Azora Capital LP Invests $45.07 Million in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Azora Capital LP purchased a new position in AvidXchange Holdings, Inc. (NASDAQ:AVDX) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,358,498 shares of the company’s stock, valued at approximately $45,067,000. AvidXchange accounts for about 2.0% of Azora Capital LP’s holdings, making the stock its 18th largest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of AvidXchange by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 18,110,051 shares of the company’s stock valued at $187,258,000 after acquiring an additional 116,410 shares in the last quarter. FMR LLC increased its position in AvidXchange by 8.4% during the 4th quarter. FMR LLC now owns 14,889,282 shares of the company’s stock valued at $153,955,000 after purchasing an additional 1,155,513 shares during the period. North Reef Capital Management LP raised its holdings in shares of AvidXchange by 2.5% in the 4th quarter. North Reef Capital Management LP now owns 7,994,000 shares of the company’s stock valued at $82,658,000 after purchasing an additional 194,000 shares in the last quarter. Jennison Associates LLC lifted its position in shares of AvidXchange by 50.9% in the 4th quarter. Jennison Associates LLC now owns 2,176,525 shares of the company’s stock worth $22,505,000 after purchasing an additional 733,860 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of AvidXchange by 8.3% during the fourth quarter. Northern Trust Corp now owns 1,653,173 shares of the company’s stock valued at $17,094,000 after purchasing an additional 127,396 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

AvidXchange Stock Performance

Shares of AVDX stock opened at $8.33 on Friday. 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 of $7.85 and a 200 day moving average of $9.38. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 208.25 and a beta of 1.14. AvidXchange Holdings, Inc. has a 1 year low of $6.61 and a 1 year high of $12.93.

AvidXchange (NASDAQ:AVDX) last issued its earnings results on Wednesday, February 26th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). AvidXchange had a negative net margin of 0.23% and a positive return on equity of 0.74%. The firm had revenue of $115.44 million during the quarter, compared to analysts’ expectations of $114.98 million. As a group, research analysts expect that AvidXchange Holdings, Inc. will post 0.02 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on AVDX. Keefe, Bruyette & Woods boosted their price objective on shares of AvidXchange from $8.00 to $9.00 and gave the stock a “market perform” rating in a research note on Monday, March 31st. JPMorgan Chase & Co. dropped their price objective on AvidXchange from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group decreased their price target on shares of AvidXchange from $9.50 to $7.00 and set a “sell” rating for the company in a research report on Thursday, February 27th. Robert W. Baird cut their price objective on shares of AvidXchange from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Finally, Wolfe Research cut shares of AvidXchange from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $10.07.

Insider Transactions at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 58,881 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $446,906.79. Following the sale, the chief executive officer now directly owns 11,164,737 shares of the company’s stock, valued at approximately $84,740,353.83. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Daniel Drees sold 34,782 shares of AvidXchange stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $7.59, for a total value of $263,995.38. Following the transaction, the president now owns 1,176,833 shares of the company’s stock, valued at $8,932,162.47. The trade was a 2.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,866 shares of company stock worth $955,323 over the last 90 days. 10.40% of the stock is currently owned by company insiders.

AvidXchange Company 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.