TimesSquare Capital Management LLC Sells 323,400 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

TimesSquare Capital Management LLC reduced its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 13.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,995,498 shares of the company's stock after selling 323,400 shares during the quarter. TimesSquare Capital Management LLC owned about 0.96% of AvidXchange worth $16,183,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Lazard Asset Management LLC bought a new stake in shares of AvidXchange during the 1st quarter valued at $7,621,000. California State Teachers Retirement System increased its position in shares of AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company's stock valued at $2,121,000 after purchasing an additional 1,656 shares during the last quarter. American Century Companies Inc. grew its position in AvidXchange by 54.2% during the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock valued at $54,460,000 after acquiring an additional 1,586,510 shares during the last quarter. Interval Partners LP purchased a new position in AvidXchange in the 2nd quarter worth $1,833,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of AvidXchange by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company's stock valued at $52,062,000 after acquiring an additional 230,777 shares during the last quarter. 80.58% of the stock is owned by institutional investors.

Insider Activity

In other AvidXchange news, insider Ryan Stahl sold 7,427 shares of the company's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the sale, the insider now directly owns 369,603 shares of the company's stock, valued at approximately $3,171,193.74. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Michael Praeger sold 6,701 shares of the company's stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares of the company's stock, valued at approximately $85,057,731.11. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ryan Stahl sold 7,427 shares of the company's stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the transaction, the insider now directly owns 369,603 shares of the company's stock, valued at approximately $3,171,193.74. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 166,386 shares of company stock valued at $1,343,044 in the last ninety days. 10.40% of the stock is currently owned by company insiders.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX traded up $0.41 during midday trading on Monday, reaching $10.48. 2,372,521 shares of the company's stock traded hands, compared to its average volume of 2,083,786. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36. AvidXchange Holdings, Inc. has a one year low of $7.38 and a one year high of $13.56. The company has a market cap of $2.18 billion, a price-to-earnings ratio of 503.50 and a beta of 1.00. The stock has a 50 day moving average of $8.18 and a 200 day moving average of $9.80.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Wells Fargo & Company lifted their price target on AvidXchange from $9.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday. Compass Point upgraded shares of AvidXchange from a "neutral" rating to a "buy" rating and upped their price target for the company from $8.00 to $15.00 in a report on Thursday. The Goldman Sachs Group raised their price target on shares of AvidXchange from $7.00 to $9.00 and gave the stock a "sell" rating in a report on Thursday. KeyCorp reduced their target price on AvidXchange from $15.00 to $12.00 and set an "overweight" rating on the stock in a research note on Thursday, August 1st. Finally, Bank of America decreased their price target on shares of AvidXchange from $12.00 to $8.00 and set an "underperform" rating for the company in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $11.18.

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.