Charles Schwab Investment Management Inc. Acquires 114,763 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Charles Schwab Investment Management Inc. raised its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 8.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,528,875 shares of the company's stock after buying an additional 114,763 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.74% of AvidXchange worth $12,399,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. American Century Companies Inc. raised its position in shares of AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company's stock valued at $54,460,000 after buying an additional 1,586,510 shares in the last quarter. Dimensional Fund Advisors LP raised its position in AvidXchange by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,317,134 shares of the company's stock valued at $52,062,000 after purchasing an additional 230,777 shares in the last quarter. Millennium Management LLC lifted its stake in AvidXchange by 9.8% during the second quarter. Millennium Management LLC now owns 2,770,662 shares of the company's stock worth $33,414,000 after purchasing an additional 246,462 shares during the last quarter. Tremblant Capital Group boosted its holdings in shares of AvidXchange by 0.3% in the 2nd quarter. Tremblant Capital Group now owns 2,170,114 shares of the company's stock worth $26,172,000 after purchasing an additional 5,971 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of AvidXchange by 9.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,862,225 shares of the company's stock valued at $15,103,000 after purchasing an additional 155,008 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AVDX has been the subject of several research reports. Keefe, Bruyette & Woods upped their target price on AvidXchange from $10.00 to $12.00 and gave the stock a "market perform" rating in a research note on Monday. Piper Sandler boosted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. cut AvidXchange from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $11.00 to $9.00 in a research note on Tuesday, August 20th. Bank of America lowered their target price on AvidXchange from $12.00 to $8.00 and set an "underperform" rating for the company in a research note on Tuesday, October 15th. Finally, BMO Capital Markets raised their price target on AvidXchange from $10.00 to $11.00 and gave the stock a "market perform" rating in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, AvidXchange has an average rating of "Hold" and an average target price of $11.50.

AvidXchange Trading Down 3.3 %

Shares of AvidXchange stock traded down $0.38 during midday trading on Monday, reaching $11.18. 1,416,212 shares of the company's stock traded hands, compared to its average volume of 2,051,583. The company has a market cap of $2.30 billion, a PE ratio of 578.00 and a beta of 1.19. The stock has a 50 day moving average of $9.44 and a 200-day moving average of $9.73. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

Insiders Place Their Bets

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total transaction of $483,097.80. Following the transaction, the chief executive officer now owns 10,381,033 shares in the company, valued at approximately $118,343,776.20. This represents a 0.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan Stahl sold 7,621 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the completion of the transaction, the insider now owns 377,030 shares of the company's stock, valued at approximately $3,065,253.90. The trade was a 1.98 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,074 shares of company stock worth $629,363. 10.40% of the stock is currently owned by corporate insiders.

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.