$77.43 Million in Sales Expected for Avid Technology, Inc. (NASDAQ:AVID) This Quarter

Wall Street analysts forecast that Avid Technology, Inc. (NASDAQ:AVID) will report sales of $77.43 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Avid Technology’s earnings. The lowest sales estimate is $76.95 million and the highest is $77.93 million. Avid Technology reported sales of $98.70 million during the same quarter last year, which indicates a negative year-over-year growth rate of 21.6%. The firm is expected to report its next earnings results on Monday, August 3rd.

On average, analysts expect that Avid Technology will report full-year sales of $360.41 million for the current fiscal year, with estimates ranging from $356.65 million to $365.00 million. For the next financial year, analysts forecast that the firm will post sales of $401.05 million, with estimates ranging from $389.33 million to $421.70 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Avid Technology.

Avid Technology (NASDAQ:AVID) last announced its quarterly earnings results on Thursday, May 7th. The technology company reported ($0.08) EPS for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.13). Avid Technology had a net margin of 0.50% and a negative return on equity of 6.30%. The company had revenue of $86.45 million during the quarter.

AVID has been the topic of a number of research reports. Maxim Group reiterated a “buy” rating and issued a $14.00 price target on shares of Avid Technology in a research note on Monday, March 16th. B. Riley decreased their price target on shares of Avid Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Zacks Investment Research lowered shares of Avid Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, May 12th. ValuEngine upgraded shares of Avid Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, March 10th. Finally, Northland Securities restated a “buy” rating and set a $14.00 target price on shares of Avid Technology in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $10.30.

AVID traded down $0.17 on Friday, reaching $7.16. The company had a trading volume of 881,196 shares, compared to its average volume of 637,218. Avid Technology has a fifty-two week low of $4.67 and a fifty-two week high of $10.79. The stock has a market cap of $320.30 million, a P/E ratio of 238.67 and a beta of 1.41. The company’s fifty day moving average is $6.67 and its 200 day moving average is $7.39.

In other Avid Technology news, Director Christian Asmar bought 8,166 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were purchased at an average price of $5.58 per share, for a total transaction of $45,566.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have acquired 2,207,485 shares of company stock worth $15,533,604. Company insiders own 6.70% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC acquired a new stake in shares of Avid Technology during the 4th quarter worth approximately $31,000. Bank of Montreal Can boosted its position in shares of Avid Technology by 45.7% during the 4th quarter. Bank of Montreal Can now owns 3,621 shares of the technology company’s stock worth $31,000 after acquiring an additional 1,135 shares in the last quarter. NEXT Financial Group Inc boosted its position in shares of Avid Technology by 1,400.0% during the 1st quarter. NEXT Financial Group Inc now owns 6,000 shares of the technology company’s stock worth $40,000 after acquiring an additional 5,600 shares in the last quarter. Aigen Investment Management LP acquired a new stake in shares of Avid Technology during the 1st quarter worth approximately $53,000. Finally, Citigroup Inc. boosted its position in shares of Avid Technology by 36.0% during the 1st quarter. Citigroup Inc. now owns 7,952 shares of the technology company’s stock worth $54,000 after acquiring an additional 2,106 shares in the last quarter. Institutional investors and hedge funds own 58.46% of the company’s stock.

About Avid Technology

Avid Technology, Inc develops, markets, sells, and supports software, hardware, and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer, which is used to edit video content, such as television programming, commercials, and films; Avid NEXIS shared storage systems; and Maestro product line solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows.

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Earnings History and Estimates for Avid Technology (NASDAQ:AVID)

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