Avid Technology (AVID) Stock Rating Lowered by Zacks Investment Research
Avid Technology (NASDAQ:AVID) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “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. “
AVID has been the topic of several other research reports. ValuEngine cut shares of Avid Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Dougherty & Co cut shares of Avid Technology from a “neutral” rating to a “sell” rating and set a $4.50 price target on the stock. in a research report on Thursday, December 7th.
In other Avid Technology news, Director Robert M. Bakish bought 20,000 shares of the business’s stock in a transaction on Thursday, December 7th. The shares were purchased at an average price of $6.00 per share, with a total value of $120,000.00. Following the completion of the acquisition, the director now directly owns 693,058 shares of the company’s stock, valued at approximately $4,158,348. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 7.50% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Schwab Charles Investment Management Inc. increased its stake in shares of Avid Technology by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 92,881 shares of the technology company’s stock valued at $489,000 after purchasing an additional 551 shares during the period. Rhumbline Advisers increased its stake in shares of Avid Technology by 1.5% during the second quarter. Rhumbline Advisers now owns 38,892 shares of the technology company’s stock valued at $205,000 after acquiring an additional 558 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Avid Technology by 8.7% during the second quarter. The Manufacturers Life Insurance Company now owns 29,927 shares of the technology company’s stock valued at $158,000 after acquiring an additional 2,386 shares during the period. Voya Investment Management LLC increased its stake in shares of Avid Technology by 25.6% during the second quarter. Voya Investment Management LLC now owns 20,703 shares of the technology company’s stock valued at $109,000 after acquiring an additional 4,220 shares during the period. Finally, Nationwide Fund Advisors grew its position in Avid Technology by 5.2% in the second quarter. Nationwide Fund Advisors now owns 147,341 shares of the technology company’s stock worth $775,000 after buying an additional 7,219 shares during the last quarter. 71.77% of the stock is currently owned by hedge funds and other institutional investors.
Avid Technology Company Profile
Avid Technology, Inc is a provider of an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Company develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution.
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