Not long after a Wall Street analyst increased their price target by a significant amount and retained a ‘buy’ recommendation, the stocks of independent software vendor for specialty SaaS solutions AvePoint (NASDAQ: AVPT) have skyrocketed to the highest level in 12 months.
Specifically, shortly upon Northland Securities raising their price target on AVPT shares from $12.00 to $18.00 alongside the ‘buy’ score, AvePoint stock started to increase in price, culminating with a one-year high, according to the most recent information retrieved by Finbold on June 21.
Why is AVPT stock up?
As it happens, the price increase for AvePoint shares started in May after the technology company posted strong first-quarter results that saw a substantial 25% year-over-year (YoY) increase in total revenue, to $74.5 million, which far surpassed the expected $71.7 million earlier predicted by Evercore ISI.
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In response, Evercore ISI updated its outlook on AVPT stock, increasing the price target from $10 to $10.50, while retaining a ‘buy’ rating, more recently followed by Northland Securities analyst Nehal Chokshi, who updated his projection to an impressive $18 on June 17.
Other than this, AvePoint has recently received recognition in a form of addition to Inc.’s annual Best Workplaces list in the software industry, selected from thousands of applicants and evaluated by Quantum Workplace, according to the company’s press release from June 18.
AVPT stock forecast
As a result of the recent upgrades, the Wall Street analyst consensus on average price target for AVPT stock in the next 12 months has increased to $11.63, with three finance experts suggesting a ‘buy,’ one recommending a ‘hold,’ and with no ‘sell’ calls.
AVPT stock price analysis
For the time being, the price of AVPT stock stands at $9.93, suggesting an increase of 0.31% on the day, as well as a 7.06% gain across the past week, advancing 5.63% on its monthly chart, and recording an accumulated growth of 25.70% year-to-date (YTD), as per data on June 21.
All things considered, AVPT stock might, indeed, make a further push upward towards the price set by Northland Securities or a more modest increase toward the average price offered by the group of Wall Street experts. However, trends in the stock market can shift, so doing one’s own research is critical.
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