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

Jennison Associates LLC boosted its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 50.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,176,525 shares of the company’s stock after buying an additional 733,860 shares during the period. Jennison Associates LLC’s holdings in AvidXchange were worth $22,505,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Blue Trust Inc. increased its position in AvidXchange by 90.1% in the 4th quarter. Blue Trust Inc. now owns 2,697 shares of the company’s stock valued at $28,000 after acquiring an additional 1,278 shares during the period. R Squared Ltd bought a new stake in shares of AvidXchange in the fourth quarter worth $41,000. Point72 DIFC Ltd acquired a new stake in AvidXchange in the third quarter valued at $37,000. Allspring Global Investments Holdings LLC bought a new position in AvidXchange during the 3rd quarter worth $38,000. Finally, CWM LLC lifted its holdings in 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 period. Institutional investors own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. BMO Capital Markets raised their price objective on AvidXchange from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. KeyCorp boosted their target price on shares of AvidXchange from $12.00 to $13.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Bank of America lowered their price objective on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a research report on Tuesday, October 15th. Compass Point upgraded AvidXchange from a “neutral” rating to a “buy” rating and upped their target price for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Finally, Wells Fargo & Company lifted their target price on AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $11.61.

AvidXchange Stock Performance

AVDX opened at $10.81 on Thursday. AvidXchange Holdings, Inc. has a 1-year low of $7.38 and a 1-year high of $13.56. The company has a market cap of $2.22 billion, a price-to-earnings ratio of 530.00 and a beta of 1.22. The company’s fifty day moving average price is $10.65 and its two-hundred day moving average price is $9.46. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

Insider Transactions at AvidXchange

In other news, Director James E. Hausman sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $11.25, for a total value of $281,250.00. Following the transaction, the director now owns 2,112,232 shares in the company, valued at $23,762,610. This trade represents a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Praeger sold 42,377 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $11.40, for a total value of $483,097.80. Following the sale, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,693 shares of company stock valued at $916,683 over the last three months. Corporate insiders own 10.40% of the company’s stock.

About AvidXchange

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.