Connor Clark & Lunn Investment Management Ltd. Lowers Position in AvePoint, Inc. $AVPT

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in AvePoint, Inc. by 37.6%, selling 105,260 shares during the first quarter, and now owns about $2.5 million worth of the company's stock.
• Several other hedge funds adjusted their holdings in AvePoint, with 44.49% of the stock now owned by institutional investors.
• Wall Street analysts are optimistic about AvePoint's future, with multiple upgrades, leading to a consensus price target of $19.25 and a "Moderate Buy" rating.

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of AvePoint, Inc. (NASDAQ:AVPT - Free Report) by 37.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 174,854 shares of the company's stock after selling 105,260 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of AvePoint worth $2,525,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Heck Capital Advisors LLC purchased a new stake in shares of AvePoint during the fourth quarter worth approximately $29,000. Versant Capital Management Inc purchased a new stake in shares of AvePoint during the first quarter worth approximately $31,000. Point72 Hong Kong Ltd purchased a new stake in shares of AvePoint during the fourth quarter worth approximately $40,000. KBC Group NV purchased a new stake in shares of AvePoint during the first quarter worth approximately $67,000. Finally, Catalyst Capital Advisors LLC purchased a new stake in shares of AvePoint during the first quarter worth approximately $100,000. 44.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVPT has been the subject of several research reports. Jefferies Financial Group initiated coverage on AvePoint in a research report on Monday, July 21st. They set a "buy" rating and a $22.00 price target for the company. The Goldman Sachs Group upped their target price on AvePoint from $15.00 to $17.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Citigroup dropped their target price on AvePoint from $19.00 to $18.00 and set a "neutral" rating for the company in a report on Monday. Scotiabank upped their target price on AvePoint from $19.00 to $22.00 and gave the company a "sector outperform" rating in a report on Friday, May 9th. Finally, Cantor Fitzgerald upgraded AvePoint to a "strong-buy" rating in a report on Friday, July 25th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, AvePoint currently has an average rating of "Moderate Buy" and an average price target of $19.75.

AvePoint Trading Up 1.4%

NASDAQ:AVPT traded up $0.21 during trading hours on Monday, hitting $15.24. The company had a trading volume of 672,013 shares, compared to its average volume of 1,357,429. The company has a market cap of $3.23 billion, a P/E ratio of -304.16 and a beta of 1.35. AvePoint, Inc. has a 1 year low of $10.65 and a 1 year high of $20.25. The company has a 50-day moving average of $18.19 and a 200 day moving average of $17.20.

Insiders Place Their Bets

In other news, insider Brian Michael Brown sold 35,000 shares of the stock in a transaction 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 transaction, the insider directly owned 1,190,443 shares in the company, valued at approximately $22,308,901.82. This represents a 2.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeff Epstein sold 500,000 shares of the 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 transaction, the director owned 1,157,891 shares of the company's stock, valued at approximately $21,733,614.07. This represents a 30.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 605,000 shares of company stock valued at $11,315,600. Company insiders own 26.19% of the company's stock.

AvePoint 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.