Northern Trust Corp Purchases 127,396 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Northern Trust Corp lifted its position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 8.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,653,173 shares of the company’s stock after purchasing an additional 127,396 shares during the quarter. Northern Trust Corp’s holdings in AvidXchange were worth $17,094,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in AVDX. Blue Trust Inc. increased its stake in AvidXchange by 90.1% during the fourth quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock worth $28,000 after acquiring an additional 1,278 shares during the last quarter. R Squared Ltd purchased a new stake in AvidXchange during the fourth quarter valued at approximately $41,000. Quarry LP raised its position in AvidXchange by 126.6% during the fourth quarter. Quarry LP now owns 5,518 shares of the company’s stock valued at $57,000 after purchasing an additional 3,083 shares during the period. KBC Group NV raised its position in AvidXchange by 60.9% during the fourth quarter. KBC Group NV now owns 8,836 shares of the company’s stock valued at $91,000 after purchasing an additional 3,344 shares during the period. Finally, Bragg Financial Advisors Inc purchased a new stake in AvidXchange during the fourth quarter valued at approximately $113,000. 80.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on AVDX shares. UBS Group upped their price objective on AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, May 8th. The Goldman Sachs Group cut their target price on AvidXchange from $9.50 to $7.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. Barclays cut AvidXchange from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $13.00 to $8.00 in a research note on Tuesday, March 4th. Wells Fargo & Company upped their target price on AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $10.00 target price on shares of AvidXchange in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $10.30.

AvidXchange Stock Up 0.1%

AvidXchange stock opened at $9.73 on Thursday. AvidXchange Holdings, Inc. has a twelve month low of $6.61 and a twelve month high of $12.93. The business has a fifty day moving average of $8.17 and a two-hundred day moving average of $9.42. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a market cap of $2.01 billion, a P/E ratio of 243.25 and a beta of 1.14.

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

Insider Activity

In related news, insider Joel Wilhite sold 32,203 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $7.59, for a total value of $244,420.77. Following the completion of the transaction, the insider now owns 843 shares in the company, valued at $6,398.37. This trade represents a 97.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Praeger sold 58,881 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 11,164,737 shares of the company’s stock, valued at $84,740,353.83. This trade represents a 0.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,866 shares of company stock worth $955,323. Insiders own 10.40% 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.