Sumitomo Mitsui Trust Group Inc. Has $16.44 Million Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Sumitomo Mitsui Trust Group Inc. reduced its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 14.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,590,086 shares of the company's stock after selling 272,139 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.77% of AvidXchange worth $16,441,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. US Bancorp DE lifted its position in AvidXchange by 111,114.9% during the third quarter. US Bancorp DE now owns 52,271 shares of the company's stock worth $424,000 after buying an additional 52,224 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in AvidXchange in the third quarter valued at about $25,339,000. Entropy Technologies LP purchased a new position in AvidXchange in the third quarter valued at about $447,000. State of New Jersey Common Pension Fund D lifted its holdings in AvidXchange by 39.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company's stock worth $2,011,000 after buying an additional 69,971 shares during the last quarter. Finally, Barclays PLC lifted its holdings in AvidXchange by 239.8% during the 3rd quarter. Barclays PLC now owns 285,768 shares of the company's stock worth $2,318,000 after buying an additional 201,679 shares during the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

AvidXchange Stock Up 0.1 %

AVDX traded up $0.01 during trading on Friday, reaching $10.05. 588,208 shares of the stock traded hands, compared to its average volume of 1,268,602. AvidXchange Holdings, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The stock's 50-day simple moving average is $10.46 and its two-hundred day simple moving average is $9.35. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 534.50 and a beta of 1.22.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Compass Point raised AvidXchange from a "neutral" rating to a "buy" rating and raised their price target for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Wells Fargo & Company raised their target price on AvidXchange from $9.00 to $10.00 and gave the company an "equal weight" rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted 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. Barclays lifted their target price on AvidXchange from $11.00 to $13.00 and gave the stock an "overweight" rating in a report on Monday, November 18th. Finally, Piper Sandler lifted their target price on AvidXchange from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, AvidXchange presently has a consensus rating of "Hold" and a consensus target price of $11.61.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, Director Teresa Mackintosh sold 13,316 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the transaction, the director now directly owns 47,388 shares in the company, valued at $542,118.72. This trade represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 42,377 shares of the firm's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value 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 trade represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 80,693 shares of company stock worth $916,683 over the last three months. Corporate insiders own 10.40% of the company's stock.

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.