AvePoint (NASDAQ:AVPT) Hits New 52-Week High at $12.08

AvePoint, Inc. (NASDAQ:AVPT) reached a new 52-week high on Tuesday . The stock traded as high as $12.08 and last traded at $11.84, with a volume of 118412 shares trading hands. The stock had previously closed at $11.94.

Analyst Ratings Changes

Several analysts have weighed in on AVPT shares. Cantor Fitzgerald boosted their target price on shares of AvePoint from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Northland Securities upped their price target on shares of AvePoint from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th.

AvePoint Stock Performance

The company has a market cap of $2.21 billion, a P/E ratio of -149.25 and a beta of 0.89. The company has a 50 day moving average price of $10.87 and a 200-day moving average price of $9.39.

AvePoint (NASDAQ:AVPT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.09). The firm had revenue of $77.96 million for the quarter, compared to the consensus estimate of $75.17 million. AvePoint had a negative return on equity of 6.66% and a negative net margin of 4.77%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.07) earnings per share. Equities analysts expect that AvePoint, Inc. will post -0.07 earnings per share for the current year.

Insider Activity at AvePoint

In other news, insider Brian Michael Brown sold 20,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $10.37, for a total transaction of $207,400.00. Following the completion of the sale, the insider now directly owns 1,297,373 shares in the company, valued at $13,453,758.01. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, insider Brian Michael Brown sold 20,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $10.37, for a total value of $207,400.00. Following the completion of the sale, the insider now directly owns 1,297,373 shares of the company’s stock, valued at approximately $13,453,758.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Zhijian Lu sold 10,000 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $10.77, for a total value of $107,700.00. Following the sale, the insider now owns 18,460,673 shares of the company’s stock, valued at approximately $198,821,448.21. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock worth $1,183,200 over the last ninety days. Insiders own 27.78% of the company’s stock.

Hedge Funds Weigh In On AvePoint

A number of hedge funds and other institutional investors have recently made changes to their positions in AVPT. Vanguard Group Inc. raised its stake in shares of AvePoint by 3.7% in the first quarter. Vanguard Group Inc. now owns 15,050,278 shares of the company’s stock valued at $119,198,000 after buying an additional 532,371 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of AvePoint by 13.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,932,248 shares of the company’s stock valued at $20,133,000 after buying an additional 227,324 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in AvePoint in the 2nd quarter worth $17,305,000. Federated Hermes Inc. lifted its stake in shares of AvePoint by 3.6% in the 2nd quarter. Federated Hermes Inc. now owns 934,670 shares of the company’s stock valued at $9,739,000 after acquiring an additional 32,821 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of AvePoint by 16.4% in the second quarter. Renaissance Technologies LLC now owns 861,900 shares of the company’s stock worth $8,981,000 after purchasing an additional 121,200 shares during the last quarter. 44.49% of the stock is owned by hedge funds and other institutional investors.

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.