Allworth Financial LP significantly increased its investment in AvePoint, Inc. (NASDAQ: AVPT) during the second quarter of 2023, as revealed in a recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor’s stake surged by an astonishing 27,215.6%, bringing its total holdings to 24,584 shares, worth approximately $475,000 at the end of June 2023.
Other major investors also adjusted their positions in AvePoint. Summit Securities Group LLC expanded its holdings by 621.7% during the first quarter, now owning 2,627 shares valued at $38,000. Similarly, Quarry LP increased its stake by 2,028.3%, acquiring 3,831 shares worth $55,000. CWM LLC raised its investment by 109.4%, holding 7,328 shares valued at $106,000. Covestor Ltd made a notable entry, boosting its position by 3,458.5% with 8,825 shares worth $127,000. Hedge funds and institutional investors collectively own 44.49% of AvePoint’s stock.
Insider Transactions and Stock Performance
Recent insider trading has drawn attention, particularly from AvePoint’s Chief Financial Officer, James Caci. On September 18, 2023, Caci sold 216,000 shares at an average price of $15.21, totaling approximately $3.29 million. This sale reduced his ownership by 50.35%. CEO Tianyi Jiang also sold a substantial number of shares on the same day, offloading 2,068,966 shares for around $31.47 million, reducing his stake by 13.00%. Insiders have sold a total of 5,755,780 shares worth approximately $87.49 million over the past three months, while insiders retain 26.19% ownership of the firm.
AvePoint’s stock opened at $13.02 on Monday, with a 50-day moving average of $14.72 and a 200-day moving average of $16.76. The company has experienced a 1-year low of $11.49 and a 1-year high of $20.25.
Financial Performance and Analyst Ratings
The latest quarterly earnings report, released on November 6, 2023, showed AvePoint reporting earnings of $0.06 per share, falling short of the consensus estimate of $0.07 by $0.01. The company achieved a revenue of $109.73 million, exceeding expectations of $105.72 million. For the fiscal year 2025, AvePoint has set guidance for earnings per share (EPS) in the fourth quarter.
Analysts have been evaluating AvePoint, with mixed reviews emerging. On October 8, 2023, Weiss Ratings reiterated a “sell (d-)” rating. Meanwhile, Cantor Fitzgerald revised its price target from $22.50 to $18.00, maintaining an “overweight” rating. DA Davidson initiated coverage with a “buy” rating and a target price of $20.00. Citigroup adjusted its target from $19.00 to $18.00, assigning a “neutral” rating. Dbs Bank upgraded the stock to a “moderate buy” rating. Overall, AvePoint holds an average rating of “Moderate Buy” with a consensus target price of $19.03.
AvePoint, Inc. specializes in cloud-native data management software across various regions, including North America, Europe, the Middle East, Africa, and Asia Pacific. The company delivers software-as-a-service solutions and productivity applications, addressing data management challenges for organizations utilizing third-party cloud services such as Microsoft, Salesforce, and Google.
