Sumitomo Mitsui Trust Group Inc. Sells 35,134 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Sumitomo Mitsui Trust Group Inc. cut its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 2.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,554,952 shares of the company’s stock after selling 35,134 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.76% of AvidXchange worth $13,186,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. US Bancorp DE raised its position in shares of AvidXchange by 11.6% during the 4th quarter. US Bancorp DE now owns 58,350 shares of the company’s stock valued at $603,000 after purchasing an additional 6,079 shares during the period. Raymond James Financial Inc. bought a new stake in shares of AvidXchange during the 4th quarter valued at $115,000. Edgestream Partners L.P. raised its position in shares of AvidXchange by 601.2% during the 4th quarter. Edgestream Partners L.P. now owns 94,305 shares of the company’s stock valued at $975,000 after purchasing an additional 80,855 shares during the period. AlphaQuest LLC raised its position in shares of AvidXchange by 218.8% during the 4th quarter. AlphaQuest LLC now owns 71,067 shares of the company’s stock valued at $735,000 after purchasing an additional 48,778 shares during the period. Finally, King Luther Capital Management Corp raised its position in shares of AvidXchange by 5.8% during the 4th quarter. King Luther Capital Management Corp now owns 726,197 shares of the company’s stock valued at $7,509,000 after purchasing an additional 39,843 shares during the period. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Stock Performance

Shares of NASDAQ:AVDX opened at $9.84 on Friday. AvidXchange Holdings, Inc. has a 52 week low of $6.61 and a 52 week high of $12.93. The stock has a market capitalization of $2.03 billion, a P/E ratio of 982.00 and a beta of 1.20. The firm has a fifty day simple moving average of $9.51 and a two-hundred day simple moving average of $9.25. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.10.

Analyst Ratings Changes

AVDX has been the topic of several recent analyst reports. BTIG Research downgraded shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 7th. Robert W. Baird restated a “neutral” rating and set a $10.00 price objective on shares of AvidXchange in a research report on Thursday, May 8th. Wells Fargo & Company raised their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Susquehanna cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 8th. Finally, UBS Group raised their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, AvidXchange presently has an average rating of “Hold” and a consensus target price of $10.30.

Insider Buying and Selling at AvidXchange

In related news, insider Ryan Stahl sold 8,999 shares of AvidXchange stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $87,650.26. Following the completion of the transaction, the insider directly owned 667,226 shares of the company’s stock, valued at approximately $6,498,781.24. The trade was a 1.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Praeger sold 40,005 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $389,648.70. Following the transaction, the chief executive officer owned 11,037,830 shares in the company, valued at $107,508,464.20. The trade was a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,890 shares of company stock valued at $933,969. Corporate insiders own 11.10% of the company’s stock.

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.