In a report released today, Nehal Chokshi from Northland Securities reiterated a Buy rating on Avid Technology (AVID), with a price target of $15.00. The company’s shares closed last Wednesday at $7.95.
According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 10.1% and a 53.6% success rate. Chokshi covers the Technology sector, focusing on stocks such as Super Micro Computer, Palo Alto Networks, and Pure Storage.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Avid Technology with a $12.25 average price target.
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Based on Avid Technology’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $79.28 million and net profit of $1.85 million. In comparison, last year the company earned revenue of $98.7 million and had a GAAP net loss of $10.72 million.
Based on the recent corporate insider activity of 79 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AVID in relation to earlier this year. Earlier this month, Jason Duva, an Insider at AVID sold 70,355 shares for a total of $655,005.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Avid Technology, Inc. engages in the provision of technology services for media and entertainment industry. It develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management and distribution. The company was founded by William J. Warner in September 1987 and is headquartered in Burlington, MA.
