Sumitomo Mitsui Trust Group Inc. Decreases Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Sumitomo Mitsui Trust Group Inc. cut its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 2.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 approximately 0.76% of AvidXchange worth $13,186,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. US Bancorp DE boosted its position in AvidXchange by 11.6% during the fourth quarter. US Bancorp DE now owns 58,350 shares of the company's stock worth $603,000 after acquiring an additional 6,079 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of AvidXchange during the fourth quarter worth about $115,000. Edgestream Partners L.P. raised its stake in AvidXchange by 601.2% in the fourth quarter. Edgestream Partners L.P. now owns 94,305 shares of the company's stock valued at $975,000 after buying an additional 80,855 shares in the last quarter. AlphaQuest LLC boosted its holdings in shares of AvidXchange by 218.8% in the 4th quarter. AlphaQuest LLC now owns 71,067 shares of the company's stock valued at $735,000 after buying an additional 48,778 shares in the last quarter. Finally, King Luther Capital Management Corp increased its holdings in shares of AvidXchange by 5.8% in the 4th quarter. King Luther Capital Management Corp now owns 726,197 shares of the company's stock valued at $7,509,000 after acquiring an additional 39,843 shares during the period. Hedge funds and other institutional investors own 80.58% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wells Fargo & Company increased their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Morgan Stanley upped their target price on AvidXchange from $8.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. UBS Group raised their price target on shares of AvidXchange from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Baird R W lowered shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, Susquehanna lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $10.30.

AvidXchange Trading Down 0.1%

Shares of AVDX stock traded down $0.01 during trading hours on Monday, hitting $9.84. 1,717,145 shares of the company's stock traded hands, compared to its average volume of 2,644,631. The stock has a market cap of $2.03 billion, a PE ratio of 985.00 and a beta of 1.20. The stock's 50 day simple moving average is $9.59 and its 200 day simple moving average is $9.22. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.10. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $12.93.

Insider Transactions at AvidXchange

In related news, President Daniel Drees sold 25,972 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $9.74, for a total transaction of $252,967.28. Following the completion of the sale, the president directly owned 1,167,186 shares of the company's stock, valued at approximately $11,368,391.64. This trade represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Praeger sold 40,005 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 value of $389,648.70. Following the sale, the chief executive officer owned 11,037,830 shares in the company, valued at $107,508,464.20. The trade was a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,890 shares of company stock worth $933,969. 11.10% of the stock is currently owned by insiders.

AvidXchange 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.