AvePoint (NASDAQ:AVPT) Announces Quarterly Earnings Results

AvePoint (NASDAQ:AVPT) posted its quarterly earnings data on Thursday. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.04, Briefing.com reports. AvePoint had a negative net margin of 7.94% and a negative return on equity of 9.94%. The business had revenue of $74.53 million during the quarter, compared to the consensus estimate of $72.33 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The business’s revenue for the quarter was up 25.1% compared to the same quarter last year. AvePoint updated its Q2 2024 guidance to EPS and its FY 2024 guidance to EPS.

AvePoint Price Performance

Shares of AVPT traded up $0.16 during mid-day trading on Friday, reaching $8.26. 758,260 shares of the company’s stock were exchanged, compared to its average volume of 785,765. AvePoint has a 52-week low of $4.74 and a 52-week high of $8.74. The stock has a market capitalization of $1.52 billion, a PE ratio of -69.58 and a beta of 0.84. The business’s fifty day simple moving average is $7.87 and its 200-day simple moving average is $7.95.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AVPT. Evercore ISI lifted their price objective on shares of AvePoint from $9.00 to $10.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Cantor Fitzgerald boosted their target price on shares of AvePoint from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Friday, March 1st.

Insiders Place Their Bets

In other news, insider Brian Michael Brown sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $7.86, for a total transaction of $157,200.00. Following the completion of the transaction, the insider now directly owns 1,351,240 shares of the company’s stock, valued at approximately $10,620,746.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last ninety days, insiders sold 43,061 shares of company stock valued at $343,888. 27.78% of the stock is owned by company insiders.

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.