Lu Zhijian, a significant shareholder of AvePoint, Inc. (NASDAQ:AVPT), recently sold a total of 30,000 shares of the company's common stock. The transactions took place over three consecutive days, starting on October 17 and ending on October 21.
The shares were sold at prices ranging from $12.10 to $12.24, resulting in a total sale value of approximately $364,400. Following these transactions, Zhijian holds 18,320,673 shares indirectly through various trusts and LLCs.
These sales were executed under a Rule 10b5-1 trading plan, which was adopted by Zhijian earlier this year on May 19. This plan allows insiders to set up a predetermined schedule for selling stocks to avoid any potential accusations of insider trading.
In other recent news, AvePoint, a prominent player in enterprise-wide AI adoption, demonstrated a robust financial performance in Q2 2024, surpassing its guidance. The company's total revenues reached $78 million, a 20% year-over-year increase, driven by an impressive 40% growth in SaaS revenue. AvePoint's Confidence Platform continues to draw customers, resulting in a record 87% recurring revenue mix and a net retention rate of 110%.
AvePoint also raised its full-year guidance for total ARR, revenues, and non-GAAP operating income. The company anticipates Q3 total revenues to range from $82 million to $84 million and non-GAAP operating income for Q3 to be between $11 million and $12 million. Full-year total ARR is now projected to be between $319 million and $323 million.
Despite some revenue lines such as term license and support and maintenance revenue experiencing a decline, the company secured several significant customer wins. Growth in SaaS revenue was consistent across all 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 reduces his stake in AvePoint, Inc. (NASDAQ:AVPT), investors might be curious about the company's current financial standing and future prospects. According to InvestingPro data, AvePoint's market capitalization stands at $2.24 billion, reflecting its position in the software industry.
The company has shown impressive revenue growth, with a 19.57% increase over the last twelve months as of Q2 2024, reaching $299.88 million. This growth trend is further supported by a strong quarterly revenue growth of 20.18% in Q2 2024. These figures align with an InvestingPro Tip indicating that net income is expected to grow this year, suggesting a positive outlook for the company's financial performance.
Despite the recent insider selling, AvePoint's stock has demonstrated robust performance, with a remarkable 67.97% price total return over the past year. This aligns with another InvestingPro Tip highlighting the company's high return over the last year. The stock is currently trading near its 52-week high, with the price at 95.19% of its peak, potentially indicating investor confidence in the company's trajectory.
It's worth noting that while AvePoint shows strong growth and market performance, it is currently trading at a high Price / Book multiple of 11.01. This valuation metric, combined with the InvestingPro Tip mentioning a high EBITDA valuation multiple, suggests that investors are pricing in significant future growth expectations.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips for AvePoint, providing a more comprehensive view of the company's financial health and market position. These insights can be particularly valuable for investors looking to understand the full implications of recent insider transactions and the company's growth prospects.
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