AvePoint (NASDAQ:AVPT) Shares Gap Up After Analyst Upgrade

AvePoint, Inc. (NASDAQ:AVPT)’s share price gapped up before the market opened on Friday after Scotiabank raised their price target on the stock from $19.00 to $22.00. The stock had previously closed at $17.40, but opened at $18.75. Scotiabank currently has a sector outperform rating on the stock. AvePoint shares last traded at $19.29, with a volume of 275,211 shares trading hands.

A number of other research firms have also weighed in on AVPT. Citigroup cut their target price on shares of AvePoint from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. William Blair reissued an “outperform” rating on shares of AvePoint in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Insider Buying and Selling

In other AvePoint news, insider Brian Michael Brown sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $15.11, for a total value of $528,850.00. Following the completion of the sale, the insider now owns 1,312,145 shares of the company’s stock, valued at $19,826,510.95. This trade represents a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 26.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvePoint

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in AvePoint by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 15,280,202 shares of the company’s stock valued at $252,276,000 after acquiring an additional 150,885 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of AvePoint by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 6,430,203 shares of the company’s stock worth $106,163,000 after purchasing an additional 2,332,813 shares during the last quarter. Geode Capital Management LLC increased its stake in AvePoint by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 2,850,268 shares of the company’s stock worth $47,067,000 after buying an additional 20,720 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in AvePoint by 566.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,678,403 shares of the company’s stock valued at $44,220,000 after buying an additional 2,276,258 shares in the last quarter. Finally, Parsifal Capital Management LP bought a new position in AvePoint in the 4th quarter worth about $36,419,000. 44.49% of the stock is currently owned by hedge funds and other institutional investors.

AvePoint Price Performance

The stock’s 50-day moving average price is $15.06 and its 200 day moving average price is $16.36. The firm has a market capitalization of $3.80 billion, a PE ratio of -376.92 and a beta of 1.30.

About AvePoint

AvePoint, Inc provides cloud-native data management software platform in North America, Europe, Middle East, Africa, and Asia Pacific. It also offers software-as-a-service solutions and productivity applications. The company offers modularity and cloud services architecture to address critical challenges and the management of data to organizations that leverage third-party cloud vendors, including Microsoft, Salesforce, Google, AWS, Box, DropBox, and others; license and support; and maintenance services.