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

AvePoint, Inc. (NASDAQ:AVPT)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $18.84 and last traded at $18.70, with a volume of 699950 shares traded. The stock had previously closed at $18.22.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Northland Securities upped their target price 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. Cantor Fitzgerald upped their target price on shares of AvePoint from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Finally, The Goldman Sachs Group upped their target price 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 investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.20.

AvePoint Price Performance

The company’s 50-day simple moving average is $13.90 and its 200 day simple moving average is $11.65. The firm has a market cap of $3.49 billion, a P/E ratio of -373.93 and a beta of 1.00.

Insider Buying and Selling at AvePoint

In other news, CFO James Caci sold 20,215 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $10,133,156.80. This represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Zhijian Lu sold 10,000 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $11.73, for a total transaction of $117,300.00. Following the completion of the sale, the insider now directly owns 18,410,673 shares in the company, valued at approximately $215,957,194.29. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 130,215 shares of company stock worth $1,795,881 over the last 90 days. 27.78% of the stock is owned by insiders.

Institutional Investors Weigh In On AvePoint

Hedge funds and other institutional investors have recently made changes to their positions in the company. National Bank of Canada FI purchased a new stake in shares of AvePoint in the third quarter valued at $29,000. Canada Pension Plan Investment Board purchased a new position in AvePoint in the 2nd quarter worth about $83,000. Balboa Wealth Partners purchased a new position in AvePoint in the 3rd quarter worth about $125,000. Algert Global LLC purchased a new position in AvePoint in the 2nd quarter worth about $116,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in AvePoint in the 3rd quarter worth about $171,000. Hedge funds and other institutional investors own 44.49% of the company’s stock.

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.