Avalara (AVLR) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Avalara (NYSE:AVLR) from a buy rating to a hold rating in a research report sent to investors on Friday 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. “

Other research analysts have also recently issued reports about the stock. Goldman Sachs Group raised their target price on shares of Avalara to $44.00 and gave the stock a buy rating in a report on Thursday, August 16th. Stifel Nicolaus initiated coverage on shares of Avalara in a research report on Tuesday, July 10th. They set a hold rating and a $44.00 price target on the stock. JMP Securities initiated coverage on shares of Avalara in a research report on Tuesday, July 10th. They set a market perform rating on the stock. Bank of America initiated coverage on shares of Avalara in a research report on Tuesday, July 10th. They set a neutral rating and a $55.00 price target on the stock. Finally, JPMorgan Chase & Co. initiated coverage on shares of Avalara in a research report on Tuesday, July 10th. They set a neutral rating and a $50.00 price target on the stock. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has an average rating of Hold and an average price target of $46.60.

Shares of AVLR opened at $33.77 on Friday. Avalara has a 12 month low of $32.10 and a 12 month high of $59.40. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.18.

Avalara (NYSE:AVLR) last announced its earnings results on Thursday, August 9th. The company reported ($0.19) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.04. The business had revenue of $63.70 million for the quarter, compared to the consensus estimate of $61.47 million. The firm’s revenue was up 25.1% compared to the same quarter last year. As a group, equities analysts expect that Avalara will post -0.7 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Mercantile Trust Co. acquired a new stake in shares of Avalara during the 2nd quarter worth approximately $101,000. Point72 Hong Kong Ltd acquired a new stake in shares of Avalara during the 2nd quarter worth approximately $214,000. Wolverine Asset Management LLC acquired a new stake in shares of Avalara during the 2nd quarter worth approximately $278,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Avalara during the 2nd quarter worth approximately $472,000. Finally, Sylebra HK Co Ltd acquired a new stake in shares of Avalara during the 2nd quarter worth approximately $534,000. Institutional investors and hedge funds own 68.40% of the company’s stock.

Avalara Company Profile

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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