Jennison Associates LLC Purchases 733,860 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Jennison Associates LLC increased its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 50.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 2,176,525 shares of the company’s stock after purchasing an additional 733,860 shares during the period. Jennison Associates LLC owned 1.06% of AvidXchange worth $22,505,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Blue Trust Inc. boosted its stake in shares of AvidXchange by 90.1% during the 4th 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 period. R Squared Ltd bought a new position in AvidXchange during the fourth quarter worth $41,000. Point72 DIFC Ltd acquired a new position in shares of AvidXchange in the third quarter valued at $37,000. Allspring Global Investments Holdings LLC bought a new position in shares of AvidXchange in the third quarter valued at about $38,000. Finally, CWM LLC lifted its stake in shares of AvidXchange by 7,259.8% during the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock worth $55,000 after buying an additional 6,679 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analyst Ratings Changes

AVDX has been the topic of a number of research reports. Keefe, Bruyette & Woods lowered their price target on shares of AvidXchange from $12.00 to $11.00 and set a “market perform” rating on the stock in a report on Monday, January 6th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and boosted their price target for the company from $8.00 to $15.00 in a research note on Thursday, November 7th. Barclays increased their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. KeyCorp boosted their target price on shares of AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Wells Fargo & Company raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $11.61.

AvidXchange Stock Up 1.7 %

NASDAQ AVDX opened at $10.81 on Thursday. The business has a fifty day moving average price of $10.65 and a two-hundred day moving average price of $9.46. The stock has a market capitalization of $2.22 billion, a PE ratio of 530.00 and a beta of 1.22. AvidXchange Holdings, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $13.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32.

Insider Buying and Selling

In other news, Director Teresa Mackintosh sold 13,316 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.44, for a total value of $152,335.04. Following the completion of the transaction, the director now owns 47,388 shares of the company’s stock, valued at approximately $542,118.72. This represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $11.25, for a total transaction of $281,250.00. Following the completion of the sale, the director now owns 2,112,232 shares in the company, valued at approximately $23,762,610. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock worth $916,683 in the last ninety days. 10.40% of the stock is owned by insiders.

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.