AvePoint Stock Surges Following Price Target Increase by Cantor Fitzgerald

AvePoint, Inc. (NASDAQ:AVPT), experienced a notable increase in its stock price in early Friday trading. This surge followed an announcement from Cantor Fitzgerald, which upped their price target for AvePoint from $10.00 to $11.00. Before the market opened, AvePoint shares transitioned from a previous close of $8.00 to an opening price of $8.48. Cantor Fitzgerald maintains an 'overweight' rating on the tech company's stock, which later traded at $8.27 with 544,421 shares changing hands.

Analyst Opinions on AvePoint

Other research analysts have also expressed their views on AvePoint's stock. Evercore ISI has raised its price target from $9.00 to $10.00, labeling the stock as 'outperform' in a recent research note. Meanwhile, Citigroup adjusted their target price from $8.00 to $9.00, maintaining a 'neutral' stance on the company.

Inside Trades at AvePoint

In related news, AvePoint insider Brian Michael Brown sold 20,000 shares at an average price of $7.78, totaling $155,600. After the transaction, Brown holds over 1.3 million shares, valued at approximately $10.16 million. These details were revealed in a filing with the Securities & Exchange Commission.

Hedge Fund Activity with AvePoint Shares

Hedge funds have shown active interest in AvePoint, with several funds either increasing or decreasing their stock holdings. Swiss National Bank, for example, increased its stake by 8.2%, now owning 193,100 shares. Citigroup Inc. displayed a more dramatic rise in its holdings by 891.1%, with 393,221 shares now in its portfolio. Other key investors like AlphaCrest Capital Management, BlackRock Inc., and Vanguard Group Inc. have also adjusted their AvePoint investments.

The Current Standing of AvePoint

The cloud-native software platform provider boasts a market cap of around $1.47 billion, with a PE ratio sitting at -66.74 and a beta of 0.85. Investors are monitoring the company's moving averages, with current figures showing a 50-day simple moving average of $7.97 and a 200-day simple moving average of $7.59.

Regarding its financials, AvePoint's latest quarterly earnings report was somewhat disappointing. The company missed the estimated earnings per share (EPS) by $0.01, reporting a value of $0.02 EPS for the quarter, on revenues of $74.60 million – which did exceed the expected $71.57 million. AvePoint also noted a 17.3% year-over-year increase in revenue. Analysts predict that AvePoint will post an EPS of -$0.14 for the current fiscal year.

About AvePoint

AvePoint specializes in cloud-native software platform solutions and a range of Software-as-a-Service (SaaS) applications aimed at enhancing data management for organizations utilizing third-party cloud services like Microsoft, Salesforce, Google, and AWS among others.

AvePoint, stock, technology