AvePoint (NASDAQ:AVPT) Sets New 52-Week High – Here’s Why

AvePoint, Inc. (NASDAQ:AVPT) hit a new 52-week high on Thursday . The company traded as high as $19.45 and last traded at $19.42, with a volume of 1102404 shares traded. The stock had previously closed at $19.12.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Citigroup raised their price objective on AvePoint from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. The Goldman Sachs Group lifted their price objective on shares of AvePoint from $7.50 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

AvePoint Stock Up 0.7 %

The company has a market capitalization of $3.61 billion, a PE ratio of -386.12 and a beta of 1.02. The business has a 50 day simple moving average of $17.81 and a 200 day simple moving average of $14.30.

Insider Activity

In other AvePoint news, major shareholder Zhijian Lu sold 10,000 shares of AvePoint stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $15.66, for a total transaction of $156,600.00. Following the completion of the sale, the insider now owns 18,290,673 shares of the company’s stock, valued at approximately $286,431,939.18. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James Caci sold 20,215 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $17.12, for a total value of $346,080.80. Following the sale, the chief financial officer now owns 591,890 shares in the company, valued at approximately $10,133,156.80. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,215 shares of company stock worth $831,581 over the last 90 days. 27.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AvePoint

A number of institutional investors have recently bought and sold shares of the business. Harbor Capital Advisors Inc. acquired a new stake in shares of AvePoint in the third quarter worth $1,404,000. Millennium Management LLC boosted its holdings in AvePoint by 33.7% in the second quarter. Millennium Management LLC now owns 641,862 shares of the company’s stock valued at $6,688,000 after purchasing an additional 161,759 shares during the last quarter. Quantbot Technologies LP raised its stake in shares of AvePoint by 142.8% during the 3rd quarter. Quantbot Technologies LP now owns 153,747 shares of the company’s stock valued at $1,810,000 after buying an additional 90,413 shares during the last quarter. Lisanti Capital Growth LLC purchased a new position in shares of AvePoint during the 3rd quarter valued at about $1,424,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of AvePoint by 8.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 70,013 shares of the company’s stock valued at $824,000 after buying an additional 5,352 shares during the period. 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.