AvidXchange (NASDAQ:AVDX) Price Target Cut to $12.00 by Analysts at Piper Sandler (2024)

AvidXchange (NASDAQ:AVDX – Free Report) had its target price trimmed by Piper Sandler from $14.00 to $12.00 in a report published on Friday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

AVDX has been the topic of several other reports. Barclays increased their target price on shares of AvidXchange from $13.00 to $14.00 and gave the stock an overweight rating in a report on Friday, December 22nd. JPMorgan Chase & Co. increased their target price on shares of AvidXchange from $14.00 to $15.00 and gave the stock an overweight rating in a report on Thursday, February 29th. Keefe, Bruyette & Woods assumed coverage on shares of AvidXchange in a report on Tuesday. They set a market perform rating and a $13.50 target price on the stock. The Goldman Sachs Group increased their price target on shares of AvidXchange from $11.00 to $13.00 and gave the company a neutral rating in a research report on Thursday, February 29th. Finally, TheStreet raised shares of AvidXchange from a d+ rating to a c- rating in a research report on Friday, December 15th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $13.17.

Check Out Our Latest Research Report on AVDX

AvidXchange Stock Down 4.0 %

NASDAQ AVDX opened at $11.64 on Friday. The company’s 50-day moving average price is $12.45 and its 200-day moving average price is $11.06. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.25 and a current ratio of 1.25. AvidXchange has a 12 month low of $6.88 and a 12 month high of $13.56.

Insider Activity at AvidXchange

In related news, CEO Michael Praeger sold 69,508 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $13.15, for a total value of $914,030.20. Following the completion of the transaction, the chief executive officer now directly owns 10,183,941 shares of the company’s stock, valued at approximately $133,918,824.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other AvidXchange news, insider Todd Alan Cunningham sold 11,340 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $2,249,247. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Praeger sold 69,508 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $13.15, for a total transaction of $914,030.20. Following the transaction, the chief executive officer now directly owns 10,183,941 shares of the company’s stock, valued at $133,918,824.15. The disclosure for this sale can be found here. Insiders sold 3,010,167 shares of company stock valued at $39,077,190 in the last three months. 10.30% of the stock is owned by insiders.

Hedge Funds Weigh In On AvidXchange

Institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. raised its position in AvidXchange by 9.9% during the 3rd quarter. Federated Hermes Inc. now owns 1,250,506 shares of the company’s stock worth $11,855,000 after buying an additional 112,887 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of AvidXchange by 212.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 229,716 shares of the company’s stock worth $2,178,000 after purchasing an additional 156,236 shares during the period. ARK Investment Management LLC grew its stake in shares of AvidXchange by 10.1% during the 4th quarter. ARK Investment Management LLC now owns 1,109,512 shares of the company’s stock worth $13,747,000 after purchasing an additional 101,878 shares during the period. Vanguard Group Inc. grew its stake in shares of AvidXchange by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock worth $175,209,000 after purchasing an additional 907,305 shares during the period. Finally, Senvest Management LLC grew its stake in shares of AvidXchange by 26.3% during the 3rd quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock worth $116,587,000 after purchasing an additional 2,563,886 shares during the period. 80.58% of the stock is owned by hedge funds and other institutional investors.

About AvidXchange

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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 the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.

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