Ashford Capital Management Inc. Cuts Stock Position in AvePoint, Inc. $AVPT

Key Points

• Ashford Capital Management Inc. reduced its holdings in AvePoint, Inc. by 19.8% during Q1, now owning 888,840 shares valued at approximately $12.8 million.
• Several hedge funds have recently adjusted their positions in AvePoint, with a notable increase from Summit Securities Group LLC, which grew its stake by 621.7%.
• AvePoint received varied ratings from analysts, with a consensus price target of $20.80 and the majority giving it a "Moderate Buy" rating.

Ashford Capital Management Inc. lowered its holdings in AvePoint, Inc. (NASDAQ:AVPT - Free Report) by 19.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 888,840 shares of the company's stock after selling 219,880 shares during the period. AvePoint makes up 1.7% of Ashford Capital Management Inc.'s investment portfolio, making the stock its 25th largest position. Ashford Capital Management Inc. owned about 0.44% of AvePoint worth $12,835,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP raised its stake in AvePoint by 5.3% in the first quarter. Wellington Management Group LLP now owns 6,770,712 shares of the company's stock valued at $97,769,000 after purchasing an additional 340,509 shares in the last quarter. Parsifal Capital Management LP purchased a new stake in shares of AvePoint during the 4th quarter valued at $36,419,000. Jennison Associates LLC bought a new stake in shares of AvePoint during the 1st quarter worth $30,648,000. Invesco Ltd. grew its position in AvePoint by 112.8% in the first quarter. Invesco Ltd. now owns 1,678,190 shares of the company's stock worth $24,233,000 after acquiring an additional 889,671 shares in the last quarter. Finally, Raymond James Financial Inc. increased its stake in AvePoint by 17.7% in the first quarter. Raymond James Financial Inc. now owns 1,287,819 shares of the company's stock valued at $18,596,000 after acquiring an additional 193,502 shares during the last quarter. Hedge funds and other institutional investors own 44.49% of the company's stock.

AvePoint Trading Down 0.7%

Shares of AVPT traded down $0.12 on Tuesday, reaching $16.24. The stock had a trading volume of 1,667,419 shares, compared to its average volume of 1,639,157. AvePoint, Inc. has a 12-month low of $11.33 and a 12-month high of $20.25. The company has a 50-day simple moving average of $17.49 and a 200-day simple moving average of $16.91.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AVPT shares. The Goldman Sachs Group lifted their price target on AvePoint from $15.00 to $17.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. B. Riley initiated coverage on AvePoint in a research report on Tuesday, August 26th. They set a "buy" rating and a $25.00 price objective on the stock. Citigroup reduced their price objective on AvePoint from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Monday, August 18th. Cantor Fitzgerald raised AvePoint to a "strong-buy" rating in a research note on Friday, July 25th. Finally, Scotiabank boosted their target price on AvePoint from $19.00 to $22.00 and gave the company a "sector outperform" rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $20.80.

Insider Transactions at AvePoint

In related news, insider Brian Michael Brown sold 35,000 shares of AvePoint stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $15.47, for a total transaction of $541,450.00. Following the completion of the transaction, the insider directly owned 1,155,443 shares of the company's stock, valued at $17,874,703.21. This trade represents a 2.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 105,000 shares of company stock worth $1,835,400. Company insiders own 26.19% of the company's stock.

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.