Driehaus Capital Management LLC Takes Position in AvePoint, Inc. (NASDAQ:AVPT)

Driehaus Capital Management LLC purchased a new stake in shares of AvePoint, Inc. (NASDAQ:AVPT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,660,771 shares of the company’s stock, valued at approximately $17,305,000. Driehaus Capital Management LLC owned approximately 0.90% of AvePoint at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in AvePoint by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 15,050,278 shares of the company’s stock worth $119,198,000 after acquiring an additional 532,371 shares during the period. Dimensional Fund Advisors LP raised its holdings in AvePoint by 13.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,932,248 shares of the company’s stock worth $20,133,000 after acquiring an additional 227,324 shares during the period. Federated Hermes Inc. raised its holdings in AvePoint by 3.6% in the 2nd quarter. Federated Hermes Inc. now owns 934,670 shares of the company’s stock worth $9,739,000 after acquiring an additional 32,821 shares during the period. Renaissance Technologies LLC raised its holdings in AvePoint by 16.4% in the 2nd quarter. Renaissance Technologies LLC now owns 861,900 shares of the company’s stock worth $8,981,000 after acquiring an additional 121,200 shares during the period. Finally, Millennium Management LLC raised its holdings in AvePoint by 33.7% in the 2nd quarter. Millennium Management LLC now owns 641,862 shares of the company’s stock worth $6,688,000 after acquiring an additional 161,759 shares during the period. Institutional investors own 44.49% of the company’s stock.

Insider Activity

In other news, insider Brian Michael Brown sold 20,000 shares of AvePoint stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $10.37, for a total transaction of $207,400.00. Following the sale, the insider now directly owns 1,297,373 shares in the company, valued at approximately $13,453,758.01. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Brian Michael Brown sold 20,000 shares of AvePoint stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $10.37, for a total transaction of $207,400.00. Following the sale, the insider now directly owns 1,297,373 shares in the company, valued at approximately $13,453,758.01. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Zhijian Lu sold 10,000 shares of AvePoint stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $10.89, for a total transaction of $108,900.00. Following the sale, the insider now owns 18,440,673 shares in the company, valued at $200,818,928.97. The disclosure for this sale can be found here. In the last three months, insiders have sold 150,000 shares of company stock worth $1,658,000. Corporate insiders own 27.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Cantor Fitzgerald lifted their target price on shares of AvePoint from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Northland Securities lifted their target price on shares of AvePoint from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, August 9th.

AvePoint Price Performance

NASDAQ AVPT opened at $11.71 on Friday. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of -146.38 and a beta of 0.89. The company’s fifty day moving average is $11.12 and its two-hundred day moving average is $9.64. AvePoint, Inc. has a 52-week low of $6.45 and a 52-week high of $12.09.

AvePoint (NASDAQ:AVPT) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.09). The company had revenue of $77.96 million during the quarter, compared to analyst estimates of $75.17 million. AvePoint had a negative return on equity of 6.66% and a negative net margin of 4.77%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.07) earnings per share. As a group, sell-side analysts expect that AvePoint, Inc. will post -0.07 earnings per share for the current fiscal year.

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.