AvidXchange Holdings, Inc. (NASDAQ:AVDX) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDXFree Report) by 14.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,058 shares of the company’s stock after acquiring an additional 2,556 shares during the quarter. Principal Financial Group Inc.’s holdings in AvidXchange were worth $264,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of AVDX. TimesSquare Capital Management LLC boosted its holdings in AvidXchange by 102.9% during the third quarter. TimesSquare Capital Management LLC now owns 2,002,000 shares of the company’s stock worth $18,979,000 after buying an additional 1,015,325 shares in the last quarter. American Century Companies Inc. purchased a new stake in shares of AvidXchange during the 3rd quarter worth about $11,884,000. Vanguard Group Inc. grew its position in shares of AvidXchange by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock valued at $175,209,000 after acquiring an additional 907,305 shares during the period. Legato Capital Management LLC acquired a new stake in shares of AvidXchange during the 4th quarter valued at about $168,000. Finally, ARK Investment Management LLC increased its stake in shares of 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 in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVDX has been the topic of several research analyst reports. Piper Sandler dropped their price objective on AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Barclays cut their price target on shares of AvidXchange from $16.00 to $14.00 and set an “overweight” rating for the company in a report on Monday, May 13th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $11.50 price objective (down from $13.00) on shares of AvidXchange in a report on Monday, April 15th. Finally, Keefe, Bruyette & Woods started coverage on shares of AvidXchange in a research note on Tuesday, April 9th. They set a “market perform” rating and a $13.50 target price for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $12.86.

View Our Latest Analysis on AVDX

Insiders Place Their Bets

In other news, CEO Michael Praeger sold 29,192 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $10.85, for a total value of $316,733.20. Following the completion of the sale, the chief executive officer now owns 10,440,510 shares of the company’s stock, valued at approximately $113,279,533.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Michael Praeger sold 29,192 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total value of $316,733.20. Following the transaction, the chief executive officer now owns 10,440,510 shares of the company’s stock, valued at approximately $113,279,533.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Daniel Drees sold 13,762 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $11.24, for a total value of $154,684.88. Following the transaction, the president now owns 758,406 shares of the company’s stock, valued at $8,524,483.44. The disclosure for this sale can be found here. Insiders have sold 152,897 shares of company stock valued at $1,695,238 over the last ninety days. Company insiders own 10.30% of the company’s stock.

AvidXchange Price Performance

AVDX stock opened at $12.30 on Monday. AvidXchange Holdings, Inc. has a 1 year low of $6.88 and a 1 year high of $13.56. The firm has a market capitalization of $2.54 billion, a PE ratio of -82.00 and a beta of 1.04. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34. The business has a 50 day simple moving average of $11.27 and a 200-day simple moving average of $11.76.

AvidXchange (NASDAQ:AVDXGet Free Report) last issued its earnings results on Wednesday, May 8th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.04. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. The company had revenue of $105.60 million during the quarter, compared to analysts’ expectations of $101.33 million. Equities research analysts anticipate that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current fiscal year.

AvidXchange Profile

(Free Report)

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.

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Institutional Ownership by Quarter for AvidXchange (NASDAQ:AVDX)

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