JPMorgan Chase & Co. has raised its stake in AvePoint, Inc. (NASDAQ: AVPT) by 13.6% during the third quarter, according to a recent SEC filing. The firm now owns 1,536,660 shares, valued at approximately $18.1 million.
Other institutional investors have also adjusted their positions. 272 Capital LP acquired a new stake worth $1.4 million, while Franklin Resources Inc. increased its holdings by 2.3%, bringing its total to 1,200,589 shares valued at $14.8 million. The Teachers Retirement System of The State of Kentucky invested about $1.1 million in AvePoint, and Ashford Capital Management Inc. expanded its stake by 10%, now holding shares worth $12.8 million.
Geode Capital Management LLC raised its position by 4.9%, owning 2,829,548 shares valued at $33.3 million. Institutional investors collectively own 44.49% of AvePoint's stock.
AvePoint's shares opened at $16.62, with a 50-day moving average of $16.93. The company has a market capitalization of $3.1 billion and a price-to-earnings ratio of -332.33.
In insider trading, major shareholder Zhijian Lu sold 10,000 shares at an average price of $12.24, reducing their ownership by 0.05%. CFO James Caci also sold 20,215 shares at $17.12, representing a 3.3% decrease in their holdings. Over the last three months, insiders have sold 90,215 shares valued at $1.3 million.
Goldman Sachs has raised its price target for AvePoint from $7.50 to $15.00, maintaining a 'neutral' rating. The stock has an average rating of 'Moderate Buy' with a target price of $13.20.