Allspring Global Investments Holdings LLC Takes $38,000 Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Allspring Global Investments Holdings LLC purchased a new stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 4,650 shares of the company’s stock, valued at approximately $38,000.

Several other institutional investors have also added to or reduced their stakes in the company. Jennison Associates LLC purchased a new stake in shares of AvidXchange in the 1st quarter worth about $23,800,000. American Century Companies Inc. increased its stake in AvidXchange by 54.2% during the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock valued at $54,460,000 after purchasing an additional 1,586,510 shares in the last quarter. Kodai Capital Management LP increased its stake in AvidXchange by 872.9% during the 1st 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 in the last quarter. Lazard Asset Management LLC bought a new stake in AvidXchange during the 1st quarter valued at about $7,621,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in AvidXchange by 142.2% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 581,300 shares of the company’s stock valued at $7,010,000 after purchasing an additional 341,300 shares in the last quarter. Hedge funds and other institutional investors own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Wells Fargo & Company reduced their price target on shares of AvidXchange from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st. BMO Capital Markets dropped their price objective on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. Barclays dropped their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Bank of America lowered their price target on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. Finally, Robert W. Baird lowered their price target on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $10.57.

Insider Buying and Selling

In related news, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other AvidXchange news, President Daniel Drees sold 20,069 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Praeger sold 37,225 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the transaction, the chief executive officer now owns 10,453,786 shares in the company, valued at $83,421,212.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 166,386 shares of company stock worth $1,343,044. Insiders own 10.40% of the company’s stock.

AvidXchange Trading Up 1.4 %

Shares of AVDX opened at $8.50 on Wednesday. The company’s fifty day moving average is $8.07 and its 200 day moving average is $9.84. AvidXchange Holdings, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The stock has a market capitalization of $1.77 billion, a PE ratio of -141.67 and a beta of 1.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.36 and a current ratio of 1.36.

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.