Citigroup Forecasts Strong Price Appreciation for AvePoint (NASDAQ:AVPT) Stock

AvePoint (NASDAQ:AVPT) had its target price increased by equities research analysts at Citigroup from $17.00 to $18.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price points to a potential upside of 4.99% from the company’s current price.

Separately, The Goldman Sachs Group boosted their price objective on AvePoint from $7.50 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.00.

AvePoint Stock Down 2.4 %

NASDAQ AVPT traded down $0.42 during trading hours on Friday, hitting $17.15. 388,374 shares of the company were exchanged, compared to its average volume of 937,308. The company has a 50 day moving average of $17.34 and a two-hundred day moving average of $13.41. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of -343.03 and a beta of 1.01. AvePoint has a 52-week low of $7.08 and a 52-week high of $19.16.

Insider Activity at AvePoint

In related news, major shareholder Zhijian Lu sold 10,000 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $15.77, for a total value of $157,700.00. Following the completion of the sale, the insider now owns 18,310,673 shares in the company, valued at $288,759,313.21. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO James Caci sold 20,215 shares of AvePoint stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $17.12, for a total value of $346,080.80. Following the transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 60,215 shares of company stock worth $952,581 in the last three months. Insiders own 27.78% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Millennium Management LLC raised its holdings in shares of AvePoint by 33.7% in the second quarter. Millennium Management LLC now owns 641,862 shares of the company’s stock worth $6,688,000 after acquiring an additional 161,759 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in AvePoint during the third quarter worth approximately $1,404,000. Susquehanna Fundamental Investments LLC acquired a new position in AvePoint in the second quarter valued at $548,000. Quantbot Technologies LP increased 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 acquiring an additional 90,413 shares during the last quarter. Finally, Lisanti Capital Growth LLC purchased a new stake in shares of AvePoint during the 3rd quarter valued at $1,424,000. 44.49% of the stock is owned by hedge funds and other institutional investors.

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.