AvePoint (NASDAQ:AVPT) Stock Gets Downgrade from Wall Street Zen

AvePoint (NASDAQ:AVPT) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday, Wall Street Zen reports.

AVPT has been the topic of a number of other research reports. Zacks Research downgraded shares of AvePoint from a “strong-buy” rating to a “hold” rating in a report on Monday, August 10th. Weiss Ratings raised shares of AvePoint from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Phillip Securities upgraded shares of AvePoint to a “moderate buy” rating in a research report on Monday, October 5th. Stephens increased their price objective on shares of AvePoint from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Monday, September 21st. Finally, Citigroup restated a “neutral” rating on shares of AvePoint in a report on Wednesday, August 12th. 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

AvePoint Price Performance

Shares of NASDAQ:AVPT opened at $16.81 on Friday. AvePoint has a 1 year low of $8.84 and a 1 year high of $17.52. The company has a market cap of $3.56 billion, a P/E ratio of 49.44 and a beta of 1.13. The stock’s fifty day moving average price is $14.60 and its 200-day moving average price is $12.02.

AvePoint (NASDAQ:AVPT) last issued its earnings results on Thursday, November 5th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). AvePoint had a return on equity of 15.97% and a net margin of 15.33%. The business had revenue of $131.10 million during the quarter, compared to analysts’ expectations of $129.39 million. On average, sell-side analysts anticipate that AvePoint will post 0.25 earnings per share for the current year.

Insider Activity

In other news, insider Brian Brown sold 35,000 shares of the business’s stock in a transaction on Friday, October 23rd. The shares were sold at an average price of $16.42, for a total transaction of $574,700.00. Following the completion of the sale, the insider owned 224,604 shares of the company’s stock, valued at $3,687,997.68. The trade was a 13.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 worth $3,430,412. Insiders own 22.66% of the company’s stock.

Hedge Funds Weigh In On AvePoint

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP increased its position in AvePoint by 106.7% in the second quarter. Wellington Management Group LLP now owns 2,776,579 shares of the company’s stock worth $31,125,000 after buying an additional 1,433,299 shares in the last quarter. Bank of America Corp DE raised its stake in shares of AvePoint by 185.8% in the first quarter. Bank of America Corp DE now owns 1,253,662 shares of the company’s stock worth $11,922,000 after buying an additional 815,074 shares during the period. Bank of New York Mellon Corp bought a new position in shares of AvePoint in the second quarter worth about $8,848,000. Dimensional Fund Advisors LP lifted its position in shares of AvePoint by 25.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,264,082 shares of the company’s stock valued at $31,040,000 after buying an additional 666,422 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of AvePoint by 25.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,675,587 shares of the company’s stock valued at $25,445,000 after buying an additional 535,015 shares in the last quarter. 44.49% of the stock is currently owned by hedge funds and other institutional investors.

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.