Piper Sandler Lowers AvidXchange (NASDAQ:AVDX) Price Target to $12.00

AvidXchange (NASDAQ:AVDX) had its price objective cut by Piper Sandler from $14.00 to $12.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 3.09% from the company’s current price.

Other analysts have also issued reports about the company. Susquehanna boosted their target price on AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a research note on Thursday, February 29th. Keefe, Bruyette & Woods started coverage on AvidXchange in a research note on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 target price for the company. The Goldman Sachs Group upped their price target on AvidXchange from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. upped their target price on AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Finally, Barclays upped their price target on AvidXchange from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Friday, December 22nd. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, AvidXchange has an average rating of “Hold” and a consensus target price of $13.17.

AvidXchange Stock Performance

Shares of AvidXchange stock opened at $11.64 on Friday. The business’s fifty day simple moving average is $12.45 and its 200 day simple moving average is $11.07. The firm has a market capitalization of $2.38 billion, a P/E ratio of -50.61 and a beta of 1.04. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.20.

Insider Buying and Selling

In other AvidXchange news, insider Joel Wilhite sold 136,158 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $12.28, for a total value of $1,672,020.24. Following the completion of the sale, the insider now owns 454,878 shares in the company, valued at approximately $5,585,901.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Joel Wilhite sold 136,158 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $12.28, for a total transaction of $1,672,020.24. Following the completion of the transaction, the insider now owns 454,878 shares in the company, valued at $5,585,901.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael Praeger sold 69,508 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $13.15, for a total value of $914,030.20. Following the transaction, the chief executive officer now owns 10,183,941 shares of the company’s stock, valued at approximately $133,918,824.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,010,167 shares of company stock valued at $39,077,190. 10.30% of the stock is owned by company insiders.

Institutional Trading of AvidXchange

Several institutional investors have recently added to or reduced their stakes in AVDX. National Bank of Canada FI bought a new stake in shares of AvidXchange during the fourth quarter valued at approximately $54,000. Quarry LP purchased a new position in AvidXchange in the first quarter valued at $58,000. Russell Investments Group Ltd. acquired a new stake in shares of AvidXchange in the second quarter valued at about $65,000. Ensign Peak Advisors Inc acquired a new stake in shares of AvidXchange in the third quarter valued at about $78,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in AvidXchange during the second quarter worth about $86,000. Institutional investors own 80.58% of the company’s stock.

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.