Lu Zhijian, a key shareholder of AvePoint, Inc. (NASDAQ:AVPT), recently sold a total of 30,000 shares of the company’s common stock. The transaction took place over three consecutive days, starting on October 17 and ending on October 21.
The shares traded at prices ranging from $12.10 to $12.24, resulting in a total sale price of approximately $364,400. Following this transaction, Zhijian owns 18,320,673 shares indirectly through various trusts and LLCs.
This sale was made under the Rule 10b5-1 trading system, which was adopted by Zhijian earlier this year on May 19. This system allows insiders to set a predetermined schedule for selling shares to avoid any possible suspicions of insider trading.
In other recent news, AvePoint, a leading player in enterprise-wide AI acquisition, showed strong financial performance in Q2 2024, exceeding its guidance. The company’s total revenue reached $78 million, an increase of 20% year over year, driven by an impressive 40% growth in SaaS revenue. AvePoint’s Confidence Platform continues to attract customers, resulting in a record 87% revenue combination and 110% overall retention rate.
AvePoint also raised its full-year guidance for total ARR, revenue, and non-GAAP operating income. The company expects total Q3 revenue to range from $82 million to $84 million and non-GAAP operating income for Q3 to be between $11 million and $12 million. Total ARR for the full year is now expected to be between $319 million and $323 million.
Despite revenue lines such as term license and support and maintenance revenue facing declines, the company has achieved several key customer wins. SaaS revenue growth was consistent across regions, with North America, EMEA, and APAC showing strong performance. These are the latest developments in AvePoint’s continued growth trajectory.
InvestingPro Insights
As Lu Zhijian reduced his stake in AvePoint, Inc. (NASDAQ:AVPT), investors may be curious about the company’s current financial position and future prospects. According to InvestingPro data, AvePoint’s market capitalization reaches $2.24 billion, which shows its position in the software industry.
The company showed impressive revenue growth, with an increase of 19.57% in the last twelve months from Q2 2024, reaching $ 299.88 million. This growth trend is also supported by a strong quarterly revenue growth of 20.18% in Q2 2024. These figures are in line with InvestingPro Tip indicating that total revenue is expected to grow this year, suggesting a positive outlook for the company’s financial performance.
Despite the recent insider selling, AvePoint stock has shown strong performance, with a total price return of 67.97% over the past year. This is in line with another InvestingPro Tip that highlights the company’s high profits over the past year. The stock is currently trading near its 52-week high, with the price at 95.19% of its high, which may indicate investor confidence in the company’s trajectory.
It is worth noting that although AvePoint is showing strong growth and market performance, it is currently trading at a high Price / book multiple of 11.01. This valuation metric, combined with InvestingPro’s tip on high multiples of EBITDA, suggests that investors are pricing in significant expectations for future growth.
For those interested in in-depth analysis, InvestingPro offers 12 additional AvePoint advisories, providing a comprehensive view of the company’s financial health and market conditions. This information can be especially important for investors who want to understand the full implications of the company’s recent internal activities and growth prospects.
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