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In recent transactions filed with the Securities and Exchange Commission, Joel Wilhite, the Chief Financial Officer and Senior Vice President of AvidXchange Holdings , Inc. (NASDAQ:AVDX), a company currently valued at $1.52 billion, sold shares worth approximately $244,549. According to InvestingPro data, the stock is trading near its 52-week low of $6.89, with an RSI indicating oversold conditions. The sales, which took place on February 28, were executed at prices ranging from $7.53 to $7.70 per share, with a weighted average sale price of $7.594.
The filings indicate that these sales were conducted to cover tax withholding obligations associated with the vesting and settlement of restricted stock units. Wilhite sold a total of 34,203 shares in this transaction. Following these transactions, Wilhite holds 813,430 shares of AvidXchange common stock, a company that has demonstrated solid performance with a 15.3% revenue growth in the last twelve months and maintains a healthy gross profit margin of 72.3%.
Additionally, Wilhite acquired 23,977 shares of common stock through the exercise of restricted stock units, which were converted on a one-for-one basis. These acquisitions, however, were recorded at a price of $0 per share, reflecting the nature of restricted stock units upon vesting.
These transactions provide a glimpse into executive activity within AvidXchange, a company specializing in prepackaged software services.
In other recent news, AvidXChange Holdings has experienced several adjustments in analyst ratings and price targets following its fourth-quarter results and fiscal year 2025 guidance. Barclays (LON:BARC) downgraded AvidXChange from Overweight to Equal Weight, reducing the price target to $8 due to concerns over the company’s growth trajectory amidst ongoing macroeconomic challenges. Similarly, Piper Sandler lowered the price target to $8 while maintaining a Neutral rating, citing conservative fiscal year 2025 guidance and a challenging macroeconomic environment. Keefe, Bruyette & Woods also reduced their price target to $8, maintaining a Market Perform rating due to below-expected retention rates and macroeconomic uncertainties.
KeyBanc Capital Markets downgraded AvidXChange to Sector Weight, pointing to a disappointing fiscal year 2025 outlook despite some positive developments in payment monetization. In contrast, BTIG maintained a Buy rating, though it lowered the price target to $11, attributing the adjustment to decelerating revenue growth forecasts. AvidXChange’s management has expressed optimism about new partnerships and product developments, which could potentially enhance revenue in the future. Despite these positive aspects, the company faces persistent macroeconomic headwinds and challenges in customer retention and growth. These recent developments reflect a cautious stance among analysts as they await more clarity on AvidXChange’s ability to navigate the current economic landscape.
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