AvePoint (NASDAQ:AVPT) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded AvePoint from “hold” to “buy,” contributing to a consensus “Moderate Buy” rating from analysts and an average price target of $16.44.
• AvePoint reported quarterly results above expectations, posting $0.12 in EPS versus the $0.08 consensus estimate and revenue of $124.5 million compared with expectations of $121.38 million.
• Shares opened at $12.66 after declining 0.9%; the stock has traded between $8.84 and $16.09 over the past year, while insiders have recently sold shares under a pre-arranged trading plan.

AvePoint (NASDAQ:AVPT - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently commented on AVPT. TD Cowen upped their price objective on AvePoint from $14.00 to $15.00 and gave the company a "buy" rating in a report on Friday, August 7th. Scotiabank raised their target price on AvePoint from $12.00 to $15.00 and gave the stock a "sector outperform" rating in a research note on Friday, August 7th. Weiss Ratings raised AvePoint from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. DA Davidson reaffirmed a "buy" rating and issued a $18.00 price target on shares of AvePoint in a research note on Monday, July 6th. Finally, Zacks Research cut AvePoint from a "strong-buy" rating to a "hold" rating in a report on Monday, August 10th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, AvePoint has a consensus rating of "Moderate Buy" and a consensus target price of $16.44.

AvePoint Trading Down 0.9%

Shares of AVPT stock opened at $12.66 on Friday. The company's 50-day moving average price is $13.07 and its 200-day moving average price is $11.29. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 39.56 and a beta of 1.19. AvePoint has a twelve month low of $8.84 and a twelve month high of $16.09.

AvePoint (NASDAQ:AVPT - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.04. AvePoint had a net margin of 15.33% and a return on equity of 15.97%. The firm had revenue of $124.50 million during the quarter, compared to analysts' expectations of $121.38 million. As a group, equities research analysts predict that AvePoint will post 0.25 EPS for the current year.

Insider Transactions at AvePoint

In other AvePoint news, insider Brian Brown sold 60,000 shares of AvePoint stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $14.20, for a total value of $852,000.00. Following the completion of the transaction, the insider directly owned 384,604 shares of the company's stock, valued at $5,461,376.80. The trade was a 13.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 80,000 shares of company stock worth $1,115,696. 22.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AVPT. PNC Financial Services Group Inc. increased its stake in AvePoint by 933.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,977 shares of the company's stock worth $28,000 after buying an additional 2,689 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of AvePoint during the fourth quarter worth $28,000. GAMMA Investing LLC raised its stake in shares of AvePoint by 26.6% in the second quarter. GAMMA Investing LLC now owns 3,814 shares of the company's stock valued at $43,000 after acquiring an additional 802 shares in the last quarter. Vestcor Inc acquired a new stake in shares of AvePoint in the third quarter valued at $45,000. Finally, Kemnay Advisory Services Inc. purchased a new position in AvePoint in the fourth quarter valued at $47,000. Hedge funds and other institutional investors own 44.49% of the company's stock.

About AvePoint

AvePoint, Inc provides data management, governance, protection and migration software for organizations using cloud collaboration and productivity platforms. Its solutions are designed to help businesses, government agencies and educational institutions manage data throughout its lifecycle, improve security and compliance, and support digital transformation initiatives.

The company's product portfolio supports platforms including Microsoft 365, Microsoft Dynamics 365, Salesforce and Google Workspace.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.