Analysts predict that Avid Technology, Inc. (NASDAQ:AVID – Get Rating) will report $95.19 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued 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 in the same quarter last year, which would suggest a positive year over year growth rate of 0.3%. The company is scheduled to report its next quarterly earnings results on Monday, January 1st.
According to Zacks, analysts expect that Avid Technology will report full year sales of $438.32 million for the current fiscal year, with estimates ranging from $434.71 million to $440.20 million. For the next financial year, analysts forecast that the firm 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 analysts that that provide coverage for Avid Technology.
Avid Technology (NASDAQ:AVID – Get Rating) last announced its quarterly earnings results on Wednesday, May 4th. The technology company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.02. The firm had revenue of $100.65 million for the quarter, compared to analyst estimates of $103.07 million. Avid Technology had a negative return on equity of 36.00% and a net margin of 11.43%. During the same period last year, the firm posted $0.22 earnings per share.
In other Avid Technology news, CFO Kenneth L. Gayron sold 5,500 shares of the firm’s stock in a transaction dated Tuesday, March 15th. The stock was sold at an average price of $28.89, for a total transaction of $158,895.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Dana Ruzicka sold 23,000 shares of the stock in a transaction dated Monday, March 14th. The shares were 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. 6.40% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Congress Wealth Management LLC DE bought a new position in shares of Avid Technology in the fourth quarter worth about $4,461,000. Fox Run Management L.L.C. bought a new stake in Avid Technology during the 4th quarter valued at $296,000. Hellman Jordan Management Co. Inc. MA bought a new position in shares of Avid Technology in the 4th quarter worth $651,000. Royce & Associates LP grew its stake in Avid Technology by 13.1% during the 4th quarter. Royce & Associates LP now owns 2,355,407 shares of the technology company’s stock worth $76,716,000 after buying an additional 271,973 shares during the last quarter. Finally, Squarepoint Ops LLC grew its stake in Avid Technology by 109.2% during the 3rd quarter. Squarepoint Ops LLC now owns 114,778 shares of the technology company’s stock valued at $3,319,000 after purchasing an additional 59,904 shares during the last quarter. 75.83% of the stock is owned by institutional investors.
AVID traded up $0.66 during trading hours on Friday, hitting $25.07. The stock had a trading volume of 8,120 shares, compared to its average volume of 461,759. The company’s fifty day simple moving average is $31.95 and its 200 day simple moving average is $31.48. The stock has a market cap of $1.13 billion, a PE ratio of 23.70 and a beta of 1.20. Avid Technology has a 1 year low of $20.83 and a 1 year high of $40.48.
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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