Jennison Associates LLC lifted its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 45.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,171,634 shares of the company's stock after buying an additional 995,109 shares during the quarter. Jennison Associates LLC owned about 1.55% of AvidXchange worth $26,895,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently made changes to their positions in the business. Azora Capital LP purchased a new position in AvidXchange during the 4th quarter valued at approximately $45,067,000. Wells Fargo & Company MN boosted its holdings in shares of AvidXchange by 17.4% in the 4th quarter. Wells Fargo & Company MN now owns 102,923 shares of the company's stock worth $1,064,000 after purchasing an additional 15,243 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of AvidXchange by 5.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company's stock worth $996,000 after acquiring an additional 4,953 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of AvidXchange during the 4th quarter worth approximately $372,000. Finally, Raymond James Financial Inc. bought a new stake in shares of AvidXchange during the 4th quarter worth approximately $115,000. Hedge funds and other institutional investors own 80.58% of the company's stock.
Insiders Place Their Bets
In related news, insider Ryan Stahl sold 8,999 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $87,650.26. Following the sale, the insider directly owned 667,226 shares in the company, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Joel Wilhite sold 20,914 shares of AvidXchange stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $203,702.36. Following the sale, the insider directly owned 808,841 shares in the company, valued at $7,878,111.34. This trade represents a 2.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,890 shares of company stock valued at $933,969 in the last quarter. Corporate insiders own 11.10% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts have weighed in on AVDX shares. Baird R W cut AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Piper Sandler upped their target price on AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. BTIG Research cut AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Keefe, Bruyette & Woods upped their price objective on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a research note on Monday, March 31st. Finally, Morgan Stanley upped their price objective on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $10.30.
Read Our Latest Stock Analysis on AvidXchange
AvidXchange Trading Up 0.1%
NASDAQ:AVDX traded up $0.01 during mid-day trading on Monday, reaching $9.86. The company's stock had a trading volume of 2,649,725 shares, compared to its average volume of 2,644,386. The company's fifty day simple moving average is $9.79 and its two-hundred day simple moving average is $9.18. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $12.93. The stock has a market cap of $2.04 billion, a P/E ratio of 985.00 and a beta of 1.20.
AvidXchange Company Profile
(
Free Report)
AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers in North America. The company offers AP automation software, a SaaS-based solution that automates and digitizes capture, review, approval, and payment of invoices for buyers; the AvidPay network that connects two-sided payments with buyers and suppliers; and the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.
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