AvePoint (NASDAQ:AVPT) Announces Quarterly Earnings Results

AvePoint (NASDAQ:AVPT) released its earnings results on Thursday. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09), Briefing.com reports. AvePoint had a negative net margin of 4.91% and a negative return on equity of 6.56%. The business had revenue of $77.96 million during the quarter, compared to analyst estimates of $75.17 million. During the same period last year, the business posted ($0.07) EPS. AvePoint’s revenue was up 20.2% compared to the same quarter last year. AvePoint updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

AvePoint Stock Performance

NASDAQ:AVPT traded down $0.11 during mid-day trading on Friday, hitting $10.06. 1,495,414 shares of the company’s stock traded hands, compared to its average volume of 994,885. AvePoint has a 1 year low of $5.86 and a 1 year high of $11.07. The company has a market cap of $1.86 billion, a PE ratio of -125.75 and a beta of 0.89. The firm’s 50 day simple moving average is $10.08 and its 200 day simple moving average is $8.76.

Insider Buying and Selling at AvePoint

In other AvePoint news, insider Brian Michael Brown sold 20,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $9.05, for a total transaction of $181,000.00. Following the sale, the insider now owns 1,323,930 shares in the company, valued at approximately $11,981,566.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other AvePoint news, insider Brian Michael Brown sold 20,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $9.05, for a total value of $181,000.00. Following the transaction, the insider now directly owns 1,323,930 shares in the company, valued at approximately $11,981,566.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO James Caci sold 40,000 shares of AvePoint stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $9.04, for a total transaction of $361,600.00. Following the sale, the chief financial officer now owns 665,097 shares of the company’s stock, valued at $6,012,476.88. The disclosure for this sale can be found here. Insiders have sold 100,000 shares of company stock valued at $965,600 over the last quarter. Corporate insiders own 27.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on AVPT shares. Cantor Fitzgerald boosted their price objective on shares of AvePoint from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Friday. Northland Securities boosted their price target on AvePoint from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday.

AvePoint Company Profile

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.