AvePoint, Inc. (NASDAQ:AVPT) Holdings Trimmed by Essex Investment Management Co. LLC

Key Points

• Essex Investment Management Co. LLC reduces its stake in AvePoint, Inc. by selling 26,116 shares, bringing its total holdings to 519,629 shares, which is about 1.6% of its investment portfolio.
• AvePoint's stock performance includes a market capitalization of $3.73 billion, a PE ratio of -141.30, and a 1-year high of $20.25.
• Recent analyst ratings for AvePoint show a mix of opinions with two hold ratings, four buy ratings, and an average price target of $18.17.

Essex Investment Management Co. LLC cut its position in AvePoint, Inc. (NASDAQ:AVPT - Free Report) by 4.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 519,629 shares of the company's stock after selling 26,116 shares during the period. AvePoint accounts for 1.6% of Essex Investment Management Co. LLC's holdings, making the stock its 6th largest position. Essex Investment Management Co. LLC owned about 0.26% of AvePoint worth $7,503,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in AVPT. Wellington Management Group LLP boosted its stake in shares of AvePoint by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 6,430,203 shares of the company's stock worth $106,163,000 after acquiring an additional 2,332,813 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in AvePoint by 566.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,678,403 shares of the company's stock worth $44,220,000 after buying an additional 2,276,258 shares during the last quarter. Parsifal Capital Management LP acquired a new position in AvePoint during the fourth quarter worth $36,419,000. Jennison Associates LLC acquired a new position in AvePoint during the first quarter worth $30,648,000. Finally, Raymond James Financial Inc. acquired a new position in AvePoint during the fourth quarter worth $18,067,000. 44.49% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, 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 transaction, the insider owned 1,190,443 shares of the company's stock, valued at approximately $22,308,901.82. This represents a 2.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeff Epstein sold 500,000 shares of the stock in a transaction dated 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 directly owned 1,157,891 shares in the company, valued at approximately $21,733,614.07. The trade was a 30.16% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 605,000 shares of company stock worth $11,315,600. 26.19% of the stock is owned by corporate insiders.

AvePoint Stock Performance

Shares of AvePoint stock traded down $1.06 during trading hours on Friday, hitting $18.03. The company's stock had a trading volume of 699,010 shares, compared to its average volume of 1,307,238. AvePoint, Inc. has a twelve month low of $9.38 and a twelve month high of $20.25. The firm has a fifty day moving average of $18.76 and a 200-day moving average of $17.33. The stock has a market cap of $3.66 billion, a price-to-earnings ratio of -139.07 and a beta of 1.33.

Wall Street Analysts Forecast Growth

AVPT has been the topic of a number of recent research reports. Scotiabank boosted their price objective on AvePoint from $19.00 to $22.00 and gave the stock a "sector outperform" rating in a research note on Friday, May 9th. The Goldman Sachs Group boosted their price objective on AvePoint from $15.00 to $17.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Cantor Fitzgerald raised AvePoint to a "strong-buy" rating in a research note on Friday, July 25th. Finally, Jefferies Financial Group initiated coverage on AvePoint in a research note on Monday, July 21st. They set a "buy" rating and a $22.00 price objective on the stock. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.17.

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.