Jennison Associates LLC Sells 957,597 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Jennison Associates LLC decreased its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 39.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,442,665 shares of the company’s stock after selling 957,597 shares during the quarter. Jennison Associates LLC’s holdings in AvidXchange were worth $11,700,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. US Bancorp DE increased its stake in shares of AvidXchange by 111,114.9% in the third quarter. US Bancorp DE now owns 52,271 shares of the company’s stock worth $424,000 after purchasing an additional 52,224 shares in the last quarter. Lazard Asset Management LLC purchased a new position in AvidXchange in the 1st quarter valued at approximately $7,621,000. Entropy Technologies LP bought a new stake in AvidXchange during the 3rd quarter valued at $447,000. State of New Jersey Common Pension Fund D lifted its position in shares of AvidXchange by 39.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after acquiring an additional 69,971 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of AvidXchange by 54.2% in the second quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after acquiring an additional 1,586,510 shares during the period. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Price Performance

Shares of AvidXchange stock opened at $11.17 on Friday. The firm has a market capitalization of $2.30 billion, a PE ratio of 532.00 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. AvidXchange Holdings, Inc. has a 12 month low of $7.38 and a 12 month high of $13.56. The business’s 50-day moving average price is $8.67 and its 200-day moving average price is $9.75.

Insiders Place Their Bets

In other news, insider Joel Wilhite sold 18,028 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $143,863.44. Following the completion of the sale, the insider now owns 419,636 shares of the company’s stock, valued at approximately $3,348,695.28. This represents a 4.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Daniel Drees sold 20,069 shares of AvidXchange stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $160,150.62. Following the completion of the transaction, the president now owns 753,644 shares in the company, valued at approximately $6,014,079.12. The trade was a 2.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 119,078 shares of company stock valued at $959,850 over the last quarter. 10.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Susquehanna dropped their price objective on AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Piper Sandler increased their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Bank of America reduced their price objective on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research note on Tuesday, October 15th. JPMorgan Chase & Co. cut shares of AvidXchange from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $11.00 to $9.00 in a research note on Tuesday, August 20th. Finally, BMO Capital Markets boosted their price target on shares of AvidXchange from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Two research 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 MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.39.

AvidXchange 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.