AvePoint, Inc. $AVPT is Parsifal Capital Management LP's 4th Largest Position

Key Points

• Parsifal Capital Management LP significantly increased its holdings in AvePoint, Inc. by 130.3%, owning over $73 million worth of shares at the end of the last quarter.
• AvePoint has received positive ratings from analysts, with a target price increase by Scotiabank from $19.00 to $22.00, reflecting a "sector outperform" rating.
• Insider trading activity included the sale of 35,000 shares by Brian Michael Brown, reducing his position by 2.94%, amidst a trend where insiders sold shares valued at approximately $1.84 million over the last ninety days.

Parsifal Capital Management LP boosted its position in AvePoint, Inc. (NASDAQ:AVPT - Free Report) by 130.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,080,742 shares of the company's stock after purchasing an additional 2,874,842 shares during the period. AvePoint comprises 6.3% of Parsifal Capital Management LP's portfolio, making the stock its 4th biggest holding. Parsifal Capital Management LP owned about 2.52% of AvePoint worth $73,366,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP boosted its position in AvePoint by 5.3% in the first quarter. Wellington Management Group LLP now owns 6,770,712 shares of the company's stock worth $97,769,000 after purchasing an additional 340,509 shares during the last quarter. Jennison Associates LLC purchased a new position in AvePoint in the first quarter worth about $30,648,000. Millennium Management LLC boosted its position in AvePoint by 104.3% in the first quarter. Millennium Management LLC now owns 2,058,092 shares of the company's stock worth $29,719,000 after purchasing an additional 1,050,500 shares during the last quarter. Invesco Ltd. boosted 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 purchasing an additional 889,671 shares during the last quarter. Finally, Raymond James Financial Inc. raised its stake in shares of AvePoint by 17.7% in the first quarter. Raymond James Financial Inc. now owns 1,287,819 shares of the company's stock worth $18,596,000 after buying an additional 193,502 shares during the period. 44.49% of the stock is owned by hedge funds and other institutional investors.

AvePoint Price Performance

Shares of AVPT traded up $0.04 during mid-day trading on Tuesday, reaching $16.61. 752,822 shares of the company's stock traded hands, compared to its average volume of 1,236,314. The stock has a market cap of $3.52 billion, a P/E ratio of -332.13 and a beta of 1.40. The stock's 50-day moving average is $17.16 and its two-hundred day moving average is $16.82. AvePoint, Inc. has a 12 month low of $11.43 and a 12 month high of $20.25.

Wall Street Analyst Weigh In

Several research firms have recently commented on AVPT. Citigroup decreased their price objective on AvePoint from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Monday, August 18th. Jefferies Financial Group began coverage on AvePoint in a research note on Monday, July 21st. They issued a "buy" rating and a $22.00 price objective on the stock. B. Riley initiated coverage on AvePoint in a research note on Tuesday, August 26th. They issued a "buy" rating and a $25.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on AvePoint from $15.00 to $17.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. Finally, Cantor Fitzgerald upgraded AvePoint to a "strong-buy" rating in a research report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, AvePoint has a consensus rating of "Moderate Buy" and a consensus price target of $20.80.

Insider Activity at AvePoint

In other news, insider Brian Michael Brown sold 35,000 shares of the company's stock in a transaction that occurred 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 owned 1,155,443 shares of the company's stock, valued at approximately $17,874,703.21. This represents a 2.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 105,000 shares of company stock worth $1,835,400 over the last quarter. Corporate 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.