Highland Capital Management LLC Purchases Shares of 11,665 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Highland Capital Management LLC acquired a new position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the fourth quarter, Holdings Channel reports. The fund acquired 11,665 shares of the company’s stock, valued at approximately $145,000.

Several other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings 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 acquiring an additional 907,305 shares in the last quarter. Senvest Management LLC lifted its holdings in shares of AvidXchange by 26.3% in the 3rd quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock worth $116,587,000 after purchasing an additional 2,563,886 shares in the last quarter. BlackRock Inc. grew its position in AvidXchange by 13.7% in the 3rd quarter. BlackRock Inc. now owns 11,613,485 shares of the company’s stock valued at $97,786,000 after purchasing an additional 1,402,183 shares during the period. Millennium Management LLC increased its stake in AvidXchange by 63.4% during the 4th quarter. Millennium Management LLC now owns 7,858,752 shares of the company’s stock valued at $78,116,000 after purchasing an additional 3,048,717 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in AvidXchange by 29.2% during the third quarter. Lord Abbett & CO. LLC now owns 5,402,784 shares of the company’s stock worth $51,219,000 after buying an additional 1,222,044 shares during the last quarter. 80.58% of the stock is currently owned by institutional investors and hedge funds.

AvidXchange Trading Up 2.4 %

Shares of AVDX opened at $13.13 on Thursday. The firm has a market cap of $2.68 billion, a P/E ratio of -57.08 and a beta of 1.05. AvidXchange Holdings, Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.25 and a current ratio of 1.25. The business has a 50-day moving average of $12.14 and a 200 day moving average of $10.83.

Insiders Place Their Bets

In related news, insider Joel Wilhite sold 136,158 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $12.28, for a total transaction of $1,672,020.24. Following the sale, the insider now directly owns 454,878 shares in the company, valued at approximately $5,585,901.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, President Daniel Drees sold 38,900 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $13.15, for a total transaction of $511,535.00. Following the sale, the president now directly owns 501,394 shares in the company, valued at $6,593,331.10. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Joel Wilhite sold 136,158 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were 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 of the company’s stock, valued at $5,585,901.84. The disclosure for this sale can be found here. Insiders sold 3,010,167 shares of company stock worth $39,077,190 over the last quarter. 10.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

AVDX has been the topic of a number of analyst reports. TheStreet upgraded shares of AvidXchange from a “d+” rating to a “c-” rating in a report on Friday, December 15th. Piper Sandler lifted their target price on AvidXchange from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. BMO Capital Markets raised their price objective on AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. upped their target price on shares of AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Finally, Susquehanna upped their price objective 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. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.29.

AvidXchange 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.