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

Jennison Associates LLC cut its stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 39.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,442,665 shares of the company’s stock after selling 957,597 shares during the period. Jennison Associates LLC owned 0.69% of AvidXchange worth $11,700,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in AVDX. Advisors Asset Management Inc. boosted its stake in shares of AvidXchange by 96.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after purchasing an additional 2,114 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in AvidXchange in the third quarter valued at $38,000. nVerses Capital LLC bought a new stake in AvidXchange during the second quarter valued at $66,000. CWM LLC boosted its position in AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after acquiring an additional 6,679 shares during the last quarter. Finally, Xponance Inc. acquired a new stake in AvidXchange during the 2nd quarter worth about $133,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

Wall Street Analysts Forecast Growth

AVDX has been the subject of several recent analyst reports. KeyCorp decreased their target price on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Robert W. Baird reduced their price objective on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. Compass Point upgraded shares of AvidXchange from a “neutral” rating to a “buy” rating and raised their price target for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, Wells Fargo & Company lifted their price target on shares of AvidXchange from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, AvidXchange presently has a consensus rating of “Hold” and an average price target of $11.39.

Insider Buying and Selling

In other news, President Daniel Drees sold 20,069 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 $160,150.62. Following the completion of the sale, the president now owns 753,644 shares in the company, valued at $6,014,079.12. This represents a 2.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael Praeger sold 37,225 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $297,055.50. Following the completion of the sale, the chief executive officer now owns 10,453,786 shares of the company’s stock, valued at approximately $83,421,212.28. This represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 119,078 shares of company stock worth $959,850. 10.40% of the stock is owned by corporate insiders.

AvidXchange Stock Performance

Shares of AVDX opened at $11.17 on Friday. The firm has a market capitalization of $2.30 billion, a P/E ratio of 532.00 and a beta of 1.00. AvidXchange Holdings, Inc. has a 52 week low of $7.38 and a 52 week high of $13.56. The stock has a 50 day moving average price of $8.67 and a two-hundred day moving average price of $9.75. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.32.

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.