Jennison Associates LLC Buys 786,016 Shares of AvePoint, Inc. $AVPT

Jennison Associates LLC boosted its position in AvePoint, Inc. (NASDAQ:AVPT) by 37.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,908,473 shares of the company’s stock after buying an additional 786,016 shares during the quarter. Jennison Associates LLC owned approximately 1.43% of AvePoint worth $56,163,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Summit Securities Group LLC boosted its stake in AvePoint by 621.7% in the first quarter. Summit Securities Group LLC now owns 2,627 shares of the company’s stock worth $38,000 after buying an additional 2,263 shares in the last quarter. Quarry LP boosted its stake in AvePoint by 2,028.3% in the first quarter. Quarry LP now owns 3,831 shares of the company’s stock worth $55,000 after buying an additional 3,651 shares in the last quarter. KBC Group NV purchased a new stake in AvePoint in the first quarter worth approximately $67,000. Catalyst Capital Advisors LLC purchased a new stake in AvePoint in the first quarter worth approximately $100,000. Finally, CWM LLC boosted its stake in AvePoint by 109.4% in the first quarter. CWM LLC now owns 7,328 shares of the company’s stock worth $106,000 after buying an additional 3,829 shares in the last quarter. Hedge funds and other institutional investors own 44.49% of the company’s stock.

Insider Buying and Selling

In related news, CEO Tianyi Jiang sold 2,068,966 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $15.21, for a total value of $31,468,972.86. Following the completion of the sale, the chief executive officer owned 13,841,853 shares of the company’s stock, valued at $210,534,584.13. This trade represents a 13.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Chi On Ho sold 650,000 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $15.21, for a total value of $9,886,500.00. Following the completion of the sale, the director directly owned 3,732,679 shares of the company’s stock, valued at $56,774,047.59. The trade was a 14.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 5,695,780 shares of company stock valued at $86,652,648 over the last three months. Insiders own 26.19% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on AVPT shares. Robert W. Baird started coverage on AvePoint in a research note on Monday. They issued a “neutral” rating and a $17.00 target price for the company. Dbs Bank raised AvePoint to a “moderate buy” rating in a research note on Monday, October 6th. Jefferies Financial Group began coverage on AvePoint in a research note on Monday, July 21st. They set a “buy” rating and a $22.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of AvePoint in a research note on Wednesday, October 8th. Finally, Morgan Stanley set a $18.30 price objective on AvePoint in a research note on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.91.

AvePoint Stock Down 4.5%

Shares of AVPT stock opened at $13.87 on Thursday. The stock has a fifty day moving average of $15.31 and a 200 day moving average of $16.90. AvePoint, Inc. has a 52 week low of $12.08 and a 52 week high of $20.25. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of -277.34 and a beta of 1.41.

AvePoint Profile

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.