AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. cut its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 23.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 954,730 shares of the company’s stock after selling 295,776 shares during the period. Federated Hermes Inc.’s holdings in AvidXchange were worth $11,829,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Sumitomo Mitsui Trust Holdings Inc. lifted its position in AvidXchange by 24.7% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,877,536 shares of the company’s stock valued at $23,263,000 after purchasing an additional 372,291 shares during the last quarter. Highland Capital Management LLC bought a new stake in AvidXchange in the 4th quarter valued at about $145,000. ARK Investment Management LLC lifted its position in AvidXchange by 10.1% in the 4th quarter. ARK Investment Management LLC now owns 1,109,512 shares of the company’s stock valued at $13,747,000 after purchasing an additional 101,878 shares during the last quarter. Legato Capital Management LLC bought a new stake in AvidXchange in the 4th quarter valued at about $168,000. Finally, Vanguard Group Inc. lifted its position in AvidXchange by 5.2% in the 3rd quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock valued at $175,209,000 after purchasing an additional 907,305 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVDX has been the topic of several recent research reports. BMO Capital Markets lifted their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a research report on Thursday, February 29th. Piper Sandler cut their price objective on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. The Goldman Sachs Group restated a “sell” rating and set a $11.50 price target (down from $13.00) on shares of AvidXchange in a research report on Monday, April 15th. Susquehanna boosted their price target on shares of AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a research report on Thursday, February 29th. Finally, Keefe, Bruyette & Woods started coverage on shares of AvidXchange in a research report on Tuesday, April 9th. They set a “market perform” rating and a $13.50 price target on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $13.07.

AvidXchange Stock Up 2.2 %

NASDAQ AVDX opened at $12.03 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.25 and a quick ratio of 1.25. The company’s 50 day simple moving average is $12.41 and its 200 day simple moving average is $11.20. AvidXchange Holdings, Inc. has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a market capitalization of $2.46 billion, a P/E ratio of -52.30 and a beta of 1.04.

Insider Buying and Selling

In related news, President Daniel Drees sold 17,604 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $13.02, for a total value of $229,204.08. Following the sale, the president now directly owns 750,744 shares in the company, valued at approximately $9,774,686.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Angelic Gibson sold 40,000 shares of AvidXchange stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total value of $520,000.00. Following the transaction, the insider now directly owns 430,606 shares of the company’s stock, valued at $5,597,878. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Daniel Drees sold 17,604 shares of AvidXchange stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $13.02, for a total transaction of $229,204.08. Following the completion of the transaction, the president now directly owns 750,744 shares in the company, valued at $9,774,686.88. The disclosure for this sale can be found here. Insiders have sold 3,010,167 shares of company stock worth $39,077,190 in the last ninety days. 10.30% of the stock is currently owned by corporate insiders.

About AvidXchange

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.