Principal Financial Group Inc. Has $132,000 Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Principal Financial Group Inc. decreased its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 30.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,296 shares of the company’s stock after selling 7,183 shares during the quarter. Principal Financial Group Inc.’s holdings in AvidXchange were worth $132,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Captrust Financial Advisors raised its position in AvidXchange by 9.2% in the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock worth $141,000 after purchasing an additional 1,465 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake 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. Point72 DIFC Ltd acquired a new position in shares of AvidXchange in the 3rd quarter worth approximately $37,000. Allspring Global Investments Holdings LLC bought a new position in shares of AvidXchange during the 3rd quarter worth approximately $38,000. Finally, Sei Investments Co. boosted its stake in AvidXchange by 7.2% in the 2nd quarter. Sei Investments Co. now owns 72,153 shares of the company’s stock valued at $870,000 after buying an additional 4,866 shares in the last quarter. 80.58% of the stock is owned by institutional investors.

Insider Activity

In related news, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the transaction, the director now owns 2,112,232 shares in the company, valued at approximately $23,762,610. The trade was a 1.17 % 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 this link. Also, insider Ryan Stahl sold 7,427 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the completion of the sale, the insider now owns 369,603 shares in the company, valued at approximately $3,171,193.74. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 88,120 shares of company stock valued at $980,407. 10.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

AVDX has been the subject of several recent analyst reports. BMO Capital Markets increased their price objective on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. UBS Group increased their target price on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods reduced their price target on shares of AvidXchange from $12.00 to $11.00 and set a “market perform” rating on the stock in a research report on Monday. Piper Sandler raised 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. Finally, KeyCorp boosted their target price on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, AvidXchange has an average rating of “Hold” and a consensus target price of $11.61.

AvidXchange Stock Down 1.5 %

Shares of AVDX opened at $10.12 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. AvidXchange Holdings, Inc. has a 52 week low of $7.38 and a 52 week high of $13.56. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of 518.50 and a beta of 1.22. The business’s fifty day moving average price is $10.52 and its two-hundred day moving average price is $9.72.

About AvidXchange

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.