AvePoint (NASDAQ:AVPT) Price Target Raised to $17.00

AvePoint (NASDAQ:AVPT) had its price target hoisted by research analysts at Citigroup from $14.00 to $17.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup‘s price target suggests a potential upside of 1.71% from the company’s current price.

A number of other equities analysts also recently weighed in on AVPT. Phillip Securities upgraded AvePoint to a “moderate buy” rating in a research note on Monday, October 5th. Stephens lifted their price objective on shares of AvePoint from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Monday, September 21st. BMO Capital Markets started coverage on AvePoint in a research note on Tuesday, October 6th. They set an “outperform” rating and a $17.00 price objective on the stock. Scotiabank increased their price objective on AvePoint from $15.00 to $20.00 and gave the stock a “sector outperform” rating in a report on Friday. Finally, Zacks Research downgraded AvePoint from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. Ten investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.00.

AvePoint Trading Up 1.0%

AvePoint stock traded up $0.17 during midday trading on Monday, reaching $16.71. The stock had a trading volume of 972,013 shares, compared to its average volume of 2,262,733. AvePoint has a 12 month low of $8.84 and a 12 month high of $17.52. The company has a market capitalization of $3.54 billion, a P/E ratio of 49.10 and a beta of 1.13. The company has a fifty day moving average price of $14.54 and a two-hundred day moving average price of $12.00.

AvePoint (NASDAQ:AVPT) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). AvePoint had a net margin of 15.67% and a return on equity of 17.11%. The business had revenue of $131.10 million during the quarter, compared to analyst estimates of $129.39 million. On average, equities research analysts predict that AvePoint will post 0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AvePoint news, insider Brian Brown sold 72,606 shares of the firm’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $15.26, for a total value of $1,107,967.56. Following the completion of the transaction, the insider directly owned 259,604 shares of the company’s stock, valued at $3,961,557.04. This trade represents a 21.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 230,000 shares of company stock valued at $3,430,412. 22.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Royce & Associates LP raised its position in shares of AvePoint by 29.6% in the third quarter. Royce & Associates LP now owns 775,202 shares of the company’s stock worth $10,915,000 after buying an additional 177,202 shares in the last quarter. Aberdeen Group plc purchased a new position in AvePoint during the third quarter worth about $4,499,000. Russell Investments Group Ltd. grew its position in AvePoint by 78.9% during the third quarter. Russell Investments Group Ltd. now owns 193,247 shares of the company’s stock worth $2,655,000 after buying an additional 85,256 shares in the last quarter. Fifth Third Bancorp grew its position in AvePoint by 50.2% during the third quarter. Fifth Third Bancorp now owns 7,194 shares of the company’s stock worth $101,000 after buying an additional 2,405 shares in the last quarter. Finally, Fulcrum Asset Management LLP increased its stake in AvePoint by 26,991.4% in the 3rd quarter. Fulcrum Asset Management LLP now owns 18,964 shares of the company’s stock worth $257,000 after acquiring an additional 18,894 shares during the last quarter. Institutional investors own 44.49% of the company’s stock.

AvePoint Company Profile

AvePoint provides cloud-based software for managing, protecting and governing data in cloud collaboration environments. Its products help organizations back up and restore data, manage access and compliance policies, and migrate content between platforms.

The company’s offerings support services including Microsoft 365, Salesforce and Google Workspace. AvePoint also provides tools for data governance, records management and collaboration, serving organizations across a range of industries and geographies.

Founded in 2001, AvePoint has grown from a provider of Microsoft SharePoint solutions into a broader cloud software company.