Allianz Asset Management GmbH Purchases Shares of 25,100 AvePoint, Inc. (NASDAQ:AVPT)

Key Points

• Allianz Asset Management GmbH has acquired a new stake in AvePoint, Inc., purchasing 25,100 shares valued at approximately $362,000 during the first quarter.
• Several institutional investors have increased their positions in AvePoint, including Vanguard Group and JPMorgan Chase & Co., indicating strong institutional interest in the stock.
• Research analysts have issued positive ratings for AvePoint, with price targets increasing, including a new target of $22.00 from Scotiabank and Jefferies Financial Group.

Allianz Asset Management GmbH acquired a new position in AvePoint, Inc. (NASDAQ:AVPT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 25,100 shares of the company's stock, valued at approximately $362,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Hussman Strategic Advisors Inc. purchased a new position in AvePoint during the first quarter valued at $1,516,000. Jennison Associates LLC purchased a new position in shares of AvePoint in the first quarter worth about $30,648,000. Victory Capital Management Inc. lifted its stake in shares of AvePoint by 1,421.4% in the first quarter. Victory Capital Management Inc. now owns 189,770 shares of the company's stock worth $2,740,000 after buying an additional 177,297 shares in the last quarter. CWM LLC increased its position in AvePoint by 109.4% during the first quarter. CWM LLC now owns 7,328 shares of the company's stock worth $106,000 after purchasing an additional 3,829 shares during the last quarter. Finally, Cerity Partners LLC increased its position in AvePoint by 70.1% during the first quarter. Cerity Partners LLC now owns 70,454 shares of the company's stock worth $1,017,000 after purchasing an additional 29,034 shares during the last quarter. 44.49% of the stock is owned by hedge funds and other institutional investors.

AvePoint Stock Performance

AVPT traded up $0.18 during trading on Wednesday, reaching $17.76. The company had a trading volume of 487,993 shares, compared to its average volume of 1,301,681. AvePoint, Inc. has a 12-month low of $9.71 and a 12-month high of $20.25. The firm's 50-day simple moving average is $18.73 and its 200 day simple moving average is $17.35. The company has a market cap of $3.61 billion, a price-to-earnings ratio of -136.64 and a beta of 1.35.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Scotiabank raised their price objective on shares of AvePoint from $19.00 to $22.00 and gave the stock a "sector outperform" rating in a research report on Friday, May 9th. Cantor Fitzgerald upgraded shares of AvePoint to a "strong-buy" rating in a research report on Friday, July 25th. The Goldman Sachs Group upped their target price on shares of AvePoint from $15.00 to $17.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Finally, Jefferies Financial Group started 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. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.17.

Insider Activity

In other AvePoint news, 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 transaction of $9,385,000.00. Following the completion of the transaction, the director directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian Michael Brown sold 35,000 shares of the stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.74, for a total transaction of $655,900.00. Following the sale, the insider owned 1,190,443 shares of the company's stock, valued at $22,308,901.82. This trade represents a 2.86% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 605,000 shares of company stock worth $11,315,600. Company insiders own 26.19% of the company's stock.

About AvePoint

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.