Charles Schwab Investment Management Inc. Increases Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Charles Schwab Investment Management Inc. grew its holdings in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 8.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,528,875 shares of the company’s stock after acquiring an additional 114,763 shares during the period. Charles Schwab Investment Management Inc.’s holdings in AvidXchange were worth $12,399,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. US Bancorp DE boosted its holdings in 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 acquiring an additional 52,224 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of AvidXchange in the 3rd quarter worth about $447,000. State of New Jersey Common Pension Fund D raised its position in shares of AvidXchange by 39.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 247,947 shares of the company’s stock worth $2,011,000 after purchasing an additional 69,971 shares during the last quarter. American Century Companies Inc. boosted its stake in AvidXchange by 54.2% in the 2nd quarter. American Century Companies Inc. now owns 4,515,719 shares of the company’s stock worth $54,460,000 after purchasing an additional 1,586,510 shares in the last quarter. Finally, Interval Partners LP purchased a new stake in AvidXchange during the 2nd quarter valued at about $1,833,000. 80.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AVDX. Bank of America cut their price target on shares of AvidXchange from $12.00 to $8.00 and set an “underperform” rating on the stock in a report on Tuesday, October 15th. UBS Group increased their target price on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their price target on AvidXchange from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Monday, December 2nd. Barclays lifted their price objective on AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, Wells Fargo & Company upped their target price 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 analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $11.35.

Insider Buying and Selling at AvidXchange

In related news, insider Ryan Stahl sold 7,427 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $8.58, for a total value of $63,723.66. Following the completion of the transaction, the insider now owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. This represents a 1.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael Praeger sold 42,377 shares of the 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 completion of the sale, the chief executive officer now owns 10,381,033 shares of the company’s stock, valued at $118,343,776.20. The trade was a 0.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,074 shares of company stock valued at $629,363. Company insiders own 10.40% of the company’s stock.

AvidXchange Trading Up 2.8 %

NASDAQ:AVDX opened at $11.56 on Monday. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of 573.00 and a beta of 1.20. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.32 and a quick ratio of 1.32. The business has a fifty day moving average price of $9.44 and a 200-day moving average price of $9.73. AvidXchange Holdings, Inc. has a one year low of $7.38 and a one year high of $13.56.

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.