AvidXchange (NASDAQ:AVDX – Free Report) had its price objective lifted by Piper Sandler from $8.00 to $10.00 in a report published on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.
AVDX has been the topic of several other research reports. KeyCorp cut AvidXchange from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 27th. BMO Capital Markets reduced their price target on shares of AvidXchange from $11.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, February 27th. Robert W. Baird dropped their price objective on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Keefe, Bruyette & Woods boosted their price objective on shares of AvidXchange from $8.00 to $9.00 and gave the company a “market perform” rating in a research report on Monday, March 31st. Finally, The Goldman Sachs Group lowered their target price on AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $10.30.
Check Out Our Latest Research Report on AVDX
AvidXchange Stock Up 0.1 %
AvidXchange (NASDAQ:AVDX – Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The firm had revenue of $115.44 million during the quarter, compared to the consensus estimate of $114.98 million. AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. Analysts forecast that AvidXchange will post 0.02 earnings per share for the current year.
Insiders Place Their Bets
In other AvidXchange news, President Daniel Drees sold 34,782 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $263,995.38. Following the sale, the president now owns 1,176,833 shares in the company, valued at $8,932,162.47. This represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Praeger sold 58,881 shares of AvidXchange stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $446,906.79. Following the transaction, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,866 shares of company stock valued at $955,323. 10.40% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On AvidXchange
Hedge funds have recently added to or reduced their stakes in the business. Azora Capital LP bought a new position in shares of AvidXchange in the fourth quarter valued at about $45,067,000. FMR LLC raised its holdings in AvidXchange by 8.4% in the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after acquiring an additional 1,155,513 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in AvidXchange during the fourth quarter worth approximately $10,292,000. Jennison Associates LLC grew its position in shares of AvidXchange by 45.7% in the first quarter. Jennison Associates LLC now owns 3,171,634 shares of the company’s stock valued at $26,895,000 after purchasing an additional 995,109 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its holdings in AvidXchange by 74.1% during the 4th quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company’s stock worth $17,581,000 after purchasing an additional 723,724 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.
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.
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