Arizona State Retirement System Grows Stock Holdings in AvePoint, Inc. (NASDAQ:AVPT)

Arizona State Retirement System raised its stake in shares of AvePoint, Inc. (NASDAQ:AVPT) by 32.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 32,256 shares of the company’s stock after acquiring an additional 7,916 shares during the period. Arizona State Retirement System’s holdings in AvePoint were worth $186,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Strs Ohio purchased a new stake in shares of AvePoint during the second quarter worth approximately $323,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of AvePoint by 32.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 20,006 shares of the company’s stock valued at $115,000 after acquiring an additional 4,934 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of AvePoint in the second quarter valued at about $125,000. Arete Wealth Advisors LLC acquired a new position in shares of AvePoint during the first quarter worth about $79,000. Finally, JPMorgan Chase & Co. raised its holdings in AvePoint by 28.3% during the first quarter. JPMorgan Chase & Co. now owns 147,684 shares of the company’s stock worth $609,000 after purchasing an additional 32,556 shares in the last quarter. 42.76% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AvePoint

In related news, insider Brian Michael Brown sold 20,000 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $7.34, for a total value of $146,800.00. Following the sale, the insider now directly owns 1,404,946 shares of the company’s stock, valued at approximately $10,312,303.64. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, major shareholder Sixth Street Partners Manageme sold 16,666,600 shares of the business’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $6.00, for a total value of $99,999,600.00. Following the completion of the transaction, the insider now directly owns 1,885,806 shares of the company’s stock, valued at $11,314,836. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Brian Michael Brown sold 20,000 shares of the company’s 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 completion of the sale, the insider now owns 1,404,946 shares in the company, valued at $10,312,303.64. The disclosure for this sale can be found here. Insiders sold 16,695,113 shares of company stock valued at $100,205,991 in the last 90 days. 25.72% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AVPT. Citigroup boosted their target price on AvePoint from $5.80 to $7.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of AvePoint in a research report on Monday, September 18th.

AvePoint Trading Down 4.0 %

AVPT stock opened at $7.41 on Friday. The firm has a 50 day moving average of $7.04 and a 200-day moving average of $6.26. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -32.22 and a beta of 0.85. AvePoint, Inc. has a 12-month low of $3.88 and a 12-month high of $7.80.

AvePoint (NASDAQ:AVPT) last issued its quarterly earnings data on Wednesday, August 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.08). The firm 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 business’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) earnings per share. Sell-side analysts forecast that AvePoint, Inc. will post -0.18 earnings per share for the current fiscal year.

About AvePoint

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.