State Street Corp Has $30.52 Million Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

State Street Corp increased its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 1.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,763,694 shares of the company’s stock after acquiring an additional 54,403 shares during the period. State Street Corp owned about 1.83% of AvidXchange worth $30,524,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in AVDX. Assenagon Asset Management S.A. bought a new stake in AvidXchange during the second quarter worth $557,000. Principal Financial Group Inc. boosted its holdings in AvidXchange by 17.1% during the 2nd quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock worth $283,000 after acquiring an additional 3,421 shares during the last quarter. nVerses Capital LLC bought a new stake in shares of AvidXchange in the 2nd quarter worth $66,000. Rhumbline Advisers raised its holdings in shares of AvidXchange by 15.2% in the second quarter. Rhumbline Advisers now owns 242,533 shares of the company’s stock valued at $2,925,000 after purchasing an additional 32,085 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of AvidXchange by 54.2% during the second 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. Institutional investors own 80.58% of the company’s stock.

AvidXchange Trading Down 0.7 %

Shares of AvidXchange stock opened at $10.56 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market capitalization of $2.17 billion, a P/E ratio of 564.50 and a beta of 1.20. AvidXchange Holdings, Inc. has a 52-week low of $7.38 and a 52-week high of $13.56. The stock’s 50-day simple moving average is $10.07 and its 200 day simple moving average is $9.76.

Insider Activity

In other news, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction on Friday, December 6th. The stock was sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the transaction, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. The trade was a 21.94 % 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, Director James E. Hausman sold 25,000 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $11.25, for a total value of $281,250.00. Following the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 95,741 shares of company stock valued at $1,042,365 over the last quarter. Company insiders own 10.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVDX. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $8.00 to $15.00 in a research report on Thursday, November 7th. Wells Fargo & Company boosted their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. The Goldman Sachs Group increased 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. BMO Capital Markets lifted their price target on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Finally, Bank of America reduced their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. Two 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 presently has an average rating of “Hold” and an average target price of $11.68.

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.