Piper Sandler Lowers AvidXchange (NASDAQ:AVDX) Price Target to $12.00

AvidXchange (NASDAQ:AVDX) had its price objective reduced by stock analysts at Piper Sandler from $14.00 to $12.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target suggests a potential upside of 3.09% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Barclays increased their price target on shares of AvidXchange from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Friday, December 22nd. Susquehanna increased their price target on shares of AvidXchange from $15.00 to $16.00 and gave the stock a “positive” rating in a research note on Thursday, February 29th. The Goldman Sachs Group raised their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. raised 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, BMO Capital Markets raised their target price on shares of AvidXchange from $11.00 to $13.00 and gave the stock a “market perform” rating in a research note on Thursday, February 29th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, AvidXchange presently has an average rating of “Hold” and an average target price of $13.17.

AvidXchange Stock Down 4.0 %

Shares of NASDAQ:AVDX opened at $11.64 on Friday. The stock has a market cap of $2.38 billion, a P/E ratio of -50.61 and a beta of 1.04. The firm has a fifty day moving average price of $12.45 and a 200 day moving average price of $11.07. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.25 and a quick ratio of 1.25. AvidXchange has a 1-year low of $6.88 and a 1-year high of $13.56.

Insider Activity

In other AvidXchange news, insider Todd Alan Cunningham sold 11,340 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $13.00, for a total transaction of $147,420.00. Following the completion of the transaction, the insider now directly owns 173,019 shares in the company, valued at approximately $2,249,247. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AvidXchange news, insider Todd Alan Cunningham sold 11,340 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $13.00, for a total transaction of $147,420.00. Following the completion of the transaction, the insider now directly owns 173,019 shares in the company, valued at approximately $2,249,247. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ryan Stahl sold 4,217 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $12.43, for a total transaction of $52,417.31. Following the transaction, the insider now owns 384,588 shares of the company’s stock, valued at $4,780,428.84. The disclosure for this sale can be found here. Insiders sold 3,010,167 shares of company stock worth $39,077,190 in the last 90 days. 10.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvidXchange

Several hedge funds have recently modified their holdings of the company. IFP Advisors Inc boosted its stake in shares of AvidXchange by 8.7% during the 2nd quarter. IFP Advisors Inc now owns 12,557 shares of the company’s stock worth $130,000 after purchasing an additional 1,003 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of AvidXchange by 2.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 61,637 shares of the company’s stock worth $640,000 after purchasing an additional 1,242 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of AvidXchange by 12.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 12,342 shares of the company’s stock worth $128,000 after purchasing an additional 1,347 shares during the last quarter. Credit Suisse AG boosted its stake in shares of AvidXchange by 4.4% during the 4th quarter. Credit Suisse AG now owns 34,188 shares of the company’s stock worth $340,000 after purchasing an additional 1,428 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of AvidXchange by 9.0% during the 4th quarter. Principal Financial Group Inc. now owns 17,502 shares of the company’s stock worth $217,000 after purchasing an additional 1,444 shares during the last quarter. 80.58% of the stock is 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.