Principal Financial Group Inc. Has $132,000 Stock Position in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Principal Financial Group Inc. cut its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 30.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,296 shares of the company’s stock after selling 7,183 shares during the quarter. Principal Financial Group Inc.’s holdings in AvidXchange were worth $132,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new position in AvidXchange during the third quarter worth $38,000. CWM LLC increased its position in AvidXchange by 7,259.8% in the 3rd quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares in the last quarter. Advisors Asset Management Inc. raised its stake in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after buying an additional 2,114 shares during the period. nVerses Capital LLC bought a new position in AvidXchange in the second quarter worth approximately $66,000. Finally, Arbor Investment Advisors LLC acquired a new stake in AvidXchange in the third quarter valued at approximately $98,000. 80.58% of the stock is currently owned by institutional investors.

AvidXchange Trading Up 3.8 %

Shares of AvidXchange stock opened at $11.59 on Tuesday. The company’s 50-day moving average price is $8.82 and its 200-day moving average price is $9.72. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 558.50 and a beta of 1.00. AvidXchange Holdings, Inc. has a 12-month low of $7.38 and a 12-month high of $13.56. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. downgraded shares of AvidXchange from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $11.00 to $9.00 in a research report on Tuesday, August 20th. Compass Point raised shares of AvidXchange from a “neutral” rating to a “buy” rating and raised their price target for the company from $8.00 to $15.00 in a research report on Thursday, November 7th. Keefe, Bruyette & Woods increased their price objective on AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. Bank of America decreased their price target on AvidXchange from $12.00 to $8.00 and set an “underperform” rating for the company in a report on Tuesday, October 15th. Finally, Wells Fargo & Company lifted their price objective on shares of AvidXchange from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Two investment 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 data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $11.39.

Insider Activity

In other news, CEO Michael Praeger sold 6,701 shares of AvidXchange stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $8.17, for a total transaction of $54,747.17. Following the completion of the sale, the chief executive officer now directly owns 10,410,983 shares of the company’s stock, valued at approximately $85,057,731.11. The trade was a 0.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ryan Stahl sold 7,427 shares of the 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 directly owns 369,603 shares in the company, valued at approximately $3,171,193.74. This represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,756 shares of company stock worth $358,780 in the last three months. Corporate insiders own 10.40% of the company’s stock.

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.