AvidXchange (NASDAQ:AVDX) Price Target Raised to $10.00 at The Goldman Sachs Group

AvidXchange (NASDAQ:AVDX) had its price objective hoisted by The Goldman Sachs Group from $9.00 to $10.00 in a research note released on Monday,Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

Several other brokerages also recently commented on AVDX. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $11.00 to $9.00 in a report on Tuesday, August 20th. Wells Fargo & Company raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. UBS Group raised their price target on shares of AvidXchange from $10.00 to $10.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. 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 research report on Thursday, November 7th. Finally, Piper Sandler raised their price target on shares of AvidXchange from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $11.46.

AvidXchange Stock Performance

Shares of AVDX opened at $11.46 on Monday. The company has a market capitalization of $2.36 billion, a PE ratio of 568.50 and a beta of 1.20. AvidXchange has a one year low of $7.38 and a one year high of $13.56. 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 company’s fifty day moving average price is $9.31 and its 200 day moving average price is $9.73.

Insider Activity at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 42,377 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $11.40, for a total value of $483,097.80. Following the completion of the transaction, the chief executive officer now directly owns 10,381,033 shares of the company’s stock, valued at approximately $118,343,776.20. The trade was a 0.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ryan Stahl sold 7,621 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $8.13, for a total transaction of $61,958.73. Following the completion of the transaction, the insider now directly owns 377,030 shares of the company’s stock, valued at approximately $3,065,253.90. This represents a 1.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,074 shares of company stock valued at $629,363 in the last ninety days. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On AvidXchange

A number of institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC raised its stake in shares of AvidXchange by 2.9% in the second quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock worth $360,000 after acquiring an additional 835 shares during the last quarter. Captrust Financial Advisors raised its stake in shares of AvidXchange by 9.2% in the third quarter. Captrust Financial Advisors now owns 17,350 shares of the company’s stock worth $141,000 after acquiring an additional 1,465 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of AvidXchange by 1.0% during the first quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after buying an additional 1,656 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of AvidXchange by 29.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,211 shares of the company’s stock worth $107,000 after buying an additional 3,019 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of AvidXchange by 17.1% during the second quarter. Principal Financial Group Inc. now owns 23,479 shares of the company’s stock worth $283,000 after buying an additional 3,421 shares during the last quarter. 80.58% of the stock is owned by institutional investors.

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.