Advisors Asset Management Inc. decreased its position in Avid Technology, Inc. (OTCMKTS:AVID) by 3.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,772 shares of the company’s stock after selling 1,285 shares during the period. Advisors Asset Management Inc. owned 0.08% of Avid Technology worth $190,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. acquired a new position in Avid Technology during the second quarter worth approximately $137,000. William Harris Investors Inc. increased its position in Avid Technology by 21.4% in the second quarter. William Harris Investors Inc. now owns 34,060 shares of the company’s stock worth $198,000 after buying an additional 6,000 shares in the last quarter. New Jersey Better Educational Savings Trust increased its position in Avid Technology by 38.9% in the second quarter. New Jersey Better Educational Savings Trust now owns 50,000 shares of the company’s stock worth $291,000 after buying an additional 14,000 shares in the last quarter. Teton Advisors Inc. increased its position in Avid Technology by 3.2% in the second quarter. Teton Advisors Inc. now owns 65,000 shares of the company’s stock worth $378,000 after buying an additional 2,000 shares in the last quarter. Finally, Alambic Investment Management L.P. increased its position in Avid Technology by 43.3% in the second quarter. Alambic Investment Management L.P. now owns 94,665 shares of the company’s stock worth $550,000 after buying an additional 28,591 shares in the last quarter.
Shares of Avid Technology, Inc. (OTCMKTS:AVID) traded up 1.98% during midday trading on Wednesday, hitting $7.71. 152,637 shares of the company were exchanged. The company’s 50 day moving average price is $8.44 and its 200 day moving average price is $6.79. The firm has a market cap of $307.02 million and a P/E ratio of 7.70. Avid Technology, Inc. has a one year low of $5.26 and a one year high of $9.78.
Avid Technology (OTCMKTS:AVID) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.41. The company earned $134.40 million during the quarter. Equities analysts expect that Avid Technology, Inc. will post $2.19 EPS for the current year.
Separately, Zacks Investment Research raised shares of Avid Technology from a “hold” rating to a “buy” rating and set a $6.75 price target for the company in a report on Friday, July 8th.
In other news, CFO John W. Frederick sold 457,506 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $9.09, for a total transaction of $4,158,729.54. Following the sale, the chief financial officer now owns 128,852 shares in the company, valued at $1,171,264.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Avid Technology Company Profile
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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