Zacks Investment Research upgraded shares of Avalara (NYSE:AVLR) from a hold rating to a buy rating in a report released on Thursday, Zacks.com reports. Zacks Investment Research currently has $96.00 price objective 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 reports. JMP Securities lifted their price target on shares of Pegasystems from $72.00 to $81.00 and gave the company a market outperform rating in a research note on Wednesday, May 8th. KeyCorp reiterated a buy rating and issued a $65.00 price target on shares of Talend in a research note on Wednesday, May 8th. Finally, Needham & Company LLC reiterated a buy rating and issued a $42.00 price target (down from $45.00) on shares of Synaptics in a research note on Friday, May 10th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Avalara presently has a consensus rating of Buy and a consensus price target of $68.29.
Shares of NYSE:AVLR opened at $83.83 on Thursday. Avalara has a 12 month low of $28.09 and a 12 month high of $86.45. The stock’s fifty day moving average is $74.22.
Avalara (NYSE:AVLR) last issued 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. Avalara had a negative net margin of 23.56% and a negative return on equity of 32.45%. The firm had revenue of $85.00 million for the quarter, compared to analyst estimates of $78.67 million. Avalara’s revenue was up 38.4% compared to the same quarter last year. Analysts predict that Avalara will post -0.55 EPS for the current year.
In other news, insider Alesia Lee Pinney sold 43,942 shares of Avalara stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $72.95, for a total value of $3,205,568.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Benjamin J. Goux sold 9,000 shares of Avalara stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $71.51, for a total transaction of $643,590.00. The disclosure for this sale can be found here. Insiders sold a total of 8,927,207 shares of company stock worth $622,339,333 over the last quarter.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Quantamental Technologies LLC grew its position in shares of Avalara by 272.3% in the 1st quarter. Quantamental Technologies LLC now owns 1,117 shares of the company’s stock valued at $62,000 after acquiring an additional 817 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. bought a new stake in shares of Avalara during the 1st quarter worth about $89,000. Metropolitan Life Insurance Co. NY boosted its holdings in shares of Avalara by 209.2% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 3,222 shares of the company’s stock worth $100,000 after buying an additional 2,180 shares during the period. Canton Hathaway LLC bought a new stake in shares of Avalara during the 1st quarter worth about $131,000. Finally, Northern Trust Corp boosted its holdings in shares of Avalara by 2.5% during the 4th quarter. Northern Trust Corp now owns 96,878 shares of the company’s stock worth $3,017,000 after buying an additional 2,388 shares during the period. 78.14% of the stock is owned by 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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