579,600 Shares in AvidXchange Holdings, Inc. (NASDAQ:AVDX) Acquired by Lazard Asset Management LLC

Lazard Asset Management LLC purchased a new stake in AvidXchange Holdings, Inc. (NASDAQ:AVDX) in the 1st quarter, Holdings Channel.com reports. The fund purchased 579,600 shares of the company’s stock, valued at approximately $7,621,000.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of AvidXchange by 5.2% in the 3rd quarter. Vanguard Group Inc. now owns 18,482,011 shares of the company’s stock worth $175,209,000 after buying an additional 907,305 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of AvidXchange by 24.7% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,877,536 shares of the company’s stock valued at $23,263,000 after purchasing an additional 372,291 shares in the last quarter. Calamos Advisors LLC purchased a new stake in shares of AvidXchange during the 4th quarter worth about $1,875,000. Cornerstone Investment Partners LLC acquired a new stake in AvidXchange during the 4th quarter worth approximately $178,000. Finally, Handelsbanken Fonder AB grew its stake in AvidXchange by 114.4% during the fourth quarter. Handelsbanken Fonder AB now owns 23,800 shares of the company’s stock worth $295,000 after buying an additional 12,700 shares during the period. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Up 0.9 %

AvidXchange stock opened at $12.54 on Monday. The firm’s 50 day simple moving average is $11.51 and its 200-day simple moving average is $11.81. AvidXchange Holdings, Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $13.56. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.34 and a quick ratio of 1.34.

AvidXchange (NASDAQ:AVDX) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. The firm had revenue of $105.60 million during the quarter, compared to analyst estimates of $101.33 million. AvidXchange had a negative return on equity of 1.75% and a negative net margin of 8.10%. Analysts anticipate that AvidXchange Holdings, Inc. will post 0.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Praeger sold 29,192 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $10.85, for a total value of $316,733.20. Following the transaction, the chief executive officer now directly owns 10,440,510 shares of the company’s stock, valued at $113,279,533.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Todd Alan Cunningham sold 28,424 shares of AvidXchange stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $11.02, for a total value of $313,232.48. Following the transaction, the insider now directly owns 336,017 shares in the company, valued at $3,702,907.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Praeger sold 29,192 shares of AvidXchange stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $10.85, for a total transaction of $316,733.20. Following the sale, the chief executive officer now owns 10,440,510 shares in the company, valued at approximately $113,279,533.50. The disclosure for this sale can be found here. Insiders sold a total of 152,897 shares of company stock worth $1,695,238 in the last quarter. 10.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. The Goldman Sachs Group restated a “sell” rating and issued a $11.50 price target (down previously from $13.00) on shares of AvidXchange in a report on Monday, April 15th. Keefe, Bruyette & Woods began coverage on shares of AvidXchange in a research report on Tuesday, April 9th. They issued a “market perform” rating and a $13.50 price target on the stock. Barclays cut their price target on AvidXchange from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Finally, Piper Sandler dropped their target price on AvidXchange from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, AvidXchange presently has an average rating of “Hold” and a consensus target price of $12.86.

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.