AvidXchange (NASDAQ:AVDX) Given New $12.00 Price Target at Piper Sandler

AvidXchange (NASDAQ:AVDX) had its price objective trimmed by Piper Sandler from $14.00 to $12.00 in a report released on Friday, Benzinga reports. The firm currently has a neutral rating on the stock.

AVDX has been the subject of several other research reports. JPMorgan Chase & Co. lifted their price objective on AvidXchange from $14.00 to $15.00 and gave the stock an overweight rating in a report on Thursday, February 29th. Barclays boosted their price target on shares of AvidXchange from $13.00 to $14.00 and gave the company an overweight rating in a research report on Friday, December 22nd. Keefe, Bruyette & Woods started coverage on shares of AvidXchange in a research note on Tuesday, April 9th. They issued a market perform rating and a $13.50 price objective for the company. The Goldman Sachs Group increased their target price on AvidXchange from $11.00 to $13.00 and gave the stock a neutral rating in a research report on Thursday, February 29th. Finally, TheStreet upgraded AvidXchange from a d+ rating to a c- rating in a research report on Friday, December 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $13.07.

AvidXchange Stock Performance

NASDAQ:AVDX opened at $11.14 on Friday. The company has a market capitalization of $2.28 billion, a P/E ratio of -48.43 and a beta of 1.04. The business has a fifty day simple moving average of $12.45 and a two-hundred day simple moving average of $11.10. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.25 and a quick ratio of 1.25. AvidXchange has a 1 year low of $6.88 and a 1 year high of $13.56.

Insider Activity

In other news, insider Angelic Gibson sold 40,000 shares of the stock in a transaction 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 owns 430,606 shares of the company’s stock, valued at approximately $5,597,878. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other AvidXchange news, insider Todd Alan Cunningham sold 11,340 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $13.00, for a total value of $147,420.00. Following the completion of the sale, the insider now owns 173,019 shares of the company’s stock, valued at $2,249,247. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Angelic Gibson sold 40,000 shares of AvidXchange stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $13.00, for a total transaction of $520,000.00. Following the transaction, the insider now directly owns 430,606 shares in the company, valued at $5,597,878. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,010,167 shares of company stock worth $39,077,190. 10.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AvidXchange

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in AvidXchange by 5.2% in the third quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock worth $175,209,000 after purchasing an additional 907,305 shares during the last quarter. Senvest Management LLC boosted its holdings in AvidXchange by 26.3% during the 3rd quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock valued at $116,587,000 after acquiring an additional 2,563,886 shares during the period. BlackRock Inc. grew its position in AvidXchange by 13.7% during the 3rd quarter. BlackRock Inc. now owns 11,613,485 shares of the company’s stock worth $97,786,000 after acquiring an additional 1,402,183 shares during the last quarter. Millennium Management LLC increased its stake in AvidXchange by 63.4% in the 4th quarter. Millennium Management LLC now owns 7,858,752 shares of the company’s stock worth $78,116,000 after purchasing an additional 3,048,717 shares during the period. Finally, Lord Abbett & CO. LLC increased its stake in AvidXchange by 29.2% in the 3rd quarter. Lord Abbett & CO. LLC now owns 5,402,784 shares of the company’s stock worth $51,219,000 after purchasing an additional 1,222,044 shares during the period. Hedge funds and other institutional investors 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.