What happened Shares of AvePoint (NASDAQ: AVPT) skyrocketed today after an analyst at Goldman Sachs started coverage of the company and put a buy rating on its stock. The tech stock jumped by as much as 13.2% today and had gained 11.6% as of 12:50 p.m. EDT. So what Goldman Sachs analyst Brian Essex initiated coverage of AvePoint, the largest data management solutions provider for Microsoft 365, today and set a $17 price target for the company's stock. That price target implies a 67% upside from the company's current share price. Image source: Getty Images. Essex said the stock was "relatively undiscovered" and said AvePoint should benefit as more companies adopt Microsoft 365. AvePoint announced back in November of last year that it would go public through a $2 billion merger with the special purpose acquisition company (SPAC) Apex Technology Acquisition Corporation. The company began trading under the AvePoint name on July 2. Essex's bullish opinion on AvePoint comes less than a week after Evercore ISI analyst Kirk Materne initiated coverage of AvePoint with a buy rating as well, and a $15 price target. Materne said the company is riding a "Microsoft cloud tsunami" and expects compound annual revenue growth of at least 25% between now and 2025. Now what With AvePoint going public through a SPAC recently, it's likely that the company's stock will experience some volatility. Investors should always be cautious about investing in newly public companies. It may be wise to wait for the company to report several quarters of financial results before investors decide to purchase AvePoint's shares. 10 stocks we like better than AvePoint, Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and AvePoint, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool's board of directors. Chris Neiger has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Microsoft. The Motley Fool has a disclosure policy.Source