Jersey City, NJ—Lu Zhijian, a significant shareholder of AvePoint, Inc. (NASDAQ:AVPT), has sold a series of shares in recent transactions, according to a recent SEC filing. Over three consecutive days, from November 19 to November 21, Zhijian sold a total of 30,000 shares of common stock. The sales occurred at prices ranging from $15.88 to $17.81 per share, amounting to a total value of $508,100.
Following these transactions, Zhijian holds 18,260,673 shares, which are owned indirectly through various trusts and LLCs. The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which was adopted earlier this year in May.
AvePoint, Inc., a leader in the prepackaged software industry, continues to operate from its headquarters in Jersey City, NJ.
In other recent news, AvePoint has delivered impressive Q3 results, surpassing expectations with total revenues reaching $88.8 million, a notable 22% increase from the previous year. The company's SaaS revenue also saw a significant growth of 45% year-over-year, contributing to 69% of the total revenues. Another highlight is AvePoint's Annual Recurring Revenue (ARR), which climbed to $308.9 million, marking a 23% increase from the prior year.
In light of these developments, AvePoint's leadership has expressed confidence in the company's trajectory and is targeting GAAP profitability by 2025. The company has also raised its full-year revenue and ARR guidance, reflecting growth rates of 21% and 23% respectively.
AvePoint's focus on its Confidence Platform, catering to the critical needs of data security and governance, has played a significant role in this success. This is particularly relevant considering the rising importance of data management in the era of generative AI. Additionally, AvePoint reported a record number of new customers with significant ARR, showing consistent growth across all regions. These are some of the recent developments in AvePoint's business landscape.
InvestingPro Insights
Recent transactions by Lu Zhijian, a major shareholder of AvePoint, Inc. (NASDAQ:AVPT), have occurred against a backdrop of strong performance for the company's stock. According to InvestingPro data, AVPT has seen impressive price returns across various timeframes, with a 51.87% increase over the past month and a substantial 120.22% gain over the last year. The stock is currently trading near its 52-week high, with a price that is 99.86% of its peak value.
These robust returns align with several positive InvestingPro Tips for AvePoint. For instance, the company's net income is expected to grow this year, and analysts predict profitability in the current fiscal year. Additionally, AvePoint holds more cash than debt on its balance sheet, indicating a strong financial position.
However, investors should note that the stock's rapid ascent has led to high valuation multiples. InvestingPro Tips highlight that AVPT is trading at high EBIT, EBITDA, and revenue valuation multiples, as well as a high Price / Book ratio of 16.05. This suggests that the market has priced in significant growth expectations.
For those interested in a deeper analysis, InvestingPro offers 17 additional tips for AvePoint, providing a comprehensive view of the company's financial health and market position.
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