Lu Zhijian, a significant shareholder of AvePoint, Inc. (NASDAQ:AVPT), recently executed a series of stock sales totaling $367,900, according to a recent SEC filing. The transactions occurred over three consecutive days, from October 14 to October 16, 2024.
Zhijian sold 10,000 shares on each day, with prices ranging from $12.18 to $12.37 per share. These sales were conducted under a Rule 10b5-1 trading plan, which was adopted earlier this year on May 19. Following these transactions, Zhijian holds 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 disclaims beneficial ownership except where he has a pecuniary interest.
In other recent news, AvePoint, a leading firm in enterprise-wide AI adoption and data readiness, has reported strong financial performance in Q2 2024, exceeding its prior guidance. The company’s total revenues reached $78 million, a 20% increase year-over-year, driven by a notable 40% growth in SaaS revenue. AvePoint’s Confidence Platform continues to gain traction, contributing to a record 87% recurring revenue mix and a net retention rate of 110%.
In terms of future expectations, AvePoint anticipates Q3 total revenues to be between $82 million and $84 million, with full-year total revenues projected to range from $320.2 million to $324.2 million. Noteworthy customer 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 some revenue lines, such as term license and support and maintenance revenue, have declined year-over-year.
These are the recent developments for AvePoint, reflecting a robust financial position and strategic focus on innovation and customer needs.
InvestingPro Insights
AvePoint, Inc. (NASDAQ:AVPT) has been experiencing significant growth and market attention, as evidenced by Lu Zhijian’s recent stock sales and the company’s financial metrics. According to InvestingPro data, AVPT’s market capitalization stands at $2.28 billion, reflecting its substantial presence in the tech sector.
The company’s revenue growth is noteworthy, with a 19.57% increase over the last twelve months as of Q2 2024, reaching $299.88 million. This growth trajectory aligns with an InvestingPro Tip indicating that net income is expected to grow this year. Additionally, AVPT boasts a strong gross profit margin of 73.6%, showcasing its ability to maintain profitability in its core operations.
Investors should note that AVPT is trading near its 52-week high, with the stock price at 95.9% of its peak. This performance is underscored by impressive price returns, including a 66.67% total return over the past year and a 57.18% return over the last six months. These figures support another InvestingPro Tip highlighting AVPT’s high return over the last year.
While the company’s P/E ratio is currently negative at -152.13, analysts predict that AVPT will be profitable this year, as noted in an InvestingPro Tip. This expectation, coupled with the fact that four analysts have revised their earnings upwards for the upcoming period, suggests a positive outlook for the company’s financial performance.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for AVPT, providing deeper insights into the company’s financial health and market position.
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