Avid Technology (NASDAQ:AVID) Updates Q2 Earnings Guidance

Avid Technology (NASDAQ:AVIDGet Rating) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.19-0.32 for the period, compared to the consensus earnings per share 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.

Several research analysts have recently weighed in on the company. Zacks Investment Research cut Avid Technology from a buy rating to a hold rating in a research report on Wednesday, March 9th. Maxim Group reduced their price objective on Avid Technology from $45.00 to $42.00 and set a buy rating for the company in a research report on Wednesday, March 2nd. Finally, StockNews.com initiated coverage on Avid Technology in a research report on Thursday, March 31st. They set a buy rating for the company. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $39.67.

NASDAQ:AVID traded down $6.89 on Thursday, hitting $25.32. The company’s stock had a trading volume of 38,659 shares, compared to its average volume of 251,165. The stock has a fifty day moving average of $33.08 and a two-hundred day moving average of $31.79. The firm has a market capitalization of $1.14 billion, a P/E ratio of 29.76 and a beta of 1.20. Avid Technology has a one year low of $21.52 and a one year high of $40.48.

Avid Technology (NASDAQ:AVIDGet Rating) last announced its earnings results on Wednesday, May 4th. The technology company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.08. Avid Technology had a negative return on equity of 34.31% and a net margin of 10.10%. During the same quarter last year, the company earned $0.22 EPS. On average, equities research analysts anticipate that Avid Technology will post 1.13 EPS for the current fiscal year.

In related news, SVP Dana Ruzicka sold 23,000 shares of the stock in a transaction that occurred on Monday, March 14th. The stock was sold at an average price of $27.67, for a total transaction of $636,410.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Kenneth L. Gayron sold 5,500 shares of the stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $28.89, for a total value of $158,895.00. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVID. Parametric Portfolio Associates LLC raised its position in shares of Avid Technology by 21.6% in the 4th quarter. Parametric Portfolio Associates LLC now owns 81,910 shares of the technology company’s stock worth $2,668,000 after acquiring an additional 14,571 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Avid Technology by 61.6% in the 4th quarter. Alliancebernstein L.P. now owns 62,876 shares of the technology company’s stock worth $2,048,000 after acquiring an additional 23,976 shares in the last quarter. California State Teachers Retirement System increased its position in Avid Technology by 2.6% in the 4th quarter. California State Teachers Retirement System now owns 48,492 shares of the technology company’s stock valued at $1,579,000 after buying an additional 1,244 shares in the last quarter. Barclays PLC increased its position in Avid Technology by 83.4% in the 4th quarter. Barclays PLC now owns 43,887 shares of the technology company’s stock valued at $1,429,000 after buying an additional 19,961 shares in the last quarter. Finally, UBS Group AG increased its position in Avid Technology by 8.8% in the 3rd quarter. UBS Group AG now owns 48,725 shares of the technology company’s stock valued at $1,409,000 after buying an additional 3,933 shares in the last quarter. 75.83% of the stock is currently owned by institutional investors.

Avid Technology Company Profile (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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