AvePoint Stock Surges Following Price Target Increase by Cantor Fitzgerald

Shares of AvePoint, Inc. (NASDAQ:AVPT) experienced a significant jump in pre-market trading on Friday after Cantor Fitzgerald upgraded their price estimation for the company, from a previous target of $10.00 to a new goal of $11.00. This optimistic outlook by analysts spurred a gap up in the stock's opening price, which rose from its prior close of $8.00 to begin the day at $8.48. The upward adjustment reflects Cantor Fitzgerald's confidence in the stock, as they maintain an overweight rating on AvePoint.

Analyst Ratings and Insider Activity

After the upbeat adjustment by Cantor Fitzgerald, several market analysts have also offered their perspectives regarding AvePoint's financial prospects. For instance, Evercore ISI increased their target price from $9.00 to $10.00, reinforcing an "outperform" rating, while Citigroup raised their target from $8.00 to $9.00, maintaining a "neutral" stance.

In the context of insider transactions, notable activity occurred with Brian Michael Brown, an insider at AvePoint, who executed a sale of 20,000 shares at an average price of $7.78, amounting to a considerable $155,600. Following the transaction, Brown holds over 1.3 million shares, indicative of his investment in the firm's continuing success.

Institutional Investments

A look at institutional involvement reveals that several hedge funds have adjusted their stakes in AvePoint, namely Swiss National Bank with an increase of 8.2%, Citigroup Inc. with a remarkable rise of 891.1%, and Vanguard Group Inc. which significantly lifted its holdings by 227.8%.

Price Performance and Market Valuation

The market has responded to AvePoint with a fluctuating performance, where it last traded at $8.27. Moreover, the company's market capitalization is recorded at $1.47 billion, with a PE ratio currently in the negative territory due to earnings. Looking at the company's stock averages, AvePoint's short-term 50-day average stands at $7.97, with a 200-day average settling at $7.59.

Recent Earnings Report

The firm's recent quarterly earnings report on February 29th showed an EPS of $0.02, narrowly missing the $0.03 consensus estimate. Revenue outperformed expectations, totaling $74.60 million compared to the anticipated $71.57 million, marking a significant year-over-year increase.

About AvePoint

AvePoint is recognized for providing innovative cloud-native software platform solutions. With a focus on SaaS solutions and productivity applications, the company presents various data management services for third-party cloud platforms, including those offered by industry giants like Microsoft, Salesforce, and Google, among others.

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