Avid Technology, Inc. (NASDAQ:AVID) Expected to Post Quarterly Sales of $77.43 Million

Equities research analysts expect that Avid Technology, Inc. (NASDAQ:AVID) will report sales of $77.43 million for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Avid Technology’s earnings, with the lowest sales estimate coming in at $76.95 million and the highest estimate coming in at $77.93 million. Avid Technology reported sales of $98.70 million in the same quarter last year, which would suggest a negative year over year growth rate of 21.6%. The company is expected to report its next quarterly earnings report 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 year, analysts expect that the business will post sales of $401.05 million, with estimates ranging from $389.33 million to $421.70 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Avid Technology.

Avid Technology (NASDAQ:AVID) last issued its earnings results on Thursday, May 7th. The technology company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $86.45 million during the quarter.

A number of analysts have commented on the company. BidaskClub raised Avid Technology from a “hold” rating to a “buy” rating in a report on Wednesday, June 10th. B. Riley decreased their price objective on Avid Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Friday, May 8th. Zacks Investment Research lowered Avid Technology from a “buy” rating to a “hold” rating in a report on Tuesday, May 12th. Jefferies Financial Group decreased their price objective on Avid Technology from $8.50 to $6.50 in a report on Monday, May 11th. Finally, Maxim Group reissued a “buy” rating and set a $14.00 price objective on shares of Avid Technology in a report on Monday, March 16th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $10.30.

In other Avid Technology news, Director Christian Asmar bought 8,166 shares of the business’s stock in a transaction dated 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders bought a total of 2,207,485 shares of company stock worth $15,533,604 in the last 90 days. Company insiders own 6.70% of the company’s stock.

A number of institutional investors have recently bought and sold shares of AVID. Marshall Wace LLP purchased a new position in Avid Technology in the first quarter valued at approximately $324,000. Charles Schwab Investment Management Inc. lifted its stake in Avid Technology by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 191,408 shares of the technology company’s stock valued at $1,643,000 after purchasing an additional 4,938 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in Avid Technology in the fourth quarter valued at approximately $31,000. Bank of Montreal Can lifted its stake in Avid Technology by 45.7% in the fourth quarter. Bank of Montreal Can now owns 3,621 shares of the technology company’s stock valued at $31,000 after purchasing an additional 1,135 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Avid Technology by 11.7% in the fourth quarter. Renaissance Technologies LLC now owns 710,267 shares of the technology company’s stock valued at $6,094,000 after purchasing an additional 74,600 shares during the last quarter. Institutional investors and hedge funds own 58.46% of the company’s stock.

Avid Technology stock traded down $0.17 during midday trading on Friday, reaching $7.16. The stock had a trading volume of 881,196 shares, compared to its average volume of 637,218. Avid Technology has a 12 month low of $4.67 and a 12 month high of $10.79. The company has a market capitalization of $320.30 million, a P/E ratio of 238.67 and a beta of 1.41. The company has a fifty day moving average price of $6.67 and a two-hundred day moving average price of $7.39.

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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