Richard Blum (Trades, Portfolio), founder of Blum Capital Partners, reduced his position in Avid Technology Inc. (AVID, Financial) by nearly 4% on Monday.
Blum sold 271,667 shares in the Burlington, Mass.-based audio and video production technology company specializing in digital editing systems for an average price of $7.92 per share. That is more than 31% lower than the $11.57 per share price he paid when he bought the stake in the fourth quarter of 2014. The sale had a -0.52% impact on Blum’s portfolio.
Avid Technology has a market cap of $297.7 million and an enterprise value of $356.54 million. It has a P/E of 57.9 and a P/S of 0.6. Chuck Royce (Trades, Portfolio), Arnold Van Den Berg (Trades, Portfolio) and Private Capital (Trades, Portfolio) have shares of Avid Technology in their portfolios.
In the 1990s, Avid was recognized by the National Academy of Television Arts & Sciences and the Academy Awards for editing software that is now used routinely in the production of television programs, feature-length motion pictures and commercials.
Avid’s flagship product is Media Composer, a film and editing video application that was initially introduced in 1989 as an offline editing system. It has been the dominant nonlinear editing system in the film and television industries since the early 1990s.
Avid’s competitors include Apple Inc. (AAPL, Financial), Autodesk Inc. (ADSK, Financial), Sony Corp. (SNE, Financial), Adobe Systems Inc. (ADBE, Financial) and Yamaha Corp. (YAMCF, Financial).
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