Zacks Investment Research upgraded shares of Avalara (NYSE:AVLR) from a hold rating to a buy rating in a research note issued to investors on Thursday morning, Zacks.com reports. The firm currently has $96.00 price target on the stock.
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. “
AVLR has been the topic of several other research reports. JMP Securities raised their price target on Pegasystems from $72.00 to $81.00 and gave the company a market outperform rating in a report on Wednesday, May 8th. Needham & Company LLC reiterated a buy rating and issued a $42.00 price target (down previously from $45.00) on shares of Synaptics in a report on Friday, May 10th. Finally, KeyCorp reiterated a buy rating and issued a $65.00 price target on shares of Talend in a report on Wednesday, May 8th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $68.29.
Avalara (NYSE:AVLR) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.15. The business had revenue of $85.00 million for the quarter, compared to analysts’ expectations of $78.67 million. Avalara had a negative return on equity of 32.45% and a negative net margin of 23.56%. The business’s quarterly revenue was up 38.4% on a year-over-year basis. On average, research analysts expect that Avalara will post -0.55 EPS for the current fiscal year.
In other Avalara news, Director Benjamin J. Goux sold 9,000 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $71.51, for a total value of $643,590.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Scott M. Mcfarlane sold 12,000 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $81.95, for a total value of $983,400.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,927,207 shares of company stock worth $622,339,333.
A number of large investors have recently added to or reduced their stakes in AVLR. Quantamental Technologies LLC lifted its stake in Avalara by 272.3% in the first quarter. Quantamental Technologies LLC now owns 1,117 shares of the company’s stock valued at $62,000 after buying an additional 817 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new position in Avalara in the first quarter valued at about $89,000. Metropolitan Life Insurance Co. NY lifted its stake in Avalara by 209.2% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 3,222 shares of the company’s stock valued at $100,000 after buying an additional 2,180 shares during the period. Canton Hathaway LLC acquired a new position in Avalara in the first quarter valued at about $131,000. Finally, First Mercantile Trust Co. acquired a new position in Avalara in the first quarter valued at about $178,000. 78.13% of the stock is currently owned by hedge funds and other institutional investors.
Avalara Company Profile
Avalara, Inc provides cloud-based solutions for transaction tax compliance 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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