U.S. stocks edge higher; solid earnings season continues
Brian Michael Brown, the Chief Legal Officer of AvePoint, Inc. (NASDAQ:AVPT), recently sold a significant portion of the company’s stock. According to a filing with the Securities and Exchange Commission, Brown sold 35,000 shares on March 24 at a price of $15.40 per share, totaling $539,000. The transaction comes as AvePoint shares have surged nearly 98% over the past year, with the stock currently trading at $15.23. InvestingPro analysis shows the company maintains a GOOD financial health score, with 12 key insights available to subscribers.
In addition to this sale, there was a transaction on March 21 involving the disposition of 1,547 shares at a price of $15.05 per share. This transaction was not a discretionary sale but rather a withholding of shares by the issuer to cover tax obligations, as noted in the filing’s footnotes. The company, now valued at $3.08 billion, has seen its stock climb 29.4% over the past six months.
Following these transactions, Brown holds 1,347,145 shares of AvePoint common stock. These moves were made under a pre-established Rule 10b5-1 trading plan, which allows executives to sell stock at predetermined times to avoid potential conflicts of interest. For deeper insights into AVPT’s valuation and growth prospects, including analyst targets ranging from $15 to $26 per share, visit InvestingPro for the complete research report.
In other recent news, Avepoint Inc. reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of -$0.09, which missed the forecasted $0.05 by $0.14. However, the company exceeded revenue expectations with $89.18 million, marking a 20% year-over-year increase, driven by a significant rise in SaaS revenue. Despite the revenue growth, the earnings miss led to a notable decline in Avepoint’s stock price. Additionally, Avepoint announced strategic initiatives, including new data security solutions and an acquisition, which are expected to bolster its offerings. Citi analyst Fatima Boolani adjusted the price target for Avepoint to $16.00 from $18.00, maintaining a Neutral rating, following insights from the company’s investor day. The dual-listing in Singapore was highlighted as a move to attract institutional investors. Boolani noted Avepoint’s efforts to expand its market share and diversify beyond its reliance on Microsoft (NASDAQ:MSFT). The competitive market landscape remains a challenge for the company, according to the analyst.
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