AvePoint (NASDAQ:AVPT) Downgraded by Wall Street Zen to Hold

Wall Street Zen cut shares of AvePoint (NASDAQ:AVPT) from a buy rating to a hold rating in a report released on Saturday morning,Wall Street Zen reports.

AVPT has been the topic of a number of other reports. TD Cowen upped their target price on shares of AvePoint from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Citigroup reiterated a “neutral” rating on shares of AvePoint in a research note on Wednesday, August 12th. Scotiabank boosted their price target on shares of AvePoint from $12.00 to $15.00 and gave the stock a “sector outperform” rating in a report on Friday, August 7th. BMO Capital Markets started coverage on shares of AvePoint in a research report on Tuesday. They issued an “outperform” rating and a $17.00 price objective on the stock. Finally, Phillip Securities upgraded shares of AvePoint to a “moderate buy” rating in a report on Monday, October 5th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.41.

AvePoint Stock Up 1.5%

Shares of AVPT opened at $14.63 on Friday. The company has a market cap of $3.10 billion, a P/E ratio of 45.72 and a beta of 1.17. AvePoint has a fifty-two week low of $8.84 and a fifty-two week high of $15.48. The firm’s 50 day moving average price is $13.49 and its 200 day moving average price is $11.73.

AvePoint (NASDAQ:AVPT) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. The business had revenue of $124.50 million during the quarter, compared to the consensus estimate of $121.38 million. AvePoint had a net margin of 15.33% and a return on equity of 15.97%. Research analysts forecast that AvePoint will post 0.25 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Brian Brown sold 28,894 shares of the company’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $15.15, for a total value of $437,744.10. Following the completion of the transaction, the insider directly owned 335,710 shares of the company’s stock, valued at $5,086,006.50. This represents a 7.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 128,894 shares of company stock worth $1,825,241 in the last three months. 22.66% of the stock is owned by insiders.

Institutional Trading of AvePoint

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new position in AvePoint during the second quarter worth approximately $8,848,000. Quantinno Capital Management LP raised its position in AvePoint by 307.0% in the 1st quarter. Quantinno Capital Management LP now owns 109,317 shares of the company’s stock valued at $1,040,000 after purchasing an additional 82,457 shares during the last quarter. Wellington Management Group LLP boosted its stake in AvePoint by 106.7% during the 2nd quarter. Wellington Management Group LLP now owns 2,776,579 shares of the company’s stock worth $31,125,000 after purchasing an additional 1,433,299 shares during the period. Scholtz & Company LLC purchased a new position in AvePoint during the 2nd quarter worth $1,975,000. Finally, Y Intercept Hong Kong Ltd grew its position in AvePoint by 83.2% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 232,250 shares of the company’s stock worth $2,209,000 after purchasing an additional 105,471 shares during the last quarter. Hedge funds and other institutional investors own 44.49% of the company’s stock.

About AvePoint

AvePoint, Inc (NASDAQ: AVPT) provides data-management, governance and protection solutions for organizations using cloud collaboration platforms. Its products are designed to help businesses migrate, manage, protect and optimize data across services such as Microsoft 365, SharePoint, Dynamics 365 and Salesforce.

The company’s offerings include cloud backup and recovery, data migration, records and information management, compliance, security and workspace governance. AvePoint delivers these capabilities through its cloud-based platform and related software, helping organizations manage data throughout its lifecycle while supporting collaboration and regulatory requirements.

Founded in 2001, AvePoint serves customers globally across a range of industries, including public-sector organizations, education, healthcare and commercial enterprises.