AvePoint (NASDAQ:AVPT) Cut to “Equal Weight” at Morgan Stanley

Morgan Stanley lowered shares of AvePoint (NASDAQ:AVPT) from an overweight rating to an equal weight rating in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports.

Several other brokerages also recently weighed in on AVPT. Evercore restated an “outperform” rating and issued a $16.00 target price on shares of AvePoint in a research note on Friday, August 7th. Citigroup lifted their price target on shares of AvePoint from $14.00 to $17.00 and gave the stock a “neutral” rating in a research note on Monday. Wall Street Zen lowered shares of AvePoint from a “buy” rating to a “hold” rating in a report on Sunday, November 8th. Jefferies Financial Group upped their price objective on shares of AvePoint from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Sunday, October 25th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AvePoint in a research report on Wednesday, November 4th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

AvePoint Stock Performance

Shares of NASDAQ:AVPT opened at $16.38 on Tuesday. The business’s 50-day simple moving average is $14.78 and its 200 day simple moving average is $12.08. The company has a market cap of $3.47 billion, a P/E ratio of 48.18 and a beta of 1.13. AvePoint has a one year low of $8.84 and a one year high of $17.52.

AvePoint (NASDAQ:AVPT) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). AvePoint had a return on equity of 17.26% and a net margin of 15.67%. The company had revenue of $131.10 million during the quarter, compared to analysts’ expectations of $129.39 million. Analysts predict that AvePoint will post 0.25 earnings per share for the current year.

Insider Activity

In other AvePoint news, insider Brian Brown sold 72,606 shares of the company’s stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $15.26, for a total value of $1,107,967.56. Following the transaction, the insider directly owned 259,604 shares of the company’s stock, valued at $3,961,557.04. This represents a 21.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 230,000 shares of company stock valued at $3,430,412. Corporate insiders own 22.66% of the company’s stock.

Institutional Trading of AvePoint

A number of hedge funds have recently made changes to their positions in AVPT. Global Retirement Partners LLC raised its holdings in AvePoint by 161.1% in the third quarter. Global Retirement Partners LLC now owns 1,812 shares of the company’s stock valued at $26,000 after acquiring an additional 1,118 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in AvePoint by 933.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,977 shares of the company’s stock worth $28,000 after acquiring an additional 2,689 shares in the last quarter. GAMMA Investing LLC grew its holdings in AvePoint by 26.6% during the 2nd quarter. GAMMA Investing LLC now owns 3,814 shares of the company’s stock worth $43,000 after acquiring an additional 802 shares in the last quarter. Allworth Financial LP grew its holdings in AvePoint by 109.6% during the 2nd quarter. Allworth Financial LP now owns 5,065 shares of the company’s stock worth $57,000 after acquiring an additional 2,649 shares in the last quarter. Finally, Sterling Capital Management LLC increased its position in shares of AvePoint by 822.1% in the 3rd quarter. Sterling Capital Management LLC now owns 5,496 shares of the company’s stock worth $77,000 after purchasing an additional 4,900 shares during the last quarter. Institutional investors and hedge funds own 44.49% of the company’s stock.

AvePoint Company Profile

AvePoint provides cloud-based software for managing, protecting and governing data in cloud collaboration environments. Its products help organizations back up and restore data, manage access and compliance policies, and migrate content between platforms. The company’s offerings support services including Microsoft 365, Salesforce and Google Workspace. AvePoint also provides tools for data governance, records management and collaboration, serving organizations across a range of industries and geographies.