Northern Trust Corp Buys 127,396 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

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

A number of other institutional investors and hedge funds have also recently bought and sold shares of AVDX. Blue Trust Inc. boosted its position in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company's stock valued at $28,000 after buying an additional 1,278 shares during the last quarter. R Squared Ltd acquired a new position in shares of AvidXchange during the fourth quarter valued at approximately $41,000. Quarry LP boosted its holdings in AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company's stock worth $57,000 after buying an additional 3,083 shares in the last quarter. KBC Group NV boosted its stake in AvidXchange by 60.9% in the 4th quarter. KBC Group NV now owns 8,836 shares of the company's stock worth $91,000 after purchasing an additional 3,344 shares during the period. Finally, Bragg Financial Advisors Inc purchased a new position in AvidXchange during the 4th quarter valued at about $113,000. Hedge funds and other institutional investors own 80.58% of the company's stock.

Wall Street Analyst Weigh In

AVDX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their price objective on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. BMO Capital Markets cut their price target on AvidXchange from $11.00 to $7.50 and set a "market perform" rating on the stock in a research note on Thursday, February 27th. Robert W. Baird reiterated a "neutral" rating and issued a $10.00 price objective on shares of AvidXchange in a report on Thursday, May 8th. KeyCorp downgraded AvidXchange from an "overweight" rating to a "sector weight" rating in a report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods increased their price objective on AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a report on Monday, March 31st. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $10.30.

Insider Activity at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $446,906.79. Following the completion of the transaction, the chief executive officer now directly owns 11,164,737 shares in the company, valued at approximately $84,740,353.83. This trade represents a 0.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ryan Stahl sold 8,999 shares of AvidXchange 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 now owns 667,226 shares of the company's stock, valued at approximately $6,498,781.24. This trade represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 221,756 shares of company stock valued at $1,889,292. Corporate insiders own 11.10% of the company's stock.

AvidXchange Trading Up 0.1%

NASDAQ AVDX traded up $0.01 during trading on Tuesday, hitting $9.73. The stock had a trading volume of 186,460 shares, compared to its average volume of 2,479,907. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 243.13 and a beta of 1.14. The stock has a 50 day simple moving average of $8.34 and a 200 day simple moving average of $9.47. AvidXchange Holdings, Inc. has a one year low of $6.61 and a one year high of $12.93. 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 posted its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). The business had revenue of $115.44 million for 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%. Sell-side analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

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.