Sumitomo Mitsui Trust Group Inc. Sells 272,139 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 14.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,590,086 shares of the company’s stock after selling 272,139 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.77% of AvidXchange worth $16,441,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Jennison Associates LLC raised its position in AvidXchange by 50.9% during the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company’s stock worth $22,505,000 after purchasing an additional 733,860 shares during the last quarter. R Squared Ltd bought a new position in AvidXchange during the 4th quarter worth $41,000. KBC Group NV raised its position in AvidXchange by 60.9% during the 4th quarter. KBC Group NV now owns 8,836 shares of the company’s stock worth $91,000 after purchasing an additional 3,344 shares during the last quarter. Blue Trust Inc. raised its position in AvidXchange by 90.1% during the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after purchasing an additional 1,278 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in AvidXchange by 480.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 178,483 shares of the company’s stock worth $1,846,000 after purchasing an additional 147,719 shares during the last quarter. 80.58% of the stock is owned by institutional investors.

Insider Buying and Selling at AvidXchange

In other AvidXchange news, Director James E. Hausman sold 25,000 shares of AvidXchange stock in a transaction dated Monday, December 9th. The stock was 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Teresa Mackintosh sold 13,316 shares of AvidXchange stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $11.44, for a total transaction of $152,335.04. Following the transaction, the director now directly owns 47,388 shares in the company, valued at approximately $542,118.72. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 80,693 shares of company stock worth $916,683. Insiders own 10.40% of the company’s stock.

AvidXchange Stock Performance

Shares of AVDX opened at $9.92 on Thursday. The company has a market cap of $2.04 billion, a PE ratio of 534.50 and a beta of 1.22. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. AvidXchange Holdings, Inc. has a one year low of $7.38 and a one year high of $13.56. The stock has a 50-day moving average of $10.54 and a 200-day moving average of $9.38.

Analyst Ratings Changes

AVDX has been the subject of several analyst reports. Wells Fargo & Company raised their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and increased their price target for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Piper Sandler increased their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. UBS Group increased their price target on AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, KeyCorp increased their price target on AvidXchange from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.61.

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.