Equities analysts expect that Avid Technology, Inc. (NASDAQ:AVID) will report sales of $77.43 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Avid Technology’s earnings, with estimates ranging from $76.95 million to $77.93 million. Avid Technology posted sales of $98.70 million in the same quarter last year, which suggests a negative year-over-year growth rate of 21.6%. The company is expected to announce its next earnings report on Monday, August 3rd.
According to Zacks, 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 report sales of $401.05 million, with estimates ranging from $389.33 million to $421.70 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover 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 consensus estimate of $0.05 by ($0.13). The company had revenue of $86.45 million during the quarter. Avid Technology had a negative return on equity of 6.30% and a net margin of 0.50%.
Shares of Avid Technology stock traded down $0.17 during trading hours on Friday, reaching $7.16. The company’s stock had a trading volume of 881,196 shares, compared to its average volume of 637,218. The firm has a 50 day moving average price of $6.67 and a 200-day moving average price of $7.39. Avid Technology has a one year low of $4.67 and a one year 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.
In other news, Director Christian Asmar purchased 29,492 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average cost of $5.98 per share, for a total transaction of $176,362.16. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have purchased a total of 2,207,485 shares of company stock worth $15,533,604 over the last quarter. 6.70% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC boosted its position in Avid Technology by 15.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,418,744 shares of the technology company’s stock valued at $9,548,000 after buying an additional 190,167 shares during the period. Geode Capital Management LLC boosted its position in Avid Technology by 9.0% in the 1st quarter. Geode Capital Management LLC now owns 720,878 shares of the technology company’s stock valued at $4,851,000 after buying an additional 59,788 shares during the period. Renaissance Technologies LLC boosted its position in Avid Technology by 11.7% in the 4th quarter. Renaissance Technologies LLC now owns 710,267 shares of the technology company’s stock valued at $6,094,000 after buying an additional 74,600 shares during the period. Cooper Creek Partners Management LLC purchased a new stake in Avid Technology in the 4th quarter valued at about $5,918,000. Finally, Jacobs Levy Equity Management Inc. boosted its position in Avid Technology by 25.8% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 579,286 shares of the technology company’s stock valued at $4,970,000 after buying an additional 118,819 shares during the period. 58.46% of the stock is owned by institutional investors.
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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