BlackRock Fund Advisors has recently announced that it has increased stake in Avid Technology Inc. (NASDAQ:AVID) by 134.19%. After grabbing 5.07 million shares, the institutional investor is now in possession of 2.91 million shares of the Communication Services Company. The new investment brought the stake of investor firm to 11.61% having worth around $134.85 million. Moreover, Royce & Associates LP increased its share by 0.15 million to have a control over 2.66 million shares. And The Vanguard Group, Inc. raised its holdings to 0.6 million shares by acquiring 2.41 million shares or 5.52% of the stake.
Avid Technology Inc. (AVID) concluded trading on 01/18/23 at a closing price of $29.04, with 0.23 million shares of worth about $6.64 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 5.56% during that period and on Wednesday the price saw a gain of about 1.04%. Currently the company’s common shares owned by public are about 44.48M shares, out of which, 40.13M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 130 times over the past 12 months. They bought 798,932 shares in 52 of the transactions. In 78 selling transactions, insiders dumped 350,383 shares.
iShares Core S&P Small Cap ETF, Fidelity Small Cap Growth Fund, and Royce Premier Fund are the top 3 mutual funds which are holding stakes in Avid Technology Inc. iShares Core S&P Small Cap ETF is currently holding 2.46 million shares of worth totaling $65.32 million. The company recently came selling 1848.0 shares which brought its stake up to 5.62% of the company’s outstanding shares. Fidelity Small Cap Growth Fund sold -0.21 million shares, after which its hold over company’s outstanding shares shrunk to 3.79%, leaving 1.66 million shares with the mutual fund that have a worth of about $44.06 million. Royce Premier Fund, after buying 1.09 million shares, have now control over 2.50% of the stake in the company. It holds 0.0 shares of worth $29.07 million.
Avid Technology Inc. (NASDAQ: AVID) started trading at $29.01, above $0.27 from concluding price of the previous day. However, the stock later moved at a day high price of 29.41, or with a gain of 1.04%. Stock saw a price change of 3.97% in past 5 days and over the past one month there was a price change of 14.11%. Year-to-date (YTD), AVID shares are showing a performance of 9.21% which decreased to -11.25% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $20.83 but also hit the highest price of $37.31 during that period. The average intraday trading volume for Avid Technology Inc. shares is 269.31K. The stock is currently trading 9.22% above its 20-day simple moving average (SMA20), while that difference is up 8.18% for SMA50 and it goes to 6.62% higher than SMA200.
BlackRock Fund Advisors acquired 5.07 million shares of Avid Technology Inc. having value of about $134.85 million. Data submitted at the U.S SEC by BlackRock Fund Advisors revealed that the firm now holds 2.91 million shares in the company valued at close to $84387132.72, or have control over 134.19% stake in the company. Avid Technology Inc. (NASDAQ: AVID) currently have 44.48M outstanding shares and institutions hold larger chunk of about 91.10% of that. Holding of mutual funds in the company is about 45.83% while other institutional holders and individual stake holders have control over 58.94% and 44.67% of the stake respectively.
The stock has a current market capitalization of $1.27B and its 3Y-monthly beta is at 1.24. PE ratio of stock for trailing 12 months is 29.13, while it has posted earnings per share of $1.00 in the same period. Its PEG reads 1.94 and has Quick Ratio of 0.70. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for AVID, volatility over the week remained 2.90% while standing at 3.28% over the month.
Analysts are in expectations that Avid Technology Inc. (AVID) stock would likely to be making an EPS of $0.31 in the current quarter, while forecast for next quarter EPS is $0.54 and it is $1.69 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.29 which is $0.33 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.27 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 262.60% while it is estimated to increase by 13.62% in next year. EPS is likely to grow at an annualized rate of 15.00% for next 5-years, compared to annual growth of -5.80% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Rosenblatt on July 12, 2022 offering a Neutral rating for the stock and assigned a target price of $30 to it. Coverage by JP Morgan stated Avid Technology Inc. (AVID) stock as an Overweight in their note to investors on July 06, 2022, suggesting a price target of $33 for the stock. On March 02, 2022, Maxim Group Reiterated their recommendations, while on January 08, 2021, Maxim Group Reiterated their ratings for the stock with a price target of $23. Stock get a Buy rating from B. Riley Securities on December 31, 2020.
