State Board of Administration of Florida Retirement System Buys Shares of 16,070 AvidXchange Holdings, Inc. (NASDAQ:AVDX)

State Board of Administration of Florida Retirement System bought a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX – Get Rating) during the fourth quarter, HoldingsChannel.com reports. The firm bought 16,070 shares of the company’s stock, valued at approximately $160,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC boosted its position in AvidXchange by 156.3% in the third quarter. Nuveen Asset Management LLC now owns 2,753,115 shares of the company’s stock valued at $23,181,000 after buying an additional 1,678,743 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in AvidXchange in the third quarter valued at approximately $35,000. IFP Advisors Inc boosted its position in AvidXchange by 18.2% in the third quarter. IFP Advisors Inc now owns 12,681 shares of the company’s stock valued at $316,000 after buying an additional 1,956 shares in the last quarter. North Reef Capital Management LP bought a new position in AvidXchange in the third quarter valued at about $9,000,000. Finally, Engle Capital Management L.P. bought a new position in AvidXchange in the third quarter valued at about $2,310,000. Institutional investors and hedge funds own 70.34% of the company’s stock.

Insider Activity at AvidXchange

In related news, insider Michael Praeger sold 59,158 shares of the business’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $9.55, for a total value of $564,958.90. Following the completion of the sale, the insider now directly owns 9,409,641 shares of the company’s stock, valued at approximately $89,862,071.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Michael Praeger sold 59,158 shares of the business’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $9.55, for a total value of $564,958.90. Following the completion of the sale, the insider now directly owns 9,409,641 shares of the company’s stock, valued at approximately $89,862,071.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew C. Harris sold 2,839,394 shares of the business’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $7.86, for a total value of $22,317,636.84. Following the completion of the sale, the director now directly owns 15,139,898 shares of the company’s stock, valued at $118,999,598.28. The disclosure for this sale can be found here. Insiders have sold 4,895,999 shares of company stock worth $41,001,078 in the last quarter. Company insiders own 10.50% of the company’s stock.

AvidXchange Stock Down 1.6 %

Shares of AvidXchange stock opened at $9.22 on Wednesday. AvidXchange Holdings, Inc. has a one year low of $5.86 and a one year high of $11.86. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.36 and a quick ratio of 1.36. The stock’s 50-day moving average is $7.90 and its 200 day moving average is $8.99. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of -19.62 and a beta of 0.38.

AvidXchange (NASDAQ:AVDX – Get Rating) last released its earnings results on Wednesday, March 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.07. AvidXchange had a negative net margin of 27.75% and a negative return on equity of 10.22%. The company had revenue of $86.18 million for the quarter, compared to the consensus estimate of $84.64 million. Equities research analysts anticipate that AvidXchange Holdings, Inc. will post -0.37 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on AVDX shares. Piper Sandler reiterated an “overweight” rating and issued a $11.00 target price on shares of AvidXchange in a research report on Thursday, March 2nd. Credit Suisse Group decreased their price target on shares of AvidXchange from $11.00 to $10.50 and set an “outperform” rating for the company in a research report on Thursday, March 2nd. Robert W. Baird decreased their price target on shares of AvidXchange from $14.00 to $12.00 in a research report on Thursday, May 4th. Barclays decreased their price target on shares of AvidXchange from $13.00 to $11.00 and set an “overweight” rating for the company in a research report on Monday, March 6th. Finally, KeyCorp reduced their price target on AvidXchange from $12.00 to $10.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $10.50.

AvidXchange Company Profile

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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 cash flow manager that provides cash management solutions.