AvePoint (NASDAQ:AVPT) Hits New 12-Month High – Here’s Why

AvePoint, Inc. (NASDAQ:AVPT)’s share price hit a new 52-week high during mid-day trading on Monday. The stock traded as high as $16.81 and last traded at $16.8120, with a volume of 144,495 shares traded. The stock had previously closed at $16.51.

Analyst Ratings Changes

Several research firms recently weighed in on AVPT. Zacks Research downgraded AvePoint from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. Citigroup reissued a “neutral” rating on shares of AvePoint in a research note on Wednesday, August 12th. DA Davidson reaffirmed a “buy” rating and issued a $18.00 price target on shares of AvePoint in a research report on Monday, July 6th. BMO Capital Markets initiated coverage on AvePoint in a research report on Tuesday, October 6th. They issued an “outperform” rating and a $17.00 price objective on the stock. Finally, Phillip Securities upgraded AvePoint to a “moderate buy” rating in a research note on Monday, October 5th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, AvePoint has an average rating of “Moderate Buy” and a consensus price target of $16.58.

AvePoint Stock Performance

The business’s 50-day simple moving average is $13.85 and its 200 day simple moving average is $12.12. The firm has a market cap of $3.53 billion, a P/E ratio of 52.14 and a beta of 1.17.

AvePoint (NASDAQ:AVPT) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. The company had revenue of $124.50 million during the quarter, compared to analyst estimates of $121.38 million. AvePoint had a return on equity of 15.97% and a net margin of 15.33%. As a group, equities research analysts expect that AvePoint, Inc. will post 0.25 EPS for the current year.

Insider Activity

In other news, insider Brian Brown sold 72,606 shares of the company’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $15.26, for a total transaction of $1,107,967.56. Following the completion of the sale, the insider owned 259,604 shares of the company’s stock, valued at $3,961,557.04. This represents a 21.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 205,000 shares of company stock worth $2,986,408. Insiders own 22.66% of the company’s stock.

Hedge Funds Weigh In On AvePoint

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in shares of AvePoint in the 2nd quarter worth $8,848,000. Quantinno Capital Management LP lifted its position in AvePoint by 307.0% during the first quarter. Quantinno Capital Management LP now owns 109,317 shares of the company’s stock valued at $1,040,000 after purchasing an additional 82,457 shares in the last quarter. Wellington Management Group LLP grew its holdings in AvePoint by 106.7% during the second quarter. Wellington Management Group LLP now owns 2,776,579 shares of the company’s stock valued at $31,125,000 after purchasing an additional 1,433,299 shares during the period. Scholtz & Company LLC bought a new stake in AvePoint during the second quarter valued at about $1,975,000. Finally, Y Intercept Hong Kong Ltd increased its position in AvePoint by 83.2% in the first quarter. Y Intercept Hong Kong Ltd now owns 232,250 shares of the company’s stock worth $2,209,000 after buying an additional 105,471 shares in the last quarter. Hedge funds and other institutional investors own 44.49% of the company’s stock.

AvePoint Company Profile

AvePoint, Inc (NASDAQ:AVPT) is a data management and governance software company that helps organizations protect, manage and modernize information across cloud, hybrid and on-premises environments. Its solutions are designed primarily for collaboration and productivity platforms, including Microsoft 365, SharePoint, Dynamics 365 and Salesforce.

The company’s product portfolio includes cloud backup and recovery, data migration, governance, security, compliance and administration tools.