Principal Financial Group Inc. Boosts Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Principal Financial Group Inc. raised its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 17.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,479 shares of the company’s stock after buying an additional 3,421 shares during the period. Principal Financial Group Inc.’s holdings in AvidXchange were worth $283,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. acquired a new stake in shares of AvidXchange in the second quarter valued at approximately $557,000. SG Americas Securities LLC lifted its position in AvidXchange by 2.9% in the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after buying an additional 835 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of AvidXchange by 1.0% in the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after acquiring an additional 1,656 shares during the last quarter. Kodai Capital Management LP boosted its position in AvidXchange by 872.9% during the first quarter. Kodai Capital Management LP now owns 1,581,667 shares of the company’s stock valued at $20,799,000 after purchasing an additional 1,419,099 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in AvidXchange by 6.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 97,054 shares of the company’s stock valued at $1,277,000 after purchasing an additional 5,563 shares during the last quarter. 80.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, President Daniel Drees sold 20,069 shares of AvidXchange stock in a transaction dated 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 approximately $6,014,079.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other AvidXchange news, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $160,150.62. Following the sale, the president now owns 753,644 shares in the company, valued at approximately $6,014,079.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Praeger sold 6,701 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the sale, the chief executive officer now owns 10,410,983 shares in the company, valued at approximately $85,057,731.11. The disclosure for this sale can be found here. Insiders have sold 148,689 shares of company stock worth $1,196,779 in the last 90 days. Corporate insiders own 10.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AVDX. UBS Group lowered AvidXchange from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $15.00 to $10.00 in a research note on Thursday, August 1st. Compass Point initiated coverage on AvidXchange in a research note on Wednesday, September 4th. They set a “neutral” rating and a $8.00 price target on the stock. Keefe, Bruyette & Woods decreased their price objective on AvidXchange from $13.50 to $11.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company decreased their price objective on AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. downgraded AvidXchange from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $11.00 to $9.00 in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $11.00.

AvidXchange Price Performance

AvidXchange stock opened at $7.69 on Friday. The firm has a market capitalization of $1.60 billion, a P/E ratio of -51.26 and a beta of 1.01. AvidXchange Holdings, Inc. has a 1 year low of $6.88 and a 1 year high of $13.56. The business has a 50-day moving average of $9.49 and a 200-day moving average of $11.00. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19.

AvidXchange (NASDAQ:AVDX) last posted its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $105.30 million during the quarter, compared to analyst estimates of $107.13 million. AvidXchange had a negative return on equity of 0.23% and a negative net margin of 3.18%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.05) EPS. On average, equities analysts anticipate that AvidXchange Holdings, Inc. will post 0.03 EPS for the current year.

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.