Lu Zhijian, a key shareholder of AvePoint, Inc. (NASDAQ:AVPT), recently made a series of stock sales totaling $367,900, according to a recent SEC filing. The transaction took place over three consecutive days, from October 14 to October 16, 2024.
Zhijian sold 10,000 shares each day, at prices ranging from $12.18 to $12.37 per share. This sale was made under the trading system of Rule 10b5-1, which was adopted earlier this year on May 19. After this purchase, Zhijian has 18,350,673 shares indirectly through various trusts and LLCs.
The filing notes that these shares are held by entities such as KEM Phoenix LLC and several family trusts, and Zhijian denies beneficial ownership unless he has a financial interest.
In other recent news, AvePoint, a leading company in enterprise-wide AI adoption and data readiness, reported strong financial performance in Q2 2024, exceeding its previous guidance. The company’s total revenue reached $78 million, an increase of 20% year over year, driven by a significant 40% growth in SaaS revenue. AvePoint’s Confidence Platform continues to thrive, contributing to a record 87% revenue increase and a 110% net retention rate.
In terms of future expectations, AvePoint expects total Q3 revenue to be between $82 million and $84 million, while full-year revenue is expected to be in the range of $320.2 million to $324.2 million. Key client wins with a Fortune 20 global financial services organization and a Fortune 500 US-based institution were also reported. Despite these positive developments, it is important to note that revenue lines, such as time license and support and maintenance revenue, have decreased year by year.
These are the latest developments for AvePoint, reflecting a strong financial position and strategic focus on innovation and customer needs.
InvestingPro Insights
AvePoint, Inc. (NASDAQ:AVPT) is experiencing significant growth and market attention, as evidenced by Lu Zhijian’s recent stock sales and the company’s financial metrics. According to InvestingPro’s data, AVPT’s market capitalization stands at $2.28 billion, reflecting its strong presence in the technology sector.
The company’s revenue growth is notable, with an increase of 19.57% in the last twelve months from Q2 2024, reaching $299.88 million. This growth trend is in line with InvestingPro’s tip indicating that revenue is expected to grow this year. Additionally, AVPT has a strong gross profit margin of 73.6%, indicating its ability to maintain profitability in its core operations.
Investors should note that AVPT is trading near its 52-week high, with the stock at 95.9% of its peak. This performance is underpinned by impressive returns, including a total return of 66.67% over the past year and a return of 57.18% over the past six months. These statistics support another InvestingPro Tip that highlights AVPT’s high returns over the past year.
Although the company’s P/E ratio is currently negative at -152.13, analysts predict that AVPT will be profitable this year, as noted in InvestingPro Tip. This expectation, coupled with the fact that four analysts have revised their earnings higher in the future, suggests a positive outlook for the company’s financial performance.
For investors who want a more comprehensive analysis, InvestingPro offers 12 additional AVPT tips, which provide in-depth information about the company’s financial health and market conditions.
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