Citigroup Has Lowered Expectations for AvePoint (NASDAQ:AVPT) Stock Price

Key Points

• Citigroup has lowered AvePoint's price target from $19.00 to $18.00, maintaining a "neutral" rating, which indicates a potential upside of 19.68%.
• AvePoint's stock is currently trading at $15.04, with a 1-year range between $10.65 and $20.25, reflecting its volatility in the market.
• Insider transactions have seen significant activity, with over 605,000 shares sold in the last ninety days, indicating possible shifts in insider confidence about the company's outlook.

AvePoint (NASDAQ:AVPT - Free Report) had its price target lowered by Citigroup from $19.00 to $18.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

AVPT has been the topic of several other research reports. Cantor Fitzgerald upgraded shares of AvePoint to a "strong-buy" rating in a research report on Friday, July 25th. The Goldman Sachs Group lifted their price objective on shares of AvePoint from $15.00 to $17.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Jefferies Financial Group assumed coverage on shares of AvePoint in a report on Monday, July 21st. They issued a "buy" rating and a $22.00 target price on the stock. Finally, Scotiabank upped their target price on shares of AvePoint from $19.00 to $22.00 and gave the company a "sector outperform" rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $19.75.

AvePoint Stock Performance

NASDAQ:AVPT traded up $0.65 during trading hours on Monday, reaching $15.62. The stock had a trading volume of 1,304,432 shares, compared to its average volume of 1,355,246. The stock has a market capitalization of $3.31 billion, a PE ratio of -312.34 and a beta of 1.35. AvePoint has a 52 week low of $10.65 and a 52 week high of $20.25. The company has a 50 day moving average price of $17.86 and a two-hundred day moving average price of $17.12.

Insider Transactions at AvePoint

In related news, insider Brian Michael Brown sold 35,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.74, for a total transaction of $655,900.00. Following the completion of the sale, the insider directly owned 1,190,443 shares of the company's stock, valued at approximately $22,308,901.82. This trade represents a 2.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeff Epstein sold 500,000 shares of AvePoint stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $18.77, for a total value of $9,385,000.00. Following the sale, the director owned 1,157,891 shares of the company's stock, valued at approximately $21,733,614.07. This trade represents a 30.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 570,000 shares of company stock worth $10,678,950 over the last three months. 26.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AvePoint

Several large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in AvePoint by 5.3% in the 1st quarter. Wellington Management Group LLP now owns 6,770,712 shares of the company's stock worth $97,769,000 after acquiring an additional 340,509 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of AvePoint by 218.0% in the second quarter. Invesco Ltd. now owns 5,335,882 shares of the company's stock valued at $103,036,000 after purchasing an additional 3,657,692 shares during the period. Parsifal Capital Management LP boosted its holdings in shares of AvePoint by 130.3% in the first quarter. Parsifal Capital Management LP now owns 5,080,742 shares of the company's stock valued at $73,366,000 after purchasing an additional 2,874,842 shares during the period. Geode Capital Management LLC grew its stake in AvePoint by 6.1% in the second quarter. Geode Capital Management LLC now owns 3,122,598 shares of the company's stock worth $60,304,000 after purchasing an additional 179,694 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in AvePoint by 37.0% during the 2nd quarter. Jennison Associates LLC now owns 2,908,473 shares of the company's stock worth $56,163,000 after purchasing an additional 786,016 shares during the period. 44.49% of the stock is owned by hedge funds and other institutional investors.

AvePoint Company Profile

AvePoint, Inc provides cloud-native data management software platform in North America, Europe, Middle East, Africa, and Asia Pacific. It also offers software-as-a-service solutions and productivity applications. The company offers modularity and cloud services architecture to address critical challenges and the management of data to organizations that leverage third-party cloud vendors, including Microsoft, Salesforce, Google, AWS, Box, DropBox, and others; license and support; and maintenance services.