AvePoint (NASDAQ:AVPT) Reaches New 52-Week High Following Better-Than-Expected Earnings

AvePoint, Inc. (NASDAQ:AVPT) shares reached a new 52-week high during trading on Friday following a better than expected earnings announcement. The stock traded as high as $8.74 and last traded at $8.38, with a volume of 354755 shares. The stock had previously closed at $8.10.

The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.04. The company had revenue of $74.53 million for the quarter, compared to the consensus estimate of $72.33 million. AvePoint had a negative return on equity of 9.94% and a negative net margin of 7.94%. The firm’s quarterly revenue was up 25.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.05) EPS.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on AVPT shares. Cantor Fitzgerald lifted their price objective on AvePoint from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Evercore ISI increased their price target on AvePoint from $9.00 to $10.00 and gave the company an “outperform” rating in a report on Friday, March 1st.

Insider Activity at AvePoint

In related news, insider Brian Michael Brown sold 20,000 shares of AvePoint stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $7.86, for a total transaction of $157,200.00. Following the completion of the sale, the insider now owns 1,351,240 shares in the company, valued at approximately $10,620,746.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 43,061 shares of company stock worth $343,888 in the last 90 days. 27.78% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AvePoint

Several large investors have recently modified their holdings of the business. Strs Ohio raised its holdings in shares of AvePoint by 3.9% in the 4th quarter. Strs Ohio now owns 88,400 shares of the company’s stock valued at $725,000 after purchasing an additional 3,300 shares in the last quarter. ProShare Advisors LLC grew its position in AvePoint by 12.5% during the 1st quarter. ProShare Advisors LLC now owns 33,857 shares of the company’s stock worth $268,000 after purchasing an additional 3,749 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in AvePoint by 16.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,782 shares of the company’s stock worth $236,000 after purchasing an additional 4,005 shares during the last quarter. Arete Wealth Advisors LLC grew its position in AvePoint by 21.6% during the 3rd quarter. Arete Wealth Advisors LLC now owns 23,900 shares of the company’s stock worth $161,000 after purchasing an additional 4,250 shares during the last quarter. Finally, Arizona State Retirement System grew its position in AvePoint by 16.1% during the 4th quarter. Arizona State Retirement System now owns 31,097 shares of the company’s stock worth $255,000 after purchasing an additional 4,303 shares during the last quarter. Institutional investors own 44.49% of the company’s stock.

AvePoint Stock Performance

The firm’s 50 day simple moving average is $7.87 and its 200 day simple moving average is $7.95. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of -67.49 and a beta of 0.84.

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.