Sumitomo Mitsui Trust Group Inc. Purchases 155,008 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Sumitomo Mitsui Trust Group Inc. grew its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 9.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,862,225 shares of the company's stock after acquiring an additional 155,008 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.90% of AvidXchange worth $15,103,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. SG Americas Securities LLC increased its stake in shares of AvidXchange by 2.9% in the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company's stock valued at $360,000 after acquiring an additional 835 shares during the last quarter. California State Teachers Retirement System grew its position in shares of AvidXchange by 1.0% in 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 period. Advisors Asset Management Inc. grew its position 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 purchasing an additional 2,114 shares during the period. ProShare Advisors LLC grew its position in shares of AvidXchange by 9.7% in the 1st quarter. ProShare Advisors LLC now owns 27,135 shares of the company's stock valued at $357,000 after purchasing an additional 2,396 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of AvidXchange by 29.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company's stock valued at $107,000 after purchasing an additional 3,019 shares during the period. 80.58% of the stock is owned by institutional investors.

AvidXchange Stock Performance

AVDX traded up $0.11 during trading hours on Monday, reaching $10.55. The company's stock had a trading volume of 1,723,064 shares, compared to its average volume of 2,077,452. AvidXchange Holdings, Inc. has a 52 week low of $7.38 and a 52 week high of $13.56. The company's 50-day moving average is $8.44 and its 200-day moving average is $9.76. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.32. The firm has a market cap of $2.17 billion, a PE ratio of 522.00 and a beta of 1.00.

Analyst Ratings Changes

AVDX has been the subject of several research analyst reports. Susquehanna decreased their price objective on AvidXchange from $16.00 to $14.00 and set a "positive" rating for the company in a research report on Thursday, August 1st. Piper Sandler boosted their price objective on AvidXchange from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. downgraded AvidXchange from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $11.00 to $9.00 in a research report on Tuesday, August 20th. Wells Fargo & Company upped their price target on AvidXchange from $9.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Thursday, November 7th. Finally, Barclays upped their price target on AvidXchange from $11.00 to $13.00 and gave the stock an "overweight" rating in a research report on Monday. Two investment 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. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $11.39.

Insider Activity at AvidXchange

In other AvidXchange news, President Daniel Drees sold 20,069 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the transaction, the president now owns 753,644 shares in the company, valued at $6,014,079.12. This trade represents a 2.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ryan Stahl sold 7,621 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $61,958.73. Following the transaction, the insider now owns 377,030 shares in the company, valued at $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 quarter, insiders have sold 166,386 shares of company stock worth $1,343,044. Company 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.