AvePoint (NASDAQ:AVPT) Shares Gap Up – Time to Buy?

Shares of AvePoint, Inc. (NASDAQ:AVPT) gapped up before the market opened on Wednesday. The stock had previously closed at $16.46, but opened at $17.10. AvePoint shares last traded at $17.0560, with a volume of 428,943 shares changing hands.

Analyst Ratings Changes

AVPT has been the subject of several recent research reports. BMO Capital Markets started coverage on AvePoint in a research report on Tuesday, October 6th. They issued an “outperform” rating and a $17.00 price objective for the company. Citigroup reaffirmed a “neutral” rating on shares of AvePoint in a research report on Wednesday, August 12th. Stephens boosted their price objective on shares of AvePoint from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Monday, September 21st. DA Davidson reaffirmed a “buy” rating and set a $18.00 price objective on shares of AvePoint in a research report on Monday, July 6th. Finally, Zacks Research cut AvePoint from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $16.55.

AvePoint Stock Performance

The firm has a market cap of $3.61 billion, a PE ratio of 53.49 and a beta of 1.17. The stock has a 50-day simple moving average of $13.99 and a two-hundred day simple moving average of $11.86.

AvePoint (NASDAQ:AVPT) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The firm had revenue of $124.50 million during the quarter, compared to analysts’ expectations of $121.38 million. As a group, sell-side analysts anticipate that AvePoint, Inc. will post 0.25 EPS for the current fiscal year.

Insider Transactions at AvePoint

In other news, insider Brian Brown sold 35,000 shares of the company’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $16.42, for a total value of $574,700.00. Following the completion of the transaction, the insider owned 224,604 shares of the company’s stock, valued at $3,687,997.68. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 230,000 shares of company stock valued at $3,430,412. Corporate insiders own 22.66% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in AVPT. Wellington Management Group LLP raised its position in shares of 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 buying an additional 1,433,299 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of AvePoint by 185.8% during the 1st quarter. Bank of America Corp DE now owns 1,253,662 shares of the company’s stock valued at $11,922,000 after purchasing an additional 815,074 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of AvePoint during the second quarter valued at about $8,848,000. Dimensional Fund Advisors LP boosted its stake in AvePoint by 25.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,264,082 shares of the company’s stock valued at $31,040,000 after buying an additional 666,422 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in AvePoint by 25.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,675,587 shares of the company’s stock valued at $25,445,000 after buying an additional 535,015 shares in the last quarter. 44.49% of the stock is owned by hedge funds and other institutional investors.

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.