TimesSquare Capital Management LLC Sells 156,151 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

TimesSquare Capital Management LLC lessened its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 7.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,845,849 shares of the company’s stock after selling 156,151 shares during the period. TimesSquare Capital Management LLC owned 0.91% of AvidXchange worth $22,870,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in AVDX. Vanguard Group Inc. raised its position in shares of AvidXchange by 5.2% in the third quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock valued at $175,209,000 after purchasing an additional 907,305 shares during the period. Senvest Management LLC raised its holdings in AvidXchange by 26.3% in the 3rd quarter. Senvest Management LLC now owns 12,298,226 shares of the company’s stock valued at $116,587,000 after acquiring an additional 2,563,886 shares during the period. Lord Abbett & CO. LLC lifted its position in AvidXchange by 29.2% during the third quarter. Lord Abbett & CO. LLC now owns 5,402,784 shares of the company’s stock worth $51,219,000 after acquiring an additional 1,222,044 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of AvidXchange by 32.5% during the third quarter. Bank of New York Mellon Corp now owns 4,621,806 shares of the company’s stock worth $43,815,000 after acquiring an additional 1,134,729 shares during the period. Finally, North Reef Capital Management LP grew its position in shares of AvidXchange by 64.5% in the third quarter. North Reef Capital Management LP now owns 4,510,000 shares of the company’s stock valued at $42,755,000 after purchasing an additional 1,768,120 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

Analysts Set New Price Targets

AVDX has been the subject of several recent research reports. BMO Capital Markets boosted their price target on AvidXchange from $11.00 to $13.00 and gave the company a “market perform” rating in a research note on Thursday, February 29th. Susquehanna boosted their target price on shares of AvidXchange from $15.00 to $16.00 and gave the company a “positive” rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. raised their price target on shares of AvidXchange from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. The Goldman Sachs Group reissued a “sell” rating and issued a $11.50 price objective (down previously from $13.00) on shares of AvidXchange in a report on Monday, April 15th. Finally, Piper Sandler lowered their target price on shares of AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, AvidXchange currently has a consensus rating of “Hold” and an average price target of $13.14.

AvidXchange Price Performance

AVDX stock traded down $0.39 during trading on Wednesday, reaching $11.60. 6,749,877 shares of the company were exchanged, compared to its average volume of 1,839,908. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of -50.43 and a beta of 1.07. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.25 and a quick ratio of 1.25. The company has a 50-day moving average of $12.34 and a two-hundred day moving average of $11.40. AvidXchange Holdings, Inc. has a twelve month low of $6.88 and a twelve month high of $13.56.

Insider Activity at AvidXchange

In other news, Director Matthew C. Harris sold 2,500,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $13.03, for a total value of $32,575,000.00. Following the completion of the transaction, the director now owns 9,139,898 shares of the company’s stock, valued at $119,092,870.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Matthew C. Harris sold 2,500,000 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $13.03, for a total value of $32,575,000.00. Following the completion of the sale, the director now directly owns 9,139,898 shares in the company, valued at $119,092,870.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan Stahl sold 4,217 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $12.43, for a total value of $52,417.31. Following the completion of the sale, the insider now owns 384,588 shares in the company, valued at $4,780,428.84. The disclosure for this sale can be found here. Insiders have sold a total of 3,010,167 shares of company stock valued at $39,077,190 in the last 90 days. 10.30% of the stock is owned by corporate 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.