Brown Advisory Inc. Has $4.34 Million Stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Brown Advisory Inc. boosted its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 6.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 350,269 shares of the company’s stock after purchasing an additional 20,998 shares during the period. Brown Advisory Inc. owned 0.17% of AvidXchange worth $4,340,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Nikko Asset Management Americas Inc. increased its holdings in AvidXchange by 24.7% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 1,877,536 shares of the company’s stock valued at $23,281,000 after purchasing an additional 372,291 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in AvidXchange by 24.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,783,275 shares of the company’s stock valued at $22,095,000 after purchasing an additional 352,540 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of AvidXchange by 17.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,864,725 shares of the company’s stock valued at $47,885,000 after buying an additional 587,692 shares during the period. Versor Investments LP increased its stake in shares of AvidXchange by 16.1% in the 4th quarter. Versor Investments LP now owns 47,300 shares of the company’s stock valued at $586,000 after buying an additional 6,562 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of AvidXchange by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,288,173 shares of the company’s stock valued at $15,960,000 after buying an additional 23,506 shares during the period. 80.58% of the stock is owned by institutional investors and hedge funds.

AvidXchange Stock Performance

AVDX stock opened at $10.93 on Thursday. The business’s 50-day moving average price is $12.01 and its two-hundred day moving average price is $11.59. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.20. The firm has a market cap of $2.26 billion, a PE ratio of -72.86 and a beta of 1.07. AvidXchange Holdings, Inc. has a 1-year low of $6.88 and a 1-year high of $13.56.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Piper Sandler lowered their target price on AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Keefe, Bruyette & Woods assumed coverage on AvidXchange in a research note on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 target price for the company. The Goldman Sachs Group reissued a “sell” rating and issued a $11.50 target price (down from $13.00) on shares of AvidXchange in a research note on Monday, April 15th. Susquehanna lifted their target price on AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a research note on Thursday, February 29th. Finally, BMO Capital Markets lifted their target price on AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a research note on Thursday, February 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $13.14.

Insider Activity

In other news, insider Angelic Gibson sold 40,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $13.00, for a total value of $520,000.00. Following the sale, the insider now directly owns 430,606 shares in the company, valued at $5,597,878. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Michael Praeger sold 43,738 shares of AvidXchange stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.11, for a total value of $485,929.18. Following the sale, the chief executive officer now owns 10,440,510 shares of the company’s stock, valued at $115,994,066.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Angelic Gibson sold 40,000 shares of AvidXchange stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $13.00, for a total value of $520,000.00. Following the completion of the sale, the insider now directly owns 430,606 shares in the company, valued at approximately $5,597,878. The disclosure for this sale can be found here. Insiders have sold a total of 3,105,448 shares of company stock worth $40,142,462 over the last three months. Corporate insiders own 10.30% of the company’s stock.

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.