Cubist Systematic Strategies LLC Acquires 215,259 Shares of AvePoint, Inc. $AVPT

Key Points

• Cubist Systematic Strategies LLC increased its stake in AvePoint, Inc. by 40.2%, owning over 751,000 shares valued at approximately $10.8 million.
• Several institutional investors, including Wellington Management and Invesco, have also modified their holdings, showing strong interest in AvePoint, which is currently owned 44.49% by hedge funds.
• AvePoint received a "strong-buy" rating from Cantor Fitzgerald, while the overall consensus rating remains a "Moderate Buy" with a price target of $20.80.

Cubist Systematic Strategies LLC boosted its position in shares of AvePoint, Inc. (NASDAQ:AVPT - Free Report) by 40.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 751,232 shares of the company's stock after buying an additional 215,259 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.37% of AvePoint worth $10,848,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Heck Capital Advisors LLC purchased a new stake in AvePoint during the fourth quarter valued at approximately $29,000. Versant Capital Management Inc purchased a new stake in AvePoint during the first quarter valued at approximately $31,000. Point72 Hong Kong Ltd purchased a new stake in AvePoint during the fourth quarter valued at approximately $40,000. Summit Securities Group LLC raised its position in AvePoint by 621.7% during the first quarter. Summit Securities Group LLC now owns 2,627 shares of the company's stock valued at $38,000 after purchasing an additional 2,263 shares during the period. Finally, Quarry LP raised its position in AvePoint by 2,028.3% during the first quarter. Quarry LP now owns 3,831 shares of the company's stock valued at $55,000 after purchasing an additional 3,651 shares during the period. 44.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AVPT has been the topic of a number of recent research reports. Cantor Fitzgerald upgraded AvePoint to a "strong-buy" rating in a research report on Friday, July 25th. Citigroup dropped their price target on shares of AvePoint from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Monday, August 18th. Jefferies Financial Group started coverage on shares of AvePoint in a research note on Monday, July 21st. They set a "buy" rating and a $22.00 price target for the company. The Goldman Sachs Group lifted their price target 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. Finally, B. Riley began coverage on AvePoint in a research note on Tuesday, August 26th. They set a "buy" rating and a $25.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $20.80.

Insider Buying and Selling

In other AvePoint news, insider Brian Michael Brown sold 35,000 shares of the firm's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $15.47, for a total transaction of $541,450.00. Following the transaction, the insider directly owned 1,155,443 shares in the company, valued at $17,874,703.21. This trade represents a 2.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders sold 105,000 shares of company stock worth $1,835,400. Company insiders own 26.19% of the company's stock.

AvePoint Price Performance

Shares of AVPT traded up $0.15 during mid-day trading on Friday, reaching $16.27. 1,017,507 shares of the company's stock traded hands, compared to its average volume of 1,384,031. The stock has a market cap of $3.45 billion, a P/E ratio of -325.33 and a beta of 1.40. The stock's 50-day moving average is $17.25 and its two-hundred day moving average is $16.83. AvePoint, Inc. has a 12 month low of $11.34 and a 12 month high of $20.25.

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.