Tom J. A. Cordiner, Senior Vice President and Chief Financial Officer at Avid Technology, Inc. (NASDAQ: AVID), sold 29,978 shares on November 22nd. At an average price of $27.90 per share, the stock brought in a total of $836,386.20 after being sold. As a direct result of the transaction, the senior vice president now directly controls 193,136 shares of the firm. The current market value of these shares is $5,388,494.40. The transaction was disclosed in a file with the SEC, which may be found on the SEC’s website.
On AVID, a great number of investigations have been carried out. A research report published on Wednesday, November 9th, by StockNews.com said that the company’s stock had been upgraded from a “hold” rating to a “buy” recommendation. Rosenblatt Securities lowered their target price on Avid Technology from $30.00 to $28.00 and gave the stock a “neutral” rating in a research report published on Wednesday, November 9th. Five analysts recommend purchasing the stock, while only one recommends holding on to it. According to Bloomberg, the stock is now rated as having a consensus rating of “Moderate Buy,” with an average price target of $37.20.
NASDAQ On Wednesday, the price of AVID went up by $0.50 to $28.38. The company had a trading volume of 115,327 shares, much lower than the industry average of 417,448. The 52-week low for Avid Technology, Inc. is $20.83, while the 52-week high for the company is $37.31. The price-to-earnings ratio for the company is 28.16, and it has a beta value of 1.28. The market capitalization of the company is $1.24 billion. The stock’s 50-day and 200-day moving averages are currently sitting at $25.27 and $26.14, respectively.
Recently, several significant investors have either raised or lowered the number of their stakes in AVID. BlackRock Inc. boosted its holdings in Avid Technology by 122.4% during the third quarter of this fiscal year. BlackRock Inc. now owns 5,410,382 technology company shares after purchasing an additional 2,977,539 shares during the most recent quarter. The current market value of these shares is $125,845,000. FMR LLC raised its ownership in Avid Technology in the second quarter by 37.2%. FMR LLC now owns 4,910,542 technology company shares after purchasing an additional 1,330,348 shares during the most recent quarter. The current market value of these shares is $127,429,000. Vanguard Group Inc. raised its ownership in Avid Technology by 31.9 percent during the third quarter of the fiscal year. Since the beginning of the previous quarter, Vanguard Group Inc. has acquired an additional 602,451 shares, bringing the total number of shares it has in the technology company to 2,489,355. These shares are currently valued at $57,902,000. During the first three months of the year, Loomis Sayles & Co. L.P. invested about $20,908,000 to acquire a new position at Avid Technology.
Last but not least, during the third quarter, State Street Corporation added 57.5 percent more stock to its holdings in Avid Technology. After purchasing 434,290 more shares during the most recent quarter, State Street Corp. now has 1,188,961 of the technology company’s shares, valued at $27,655,000. Institutional investors and hedge funds currently own 80.99% of the company’s stock.
Avid Technology Inc. and its subsidiaries develop, market, sell, and support software and integrated solutions for creating, managing, and disseminating video and audio content worldwide. The company’s video products and solutions include: MediaCentral, a media production suite; Media Composer, a cloud-based video editing solution; Avid NEXIS shared storage systems; Maestro solutions for integrating virtual sets, augmented reality, and video wall control into existing workflows; AirSpeed 5000 and AirSpeed 5500 on-air server solutions; and Maestro solutions for integrating virtual sets, augmented reality, and video wall control into existing workflows.