AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Bought by Lazard Asset Management LLC

Lazard Asset Management LLC boosted its stake in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX – Get Rating) by 185.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,942 shares of the company’s stock after acquiring an additional 5,809 shares during the quarter. Lazard Asset Management LLC’s holdings in AvidXchange were worth $75,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC lifted its position in AvidXchange by 31.6% during the 1st quarter. Neuberger Berman Group LLC now owns 4,324,233 shares of the company’s stock worth $34,647,000 after acquiring an additional 1,039,536 shares during the period. Millennium Management LLC raised its stake in shares of AvidXchange by 664.3% during the 2nd quarter. Millennium Management LLC now owns 3,154,283 shares of the company’s stock worth $19,367,000 after buying an additional 2,741,582 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of AvidXchange by 156.3% during the 3rd quarter. Nuveen Asset Management LLC now owns 2,753,115 shares of the company’s stock worth $23,181,000 after buying an additional 1,678,743 shares in the last quarter. Federated Hermes Inc. raised its stake in shares of AvidXchange by 66.7% during the 1st quarter. Federated Hermes Inc. now owns 2,500,000 shares of the company’s stock worth $20,125,000 after buying an additional 1,000,000 shares in the last quarter. Finally, State Street Corp raised its stake in shares of AvidXchange by 417.4% during the 2nd quarter. State Street Corp now owns 2,319,230 shares of the company’s stock worth $14,240,000 after buying an additional 1,870,942 shares in the last quarter. 70.34% of the stock is owned by institutional investors and hedge funds.

AvidXchange Stock Performance

AvidXchange stock opened at $9.57 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.30 and a current ratio of 1.30. The stock has a fifty day moving average of $10.29 and a two-hundred day moving average of $9.10. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of -18.40 and a beta of 0.52. AvidXchange Holdings, Inc. has a fifty-two week low of $5.86 and a fifty-two week high of $11.86.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVDX. Barclays cut their target price on AvidXchange from $13.00 to $11.00 and set an “overweight” rating for the company in a research note on Monday. Piper Sandler reissued an “overweight” rating and set a $11.00 target price on shares of AvidXchange in a research note on Thursday, March 2nd. Credit Suisse Group cut their target price on AvidXchange from $11.00 to $10.50 and set an “outperform” rating for the company in a research note on Thursday, March 2nd. Robert W. Baird raised their price objective on AvidXchange from $12.00 to $14.00 and gave the company an “outperform” rating in a research note on Thursday, January 19th. Finally, Wolfe Research raised their price objective on AvidXchange from $10.00 to $12.00 in a research note on Thursday, January 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.95.

About AvidXchange

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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 cash flow manager that provides cash management solutions.