Sumitomo Mitsui Trust Group Inc. Sells 35,134 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Sumitomo Mitsui Trust Group Inc. cut its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 2.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,554,952 shares of the company's stock after selling 35,134 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.76% of AvidXchange worth $13,186,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Versant Capital Management Inc grew its position in shares of AvidXchange by 801.2% in the 1st quarter. Versant Capital Management Inc now owns 3,866 shares of the company's stock valued at $33,000 after purchasing an additional 3,437 shares during the period. GAMMA Investing LLC boosted its position in AvidXchange by 816.6% during the 1st quarter. GAMMA Investing LLC now owns 4,079 shares of the company's stock worth $35,000 after acquiring an additional 3,634 shares during the last quarter. Quarry LP boosted its position in AvidXchange by 126.6% during the 4th quarter. Quarry LP now owns 5,518 shares of the company's stock worth $57,000 after acquiring an additional 3,083 shares during the last quarter. Eastover Investment Advisors LLC acquired a new position in AvidXchange during the 1st quarter worth approximately $90,000. Finally, 111 Capital acquired a new position in AvidXchange during the 4th quarter worth approximately $111,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Stock Up 0.2%

Shares of AvidXchange stock traded up $0.02 on Friday, reaching $9.84. 1,886,137 shares of the company were exchanged, compared to its average volume of 2,648,356. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 985.00 and a beta of 1.20. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average of $9.55 and a 200 day moving average of $9.23.

Insider Buying and Selling

In other AvidXchange news, President Daniel Drees sold 25,972 shares of AvidXchange stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $252,967.28. Following the completion of the transaction, the president directly owned 1,167,186 shares of the company's stock, valued at $11,368,391.64. The trade was a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction, the insider directly owned 808,841 shares of the company's stock, valued at approximately $7,878,111.34. This trade represents a 2.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,890 shares of company stock worth $933,969. 11.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AVDX has been the subject of a number of recent research reports. Robert W. Baird reaffirmed a "neutral" rating and set a $10.00 price target on shares of AvidXchange in a research report on Thursday, May 8th. Baird R W downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Susquehanna downgraded AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Keefe, Bruyette & Woods upped their price target on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a research report on Monday, March 31st. Finally, Wells Fargo & Company upped their price target on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research report 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 stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $10.30.

AvidXchange Company Profile

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.