Nuveen Asset Management LLC bought a new position in Avid Technology, Inc. (NASDAQ:AVID) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 457,728 shares of the technology company’s stock, valued at approximately $4,175,000. Nuveen Asset Management LLC owned about 1.07% of Avid Technology as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Marshall Wace LLP purchased a new position in shares of Avid Technology in the 1st quarter worth about $324,000. Hennessy Advisors Inc. purchased a new stake in Avid Technology during the 2nd quarter valued at about $3,076,000. SG Americas Securities LLC purchased a new stake in Avid Technology during the 2nd quarter valued at about $114,000. Chicago Equity Partners LLC purchased a new stake in Avid Technology during the 2nd quarter valued at about $151,000. Finally, Meeder Asset Management Inc. boosted its holdings in Avid Technology by 505.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 5,468 shares of the technology company’s stock valued at $51,000 after acquiring an additional 4,565 shares during the period. Institutional investors and hedge funds own 53.68% of the company’s stock.
AVID traded up $0.93 during midday trading on Friday, reaching $7.74. 878,600 shares of the company’s stock traded hands, compared to its average volume of 438,082. The stock has a market capitalization of $277.92 million, a price-to-earnings ratio of 64.50, a P/E/G ratio of 1.50 and a beta of 1.91. The firm has a fifty day moving average of $6.38 and a two-hundred day moving average of $7.67. Avid Technology, Inc. has a 52 week low of $4.37 and a 52 week high of $10.79.
Several brokerages recently weighed in on AVID. BidaskClub upgraded Avid Technology from a “hold” rating to a “buy” rating in a report on Saturday. ValuEngine upgraded Avid Technology from a “sell” rating to a “hold” rating in a report on Friday. Zacks Investment Research cut Avid Technology from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. Finally, Maxim Group restated a “buy” rating and set a $14.00 target price on shares of Avid Technology in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $8.69.
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.
Further Reading: What is the quiet period?
Receive News & Ratings for Avid Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avid Technology and related companies with MarketBeat.com's FREE daily email newsletter.