AvePoint (NASDAQ:AVPT) Hits New 52-Week High at $7.66

AvePoint, Inc. (NASDAQ:AVPT)’s share price hit a new 52-week high on Friday . The stock traded as high as $7.66 and last traded at $7.65, with a volume of 197858 shares changing hands. The stock had previously closed at $7.38.

Analysts Set New Price Targets

A number of analysts have recently commented on AVPT shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of AvePoint in a research note on Monday, September 18th. Citigroup boosted their price objective on AvePoint from $5.80 to $7.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 29th.

AvePoint Stock Up 3.0 %

The business has a 50-day moving average price of $6.97 and a 200-day moving average price of $6.18. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -33.04 and a beta of 0.85.

AvePoint (NASDAQ:AVPT) last announced its earnings results on Wednesday, August 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.08). The company had revenue of $64.90 million for the quarter, compared to analyst estimates of $61.78 million. AvePoint had a negative return on equity of 18.50% and a negative net margin of 16.71%. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period last year, the firm earned ($0.05) earnings per share. As a group, sell-side analysts predict that AvePoint, Inc. will post -0.18 EPS for the current year.

Insider Activity

In other news, major shareholder Sixth Street Partners Manageme sold 16,666,600 shares of AvePoint stock in a transaction on Friday, September 15th. The stock was sold at an average price of $6.00, for a total transaction of $99,999,600.00. Following the transaction, the insider now owns 1,885,806 shares in the company, valued at $11,314,836. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder Sixth Street Partners Manageme sold 16,666,600 shares of AvePoint stock in a transaction on Friday, September 15th. The stock was sold at an average price of $6.00, for a total transaction of $99,999,600.00. Following the transaction, the insider now owns 1,885,806 shares in the company, valued at $11,314,836. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Brian Michael Brown sold 20,000 shares of AvePoint stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $7.34, for a total value of $146,800.00. Following the transaction, the insider now owns 1,404,946 shares in the company, valued at approximately $10,312,303.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,695,113 shares of company stock worth $100,205,991. 25.72% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in AvePoint by 3.8% in the third quarter. Vanguard Group Inc. now owns 11,944,553 shares of the company’s stock valued at $47,899,000 after purchasing an additional 438,951 shares in the last quarter. BlackRock Inc. grew its stake in AvePoint by 32.6% in the second quarter. BlackRock Inc. now owns 10,382,686 shares of the company’s stock valued at $59,804,000 after purchasing an additional 2,553,858 shares in the last quarter. State Street Corp grew its stake in AvePoint by 15.3% in the second quarter. State Street Corp now owns 2,717,506 shares of the company’s stock valued at $15,653,000 after purchasing an additional 361,162 shares in the last quarter. Geode Capital Management LLC grew its stake in AvePoint by 13.6% in the second quarter. Geode Capital Management LLC now owns 2,551,695 shares of the company’s stock valued at $14,698,000 after purchasing an additional 304,782 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in AvePoint by 3.3% in the second quarter. Franklin Resources Inc. now owns 2,069,488 shares of the company’s stock valued at $11,920,000 after purchasing an additional 66,376 shares in the last quarter. Hedge funds and other institutional investors own 42.76% of the company’s stock.

AvePoint Company Profile

AvePoint, Inc provides cloud-native software platform solutions. It also offers software-as-a-service solutions and productivity applications. The company offers modularity and cloud services architecture to address management of data to organizations that leverage third-party cloud vendors, including Microsoft, Salesforce, Google, AWS, Box, DropBox, and others.