Citigroup Issues Positive Forecast for AvePoint (NASDAQ:AVPT) Stock Price

Key Points

• Citigroup raised AvePoint’s price target from $14 to $17 but maintained a neutral rating; the new target implies about 1.7% upside from the prior close.
• Analyst sentiment is more positive overall: the consensus rating is “Moderate Buy,” with a $18 target price, and 10 analysts rate the stock Buy versus five Hold.
• In its latest quarter, AvePoint reported EPS of $0.08, below the $0.09 consensus, while revenue of $131.1 million exceeded estimates of $129.39 million.

AvePoint (NASDAQ:AVPT - Get Free Report) had its target price raised by research analysts at Citigroup from $14.00 to $17.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Citigroup's price objective suggests a potential upside of 1.71% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. Zacks Research cut shares of AvePoint from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 10th. Phillip Securities upgraded AvePoint to a "moderate buy" rating in a research note on Monday, October 5th. BMO Capital Markets initiated coverage on AvePoint in a report on Tuesday, October 6th. They issued an "outperform" rating and a $17.00 target price on the stock. Scotiabank lifted their price target on AvePoint from $15.00 to $20.00 and gave the company a "sector outperform" rating in a research note on Friday. Finally, Jefferies Financial Group boosted their price target on AvePoint from $16.00 to $20.00 and gave the stock a "buy" rating in a report on Sunday, October 25th. Ten analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.00.

AvePoint Trading Up 1.0%

Shares of NASDAQ:AVPT traded up $0.17 on Monday, reaching $16.71. 972,013 shares of the company's stock were exchanged, compared to its average volume of 2,262,733. The company has a fifty day moving average of $14.54 and a 200-day moving average of $12.00. AvePoint has a twelve month low of $8.84 and a twelve month high of $17.52. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of 49.10 and a beta of 1.13.

AvePoint (NASDAQ:AVPT - Get Free Report) last released its quarterly 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). The business had revenue of $131.10 million during the quarter, compared to analyst estimates of $129.39 million. AvePoint had a net margin of 15.67% and a return on equity of 17.11%. As a group, equities research analysts forecast that AvePoint will post 0.25 EPS for the current fiscal year.

Insider Transactions at AvePoint

In related news, insider Brian Brown sold 72,606 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $15.26, for a total value of $1,107,967.56. Following the completion of the transaction, the insider owned 259,604 shares of the company's stock, valued at $3,961,557.04. This represents a 21.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 230,000 shares of company stock worth $3,430,412. 22.66% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in AvePoint by 25.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,264,082 shares of the company's stock valued at $31,040,000 after acquiring an additional 666,422 shares during the last quarter. Wellington Management Group LLP lifted its stake in AvePoint by 106.7% in the second quarter. Wellington Management Group LLP now owns 2,776,579 shares of the company's stock valued at $31,125,000 after buying an additional 1,433,299 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings 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 worth $25,445,000 after buying an additional 535,015 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of AvePoint by 16.4% during the 1st quarter. Renaissance Technologies LLC now owns 2,580,153 shares of the company's stock worth $24,537,000 after buying an additional 363,200 shares during the period. Finally, Bank of America Corp DE grew its position in shares of AvePoint by 185.8% during the 1st 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. 44.49% of the stock is currently owned by institutional investors.

About AvePoint

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.

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.