Citigroup Forecasts Strong Price Appreciation for AvePoint (NASDAQ:AVPT) Stock

AvePoint (NASDAQ:AVPT) had its target price boosted by stock analysts at Citigroup from $17.00 to $18.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price points to a potential upside of 4.59% from the stock’s current price.

Separately, The Goldman Sachs Group boosted their target price on AvePoint from $7.50 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, AvePoint currently has an average rating of “Moderate Buy” and an average price target of $15.00.

AvePoint Stock Performance

AVPT opened at $17.21 on Friday. The company has a fifty day moving average price of $17.39 and a two-hundred day moving average price of $13.48. The firm has a market capitalization of $3.21 billion, a PE ratio of -344.13 and a beta of 1.01. AvePoint has a 52 week low of $7.08 and a 52 week high of $19.16.

Insiders Place Their Bets

In related news, major shareholder Zhijian Lu sold 10,000 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $12.10, for a total transaction of $121,000.00. Following the completion of the transaction, the insider now directly owns 18,320,673 shares in the company, valued at approximately $221,680,143.30. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Caci sold 20,215 shares of AvePoint stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $17.12, for a total value of $346,080.80. Following the completion of the sale, the chief financial officer now directly owns 591,890 shares in the company, valued at approximately $10,133,156.80. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,215 shares of company stock worth $952,581. Company insiders own 27.78% of the company’s stock.

Hedge Funds Weigh In On AvePoint

Several hedge funds have recently modified their holdings of the stock. National Bank of Canada FI bought a new position in AvePoint in the third quarter valued at approximately $29,000. Canada Pension Plan Investment Board bought a new position in shares of AvePoint in the 2nd quarter valued at about $83,000. Algert Global LLC bought a new stake in shares of AvePoint in the 2nd quarter valued at about $116,000. Balboa Wealth Partners acquired a new stake in AvePoint in the 3rd quarter valued at about $125,000. Finally, Y Intercept Hong Kong Ltd bought a new position in AvePoint during the third quarter worth about $171,000. Institutional investors own 44.49% 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.