AvePoint (NASDAQ:AVPT) Stock Gets Downgrade from Morgan Stanley

Key Points

• Morgan Stanley downgraded AvePoint from Overweight to Equal Weight. Despite the move, analyst sentiment remains broadly positive: MarketBeat reports a Moderate Buy consensus and an average price target of $18.
• AvePoint shares fell 2.5% to $16.39 on Tuesday. The company’s latest quarterly earnings missed consensus by one cent per share, though revenue of $131.1 million exceeded estimates.
• Insiders sold 230,000 shares worth about $3.43 million over the past 90 days; company insiders retain 22.66% ownership.

AvePoint (NASDAQ:AVPT - Get Free Report) was downgraded by stock analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating in a research report issued on Tuesday, Marketbeat Ratings reports.

AVPT has been the topic of a number of other research reports. Scotiabank increased their price target on AvePoint from $15.00 to $20.00 and gave the stock a "sector outperform" rating in a research report on Friday. Stephens lifted their price objective on AvePoint from $16.00 to $17.00 and gave the company an "overweight" rating in a report on Monday, September 21st. Phillip Securities raised AvePoint to a "moderate buy" rating in a report on Monday, October 5th. Zacks Research downgraded AvePoint from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 10th. Finally, Cantor Fitzgerald increased their target price on AvePoint from $15.00 to $19.00 and gave the stock an "overweight" rating in a report on Friday. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $18.00.

AvePoint Stock Down 2.5%

Shares of AvePoint stock traded down $0.41 on Tuesday, hitting $16.39. The stock had a trading volume of 1,305,966 shares, compared to its average volume of 2,263,909. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 48.30 and a beta of 1.13. AvePoint has a twelve month low of $8.84 and a twelve month high of $17.52. The business's 50 day moving average is $14.60 and its two-hundred day moving average is $12.02.

AvePoint (NASDAQ:AVPT - Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The business had revenue of $131.10 million for the quarter, compared to the consensus estimate of $129.39 million. AvePoint had a return on equity of 15.97% and a net margin of 15.33%. As a group, equities analysts predict that AvePoint will post 0.25 earnings per share for the current fiscal year.

Insider Buying and Selling at AvePoint

In related news, insider Brian Brown sold 35,000 shares of the stock in a transaction that occurred 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 sale, the insider owned 224,604 shares in the company, valued at approximately $3,687,997.68. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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. Corporate insiders own 22.66% of the company's stock.

Institutional Investors Weigh In On AvePoint

A number of large investors have recently modified their holdings of the business. Royce & Associates LP boosted its holdings in shares of AvePoint by 29.6% during the 3rd quarter. Royce & Associates LP now owns 775,202 shares of the company's stock valued at $10,915,000 after acquiring an additional 177,202 shares in the last quarter. Aberdeen Group plc acquired a new position in AvePoint in the 3rd quarter worth about $4,499,000. Russell Investments Group Ltd. raised its position in AvePoint by 78.9% in the third quarter. Russell Investments Group Ltd. now owns 193,247 shares of the company's stock valued at $2,655,000 after purchasing an additional 85,256 shares during the last quarter. Fifth Third Bancorp raised its position in AvePoint by 50.2% in the third quarter. Fifth Third Bancorp now owns 7,194 shares of the company's stock valued at $101,000 after purchasing an additional 2,405 shares during the last quarter. Finally, Fulcrum Asset Management LLP raised its position in AvePoint by 26,991.4% in the third quarter. Fulcrum Asset Management LLP now owns 18,964 shares of the company's stock valued at $257,000 after purchasing an additional 18,894 shares during the last quarter. Institutional investors and hedge funds own 44.49% of the company's stock.

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.

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