Avid Tech shares soar after beat-and-raise report

Avid Technology

06/05/2021 15:54

** Shares in Avid Technology Inc  AVID.O  were up 21.2% at
$26.31 in busy trading after hitting its highest level since
Sept 2008 
    ** AVID Q1 quarterly financials beat expectations and co
raised 2021 guidance 
    ** AVID reported adjusted EPS of $0.28 vs mean analyst
expectation for $0.21 on rev of $94.4 mln vs mean expectation
for $90.6 mln, as per Refinitiv  urn:newsml:reuters.com:*:nASA0245T
    ** Avid said it raised its 2021 guidance for subscription &
maintenance revenue to a range of $217mln-$225mln and free cash
flow in a range of $47mln-$55mln  urn:newsml:reuters.com:*:nGNX2wft6t 
    ** After closing at $21.71 on Wednesday, Avid shares hit a
session high of $26.75 on Thursday. Trading volume was 2.6 times
10-DMA of about 331k
    ** Of five analysts covering the company 3 rate it 'buy'
while 2 rate it 'hold.' Median price target for the stock is
$32, according to Refinitiv

 ((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))