Avalara (AVLR) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Avalara (NYSE:AVLR) from a sell rating to a hold rating in a research note published on Monday morning.

According to Zacks, “Avalara Inc. is a provider of cloud-based tax compliance solutions. It offers businesses of all sizes achieve compliance with transaction taxes including sales and use, VAT, excise, communications and other tax types. Avalara Inc. is based in Seattle, United States. “

A number of other research firms have also recently issued reports on AVLR. JMP Securities upgraded shares of Avalara from a market perform rating to an outperform rating and set a $40.00 price objective on the stock in a research report on Thursday, November 8th. Goldman Sachs Group boosted their price target on shares of Avalara to $44.00 and gave the company a buy rating in a research report on Thursday, August 16th. Bank of America reduced their price target on shares of Avalara from $50.00 to $42.00 and set a neutral rating on the stock in a research report on Friday, November 9th. JPMorgan Chase & Co. boosted their price target on shares of Avalara to $38.00 and gave the company a neutral rating in a research report on Thursday, November 8th. Finally, KeyCorp reiterated a buy rating and set a $47.00 price target on shares of Avalara in a research report on Sunday, October 14th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $42.14.

AVLR stock opened at $31.85 on Monday. Avalara has a 12-month low of $28.09 and a 12-month high of $59.40.

Avalara (NYSE:AVLR) last released its quarterly earnings data on Wednesday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.02). The business had revenue of $69.50 million for the quarter, compared to analysts’ expectations of $66.27 million. The business’s revenue was up 25.7% on a year-over-year basis. As a group, research analysts forecast that Avalara will post -0.97 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in AVLR. JPMorgan Chase & Co. increased its position in shares of Avalara by 127.8% during the third quarter. JPMorgan Chase & Co. now owns 3,121 shares of the company’s stock valued at $109,000 after buying an additional 1,751 shares during the period. Wells Fargo & Company MN boosted its stake in Avalara by 1,468.7% during the third quarter. Wells Fargo & Company MN now owns 4,706 shares of the company’s stock worth $164,000 after acquiring an additional 4,406 shares in the last quarter. American International Group Inc. bought a new stake in Avalara during the third quarter worth about $202,000. Point72 Hong Kong Ltd bought a new stake in Avalara during the second quarter worth about $214,000. Finally, Oppenheimer & Co. Inc. bought a new stake in Avalara during the third quarter worth about $217,000. Institutional investors own 71.37% of the company’s stock.

About Avalara

Avalara, Inc provides transaction tax compliance cloud-based solutions worldwide. It offers a suite of compliance solutions that enable businesses to address the complexity of transaction tax compliance; process transactions in real time; produce detailed records of transaction tax determinations; and reduce errors, audit exposure, and total transaction tax compliance costs.

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