0.01% invested in Avid Technology, Inc. (NASDAQ:AVID) for 19,993 shares. Tower Research Capital Lc (Trc) holds 0% or 1,121 shares in its portfolio. Jacobs Levy Equity Management has 284,805 shares for 0.03% of their US portfolio. Jnba Fin last reported 400 shares in the company. Comml Bank Of Montreal Can reported 90 shares or 0% of all its holdings. Metropolitan Life Communications last reported 0% of its portfolio in the stock. Bnp Paribas Arbitrage accumulated 1,244 shares or 0% of the stock. Thompson Davis And Inc last reported 29,100 shares in the company.
Insider Transactions: Since May 17, 2016, the stock had 1 insider purchase, and 2 sales for $5.41 million net activity. 152,813 shares were sold by Frederick John W., worth $1.35M on Friday, August 12. The insider HERNANDEZ LOUIS JR bought $411,951. BOGGS PAULA bought $101,492 worth of stock.
Another recent and important Avid Technology, Inc. (NASDAQ:AVID) news was published by Prnewswire.com which published an article titled: “AVID ALERT: Shareholder Rights Law Firm Johnson & Weaver, LLP Commences an …” on November 13, 2016.
AVID Company Profile
Avid Technology, Inc., incorporated on October 4, 1987, provides an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Firm develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution. The Company’s products are used in production and post-production facilities; film studios; network, affiliate, independent and cable television stations; recording studios; live-sound performance venues; advertising agencies; government and educational institutions; corporate communication departments, and by independent video and audio creative professionals, as well as aspiring professionals and enthusiasts. Projects produced using its products include feature films, television programs, live events, news broadcasts, commercials, music, video and other digital media content.
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