Sumitomo Mitsui Trust Group Inc. Raises Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Sumitomo Mitsui Trust Group Inc. increased its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 9.1% in the 3rd quarter, Holdings Channel reports. The firm owned 1,862,225 shares of the company’s stock after purchasing an additional 155,008 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in AvidXchange were worth $15,103,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. SG Americas Securities LLC increased its position in shares of AvidXchange by 2.9% during the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after purchasing an additional 835 shares in the last quarter. California State Teachers Retirement System boosted its stake in AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after buying an additional 1,656 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in AvidXchange by 96.3% during the first quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares during the last quarter. ProShare Advisors LLC boosted its stake in AvidXchange by 9.7% during the first quarter. ProShare Advisors LLC now owns 27,135 shares of the company’s stock worth $357,000 after buying an additional 2,396 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock worth $107,000 after buying an additional 3,019 shares during the last quarter. 80.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at AvidXchange

In other AvidXchange news, 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 sale, the chief executive officer now directly owns 10,453,786 shares of the company’s stock, valued at $83,421,212.28. The trade was a 0.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Daniel Drees sold 20,069 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the transaction, the president now directly owns 753,644 shares in the company, valued at $6,014,079.12. This trade represents a 2.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 166,386 shares of company stock worth $1,343,044. Company insiders own 10.40% of the company’s stock.

AvidXchange Stock Down 2.8 %

Shares of AvidXchange stock opened at $10.44 on Monday. The company has a quick ratio of 1.36, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The business has a 50-day moving average price of $8.44 and a 200 day moving average price of $9.77. The firm has a market cap of $2.15 billion, a P/E ratio of 522.00 and a beta of 1.00. AvidXchange Holdings, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $13.56.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AVDX. Keefe, Bruyette & Woods upped their price target on AvidXchange from $9.00 to $10.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Susquehanna decreased their target price on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research note on Thursday, August 1st. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and increased their target price for the stock from $8.00 to $15.00 in a research note on Thursday, November 7th. UBS Group upped 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, Robert W. Baird dropped their price objective on AvidXchange from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $11.18.

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.