Jennison Associates LLC Sells 957,597 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Jennison Associates LLC lowered its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 39.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,442,665 shares of the company's stock after selling 957,597 shares during the period. Jennison Associates LLC owned 0.69% of AvidXchange worth $11,700,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in shares of AvidXchange during the 3rd quarter valued at $38,000. CWM LLC increased its stake in AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company's stock worth $55,000 after acquiring an additional 6,679 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company's stock valued at $57,000 after acquiring an additional 2,114 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of AvidXchange in the 2nd quarter valued at about $66,000. Finally, Arbor Investment Advisors LLC bought a new stake in shares of AvidXchange during the 3rd quarter valued at about $98,000. Institutional investors own 80.58% of the company's stock.

AvidXchange Trading Up 2.8 %

NASDAQ AVDX traded up $0.30 on Friday, hitting $11.17. The company's stock had a trading volume of 2,329,404 shares, compared to its average volume of 2,414,515. The firm has a market cap of $2.30 billion, a P/E ratio of 543.50 and a beta of 1.00. AvidXchange Holdings, Inc. has a 52-week low of $7.38 and a 52-week high of $13.56. The company's 50-day simple moving average is $8.74 and its 200 day simple moving average is $9.74. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

Analyst Ratings Changes

AVDX has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised their target price on shares of AvidXchange from $9.00 to $10.00 and gave the company a "market perform" rating in a research note on Thursday, November 7th. Piper Sandler lifted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Barclays increased their target price on AvidXchange from $11.00 to $13.00 and gave the company an "overweight" rating in a research note on Monday, November 18th. JPMorgan Chase & Co. cut AvidXchange from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Finally, UBS Group raised their price objective on AvidXchange from $10.00 to $10.50 and gave the company a "neutral" rating in a report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, AvidXchange presently has an average rating of "Hold" and an average price target of $11.39.

Insider Activity at AvidXchange

In other news, insider Ryan Stahl sold 7,621 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $8.13, for a total value of $61,958.73. Following the sale, the insider now directly owns 377,030 shares of the company's stock, valued at $3,065,253.90. This represents a 1.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Praeger sold 37,225 shares of AvidXchange stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the transaction, the chief executive officer now directly owns 10,453,786 shares of the company's stock, valued at approximately $83,421,212.28. This trade represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,078 shares of company stock worth $959,850 over the last quarter. Corporate insiders own 10.40% of the company's stock.

AvidXchange Company 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.