Jennison Associates LLC Has $22.51 Million Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Jennison Associates LLC lifted its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 50.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,176,525 shares of the company's stock after acquiring an additional 733,860 shares during the period. Jennison Associates LLC owned 1.06% of AvidXchange worth $22,505,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. FMR LLC raised its position in AvidXchange by 272.5% in the third quarter. FMR LLC now owns 13,733,769 shares of the company's stock worth $111,381,000 after acquiring an additional 10,046,893 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of AvidXchange by 5.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock worth $34,607,000 after purchasing an additional 201,847 shares during the last quarter. State Street Corp raised its holdings in shares of AvidXchange by 1.5% in the 3rd 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 in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in AvidXchange during the third quarter valued at approximately $25,339,000. Finally, Rockefeller Capital Management L.P. boosted its holdings in AvidXchange by 30.4% during the third quarter. Rockefeller Capital Management L.P. now owns 2,314,653 shares of the company's stock worth $18,779,000 after buying an additional 538,956 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on AVDX shares. UBS Group upped their price target on AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a report on Thursday, November 7th. BMO Capital Markets boosted their target price on AvidXchange from $10.00 to $11.00 and gave the stock a "market perform" rating in a research report on Friday, November 8th. The Goldman Sachs Group increased their price target on AvidXchange from $9.00 to $10.00 and gave the company a "sell" rating in a research report on Monday, December 2nd. Piper Sandler boosted their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of AvidXchange from $12.00 to $11.00 and set a "market perform" rating for the company in a report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, AvidXchange currently has a consensus rating of "Hold" and an average price target of $11.61.

Insider Transactions at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of AvidXchange stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the sale, the chief executive officer now directly owns 10,381,033 shares in the company, valued at $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the business's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the sale, the director now directly owns 2,112,232 shares of the company's stock, valued at $23,762,610. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 80,693 shares of company stock valued at $916,683. 10.40% of the stock is owned by insiders.

AvidXchange Stock Down 5.1 %

AvidXchange stock traded down $0.55 during trading hours on Friday, hitting $10.14. The company had a trading volume of 2,303,379 shares, compared to its average volume of 1,268,602. The firm's fifty day moving average is $10.59 and its 200-day moving average is $9.44. The firm has a market capitalization of $2.09 billion, a P/E ratio of 534.50 and a beta of 1.22. AvidXchange Holdings, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

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.