AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Bought by Northern Trust Corp

Northern Trust Corp raised its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 8.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,653,173 shares of the company's stock after acquiring an additional 127,396 shares during the period. Northern Trust Corp owned 0.80% of AvidXchange worth $17,094,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of AVDX. US Bancorp DE lifted its position in AvidXchange by 11.6% in the fourth quarter. US Bancorp DE now owns 58,350 shares of the company's stock valued at $603,000 after purchasing an additional 6,079 shares during the period. Barclays PLC lifted its position in AvidXchange by 239.8% in the third quarter. Barclays PLC now owns 285,768 shares of the company's stock valued at $2,318,000 after purchasing an additional 201,679 shares during the period. Wells Fargo & Company MN lifted its position in AvidXchange by 17.4% in the fourth quarter. Wells Fargo & Company MN now owns 102,923 shares of the company's stock valued at $1,064,000 after purchasing an additional 15,243 shares during the period. The Manufacturers Life Insurance Company lifted its position in AvidXchange by 5.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 96,313 shares of the company's stock valued at $996,000 after purchasing an additional 4,953 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in AvidXchange in the fourth quarter valued at about $372,000. Institutional investors and hedge funds own 80.58% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on AVDX. Morgan Stanley raised their price objective on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Piper Sandler increased their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. KeyCorp cut shares of AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. 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. Finally, UBS Group increased their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $10.30.

Insider Activity

In related news, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction 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 sale, the chief executive officer now owns 11,164,737 shares of the company's stock, valued at $84,740,353.83. The trade was a 0.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total transaction of $263,995.38. Following the sale, the president now directly owns 1,176,833 shares in the company, 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. In the last 90 days, insiders have sold 125,866 shares of company stock valued at $955,323. Company insiders own 11.10% of the company's stock.

AvidXchange Trading Down 0.1%

NASDAQ AVDX traded down $0.01 during mid-day trading on Friday, reaching $9.73. 3,961,083 shares of the stock were exchanged, compared to its average volume of 2,483,568. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $12.93. The business's fifty day simple moving average is $8.28 and its 200 day simple moving average is $9.45. The stock has a market capitalization of $2.01 billion, a PE ratio of 243.25 and a beta of 1.14. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

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

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.