Rockefeller Capital Management L.P. Has $17.31 Million Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Rockefeller Capital Management L.P. reduced its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 27.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,673,858 shares of the company's stock after selling 640,795 shares during the period. Rockefeller Capital Management L.P. owned approximately 0.81% of AvidXchange worth $17,312,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of AvidXchange by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company's stock valued at $187,258,000 after purchasing an additional 116,410 shares during the last quarter. FMR LLC boosted its stake in AvidXchange by 8.4% during the 4th quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after purchasing an additional 1,155,513 shares during the period. Geode Capital Management LLC grew its holdings in shares of AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock worth $34,607,000 after buying an additional 201,847 shares during the last quarter. State Street Corp lifted its holdings in shares of AvidXchange by 1.5% during the third quarter. State Street Corp now owns 3,763,694 shares of the company's stock worth $30,524,000 after purchasing an additional 54,403 shares during the period. Finally, Jennison Associates LLC increased its stake in shares of AvidXchange by 50.9% during the fourth quarter. Jennison Associates LLC now owns 2,176,525 shares of the company's stock worth $22,505,000 after acquiring an additional 733,860 shares during the period. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

AvidXchange Stock Down 1.9 %

Shares of AVDX traded down $0.15 during midday trading on Friday, reaching $7.60. 1,468,796 shares of the company were exchanged, compared to its average volume of 2,010,554. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 190.00 and a beta of 1.14. The stock has a 50-day moving average price of $8.19 and a 200-day moving average price of $9.37. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 1-year low of $6.61 and a 1-year high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last issued its 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). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The business had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. Research analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Insider Activity

In other news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joel Wilhite sold 32,203 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 value of $244,420.77. Following the transaction, the insider now directly owns 843 shares in the company, valued at $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,866 shares of company stock worth $955,323 over the last three months. Corporate insiders own 10.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wolfe Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th. KeyCorp cut AvidXchange from an "overweight" rating to a "sector weight" rating 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 for the company in a research note on Thursday, February 27th. JPMorgan Chase & Co. dropped their target price on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Finally, Piper Sandler reduced their price target on shares of AvidXchange from $10.00 to $8.00 and set a "neutral" rating on the stock in a report on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $10.07.

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.