Piper Sandler Boosts AvidXchange (NASDAQ:AVDX) Price Target to $10.00

AvidXchange (NASDAQ:AVDX) had its price target raised by Piper Sandler from $8.00 to $10.00 in a research report sent to investors on Thursday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other analysts also recently weighed in on AVDX. Robert W. Baird cut their price target on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Morgan Stanley reduced their target price on AvidXchange from $11.00 to $8.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. JPMorgan Chase & Co. lowered their price target on AvidXchange from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. KeyCorp lowered AvidXchange from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 27th. Finally, Wolfe Research downgraded AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.30.

AvidXchange Trading Up 0.1 %

Shares of NASDAQ:AVDX opened at $9.73 on Thursday. The business’s 50 day simple moving average is $8.02 and its 200 day simple moving average is $9.40. AvidXchange has a 1 year low of $6.61 and a 1 year high of $12.93. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $2.01 billion, a P/E ratio of 243.25 and a beta of 1.14.

AvidXchange (NASDAQ:AVDX) last released its earnings results on Wednesday, February 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company had revenue of $115.44 million for the quarter, compared to analyst estimates of $114.98 million. AvidXchange had a positive return on equity of 0.74% and a negative net margin of 0.23%. On average, research analysts anticipate that AvidXchange will post 0.02 EPS for the current fiscal year.

Insider Buying and Selling at AvidXchange

In related news, CEO Michael Praeger sold 58,881 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 $446,906.79. Following the sale, the chief executive officer now directly owns 11,164,737 shares in the company, valued at $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Daniel Drees sold 34,782 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $7.59, for a total transaction of $263,995.38. Following the sale, the president now directly owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. This represents a 2.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 125,866 shares of company stock worth $955,323. Insiders own 10.40% of the company’s stock.

Institutional Trading of AvidXchange

A number of large investors have recently bought and sold shares of AVDX. Vanguard Group Inc. grew its stake in AvidXchange by 0.7% during the first quarter. Vanguard Group Inc. now owns 18,236,837 shares of the company’s stock worth $154,648,000 after purchasing an additional 126,786 shares during the period. Blueshift Asset Management LLC acquired a new stake in shares of AvidXchange during the 1st quarter worth approximately $102,000. Corton Capital Inc. bought a new stake in shares of AvidXchange in the 1st quarter valued at $87,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of AvidXchange by 19.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,164 shares of the company’s stock valued at $256,000 after acquiring an additional 5,006 shares during the period. Finally, Accretive Wealth Partners LLC bought a new position in AvidXchange during the first quarter worth $418,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.

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.