Janus Henderson Group PLC Sells 242,460 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Janus Henderson Group PLC trimmed its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 9.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,199,833 shares of the company's stock after selling 242,460 shares during the quarter. Janus Henderson Group PLC owned 1.07% of AvidXchange worth $22,747,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Xponance Inc. grew its position in AvidXchange by 9.2% in the fourth quarter. Xponance Inc. now owns 12,459 shares of the company's stock valued at $129,000 after acquiring an additional 1,045 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of AvidXchange by 6.2% during the 4th quarter. Captrust Financial Advisors now owns 18,434 shares of the company's stock valued at $191,000 after acquiring an additional 1,084 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in AvidXchange by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,182 shares of the company's stock worth $188,000 after purchasing an additional 1,155 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after purchasing an additional 1,278 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of AvidXchange by 1.0% during the fourth quarter. Rhumbline Advisers now owns 234,738 shares of the company's stock worth $2,427,000 after purchasing an additional 2,391 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Price Performance

AVDX traded down $0.01 during trading on Monday, reaching $9.72. 3,739,445 shares of the company were exchanged, compared to its average volume of 2,488,593. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 243.00 and a beta of 1.14. AvidXchange Holdings, Inc. has a 12-month low of $6.61 and a 12-month high of $12.93. The company's 50-day moving average is $8.28 and its two-hundred day moving average is $9.46.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million for the quarter, compared to analysts' expectations of $114.98 million. Research analysts forecast that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. UBS Group lifted their target price 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. Barclays cut AvidXchange from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $13.00 to $8.00 in a report on Tuesday, March 4th. Robert W. Baird reissued a "neutral" rating and set a $10.00 target price on shares of AvidXchange in a research note on Thursday, May 8th. Susquehanna lowered AvidXchange from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, Wells Fargo & Company boosted their price target on AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, AvidXchange presently has a consensus rating of "Hold" and an average price target of $10.30.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at $84,740,353.83. This trade represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Daniel Drees sold 34,782 shares of the company's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the completion of the sale, the president now directly owns 1,176,833 shares of the company's stock, valued at $8,932,162.47. This trade represents a 2.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,866 shares of company stock valued at $955,323 in the last quarter. Corporate insiders own 11.10% of the company's stock.

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.