Vanguard Group Inc. Boosts Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Vanguard Group Inc. boosted its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 0.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 18,110,051 shares of the company's stock after acquiring an additional 116,410 shares during the period. Vanguard Group Inc. owned 8.80% of AvidXchange worth $187,258,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE raised its position in shares of AvidXchange by 11.6% during the fourth quarter. US Bancorp DE now owns 58,350 shares of the company's stock worth $603,000 after purchasing an additional 6,079 shares during the period. Barclays PLC raised its holdings in AvidXchange by 239.8% during the third 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. Charles Schwab Investment Management Inc. lifted its stake in shares of AvidXchange by 8.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,528,875 shares of the company's stock valued at $12,399,000 after buying an additional 114,763 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of AvidXchange during the fourth quarter valued at about $372,000. Finally, Geode Capital Management LLC increased its position in shares of AvidXchange by 5.0% during the third quarter. Geode Capital Management LLC now owns 4,266,265 shares of the company's stock worth $34,607,000 after acquiring an additional 201,847 shares in the last quarter. Institutional investors and hedge funds own 80.58% of the company's stock.

Insider Activity at AvidXchange

In other news, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the completion of the transaction, the president now directly owns 1,176,833 shares in the company, valued at approximately $8,932,162.47. The trade was a 2.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joel Wilhite sold 32,203 shares of the business's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $244,420.77. Following the sale, the insider now owns 843 shares in the company, valued at approximately $6,398.37. The trade was a 97.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 125,866 shares of company stock worth $955,323. Company insiders own 10.40% of the company's stock.

Analysts Set New Price Targets

AVDX has been the topic of several recent research reports. JPMorgan Chase & Co. dropped their price target on shares of AvidXchange from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Wells Fargo & Company cut their target price on AvidXchange from $10.00 to $8.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. Piper Sandler lowered their price target on AvidXchange from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, February 28th. Wolfe Research downgraded shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 27th. Finally, Barclays downgraded shares of AvidXchange from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $13.00 to $8.00 in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, AvidXchange currently has an average rating of "Hold" and an average target price of $10.07.

AvidXchange Stock Performance

Shares of AVDX stock traded up $0.13 during trading hours on Friday, hitting $7.69. 1,213,172 shares of the company were exchanged, compared to its average volume of 2,013,554. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 192.25 and a beta of 1.14. The firm has a fifty day simple moving average of $8.46 and a 200 day simple moving average of $9.39. AvidXchange Holdings, Inc. has a 52-week low of $6.61 and a 52-week high of $12.93.

AvidXchange (NASDAQ:AVDX - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. The firm had revenue of $115.44 million during the quarter, compared to analysts' expectations of $114.98 million. Research analysts predict that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

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.