Avid Technology, Inc. (AVID) Upgraded by Zacks Investment Research to Buy

Avid Technology, Inc. (NASDAQ:AVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $6.00 price target on the technology company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 13.42% from the stock’s current price.

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. “

Separately, ValuEngine cut Avid Technology from a “buy” rating to a “hold” rating in a research note on Friday, September 1st.

Avid Technology (NASDAQ AVID) traded up $0.18 during trading hours on Wednesday, hitting $5.29. The company had a trading volume of 946,000 shares, compared to its average volume of 365,369. The company has a debt-to-equity ratio of -0.71, a quick ratio of 0.46 and a current ratio of 0.65. Avid Technology has a fifty-two week low of $3.99 and a fifty-two week high of $6.07. The firm has a market capitalization of $210.46, a PE ratio of 14.19 and a beta of 1.57.

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Several large investors have recently added to or reduced their stakes in the stock. California Public Employees Retirement System lifted its stake in shares of Avid Technology by 19.0% in the third quarter. California Public Employees Retirement System now owns 268,796 shares of the technology company’s stock worth $1,220,000 after acquiring an additional 42,996 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in Avid Technology by 28.1% in the third quarter. Oppenheimer Asset Management Inc. now owns 199,265 shares of the technology company’s stock valued at $905,000 after buying an additional 43,675 shares during the last quarter. Royce & Associates LP increased its holdings in Avid Technology by 71.6% in the third quarter. Royce & Associates LP now owns 574,998 shares of the technology company’s stock valued at $2,610,000 after buying an additional 240,000 shares during the last quarter. Trexquant Investment LP bought a new stake in Avid Technology in the third quarter valued at about $130,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Avid Technology in the third quarter valued at about $109,000. Institutional investors and hedge funds own 72.11% of the company’s stock.

About Avid Technology

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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