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

Analysts expect that Avid Technology, Inc. (NASDAQ:AVID) will report $77.43 million in sales for the current fiscal quarter, Zacks Investment Research 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 company is expected to issue 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 anticipate that the company will report sales of $401.05 million, with estimates ranging from $389.33 million to $421.70 million. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Avid Technology.

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

AVID has been the topic of a number of recent analyst reports. Jefferies Financial Group dropped their price target on shares of Avid Technology from $8.50 to $6.50 in a research report on Monday, May 11th. B. Riley dropped 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 report on Friday, May 8th. ValuEngine raised shares of Avid Technology from a “sell” rating to a “hold” rating in a research report on Tuesday, March 10th. BidaskClub raised shares of Avid Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, June 10th. Finally, Zacks Investment Research lowered shares of Avid Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Avid Technology has a consensus rating of “Buy” and an average target price of $10.30.

In related news, Director Christian Asmar acquired 8,166 shares of the stock in a transaction on Wednesday, May 20th. The shares were acquired at an average price of $5.58 per share, with a total value of $45,566.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders acquired 2,207,485 shares of company stock worth $15,533,604. Insiders own 6.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC bought a new stake in Avid Technology in the fourth quarter worth about $31,000. Bank of Montreal Can raised its position 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 worth $31,000 after acquiring an additional 1,135 shares during the period. NEXT Financial Group Inc raised its position in Avid Technology by 1,400.0% in the first 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 during the period. Aigen Investment Management LP bought a new stake in shares of Avid Technology in the first quarter valued at approximately $53,000. Finally, Citigroup Inc. raised its position in shares of Avid Technology by 36.0% in the first quarter. Citigroup Inc. now owns 7,952 shares of the technology company’s stock valued at $54,000 after purchasing an additional 2,106 shares during the period. 58.46% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ AVID traded down $0.17 during mid-day trading on Friday, reaching $7.16. 881,196 shares of the company’s stock traded hands, compared to its average volume of 637,218. The stock has a market cap of $320.30 million, a P/E ratio of 238.67 and a beta of 1.41. The business has a 50-day simple moving average of $6.67 and a 200 day simple moving average of $7.39. Avid Technology has a 1-year low of $4.67 and a 1-year high of $10.79.

Avid Technology Company Profile

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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