Brooktree Capital Management Takes $1.22 Million Position in Avalara, Inc. (NYSE:AVLR)

Brooktree Capital Management acquired a new stake in Avalara, Inc. (NYSE:AVLR – Get Rating) in the first quarter, HoldingsChannel reports. The firm acquired 12,295 shares of the company’s stock, valued at approximately $1,223,000. Avalara makes up about 0.8% of Brooktree Capital Management’s portfolio, making the stock its 28th largest holding.

Other institutional investors have also modified their holdings of the company. Fisher Asset Management LLC acquired a new position in shares of Avalara in the fourth quarter valued at approximately $429,000. Envestnet Asset Management Inc. raised its position in shares of Avalara by 22.5% in the first quarter. Envestnet Asset Management Inc. now owns 325,773 shares of the company’s stock valued at $32,418,000 after buying an additional 59,793 shares during the last quarter. Benjamin Edwards Inc. raised its position in shares of Avalara by 16,725.0% in the first quarter. Benjamin Edwards Inc. now owns 673 shares of the company’s stock valued at $67,000 after buying an additional 669 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Avalara by 20.5% in the fourth quarter. Teacher Retirement System of Texas now owns 16,734 shares of the company’s stock valued at $2,161,000 after buying an additional 2,842 shares during the last quarter. Finally, Bridgefront Capital LLC acquired a new position in shares of Avalara in the fourth quarter valued at approximately $203,000. Institutional investors and hedge funds own 92.20% of the company’s stock.

Insider Activity

In other news, insider Scott M. Mcfarlane sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $80.00, for a total value of $1,600,000.00. Following the completion of the transaction, the insider now directly owns 584,892 shares in the company, valued at $46,791,360. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders sold 60,000 shares of company stock worth $4,933,800. 2.40% of the stock is currently owned by company insiders.

Avalara Stock Up 1.5 %

Shares of AVLR stock traded up $1.43 on Friday, hitting $95.55. The stock had a trading volume of 875,555 shares, compared to its average volume of 712,381. The firm has a market capitalization of $8.40 billion, a price-to-earnings ratio of -65.00 and a beta of 1.08. The stock’s 50 day moving average is $82.24 and its 200-day moving average is $88.73. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.15 and a current ratio of 3.15. Avalara, Inc. has a 52-week low of $66.39 and a 52-week high of $191.67.

Avalara (NYSE:AVLR – Get Rating) last announced its earnings results on Thursday, May 5th. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.08. The business had revenue of $204.53 million during the quarter, compared to the consensus estimate of $198.07 million. Avalara had a negative net margin of 17.04% and a negative return on equity of 9.62%. The business’s quarterly revenue was up 33.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.30) earnings per share. As a group, research analysts expect that Avalara, Inc. will post -1.38 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on AVLR shares. Bank of America lowered shares of Avalara from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $140.00 to $100.00 in a research report on Monday, April 25th. Mizuho dropped their price target on shares of Avalara from $160.00 to $110.00 in a research report on Friday, May 6th. The Goldman Sachs Group dropped their price target on shares of Avalara from $123.00 to $109.00 and set a “buy” rating for the company in a research report on Thursday, July 14th. Piper Sandler dropped their price target on shares of Avalara from $135.00 to $118.00 and set an “overweight” rating for the company in a research report on Monday, July 18th. Finally, Canaccord Genuity Group dropped their price target on shares of Avalara from $140.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, May 6th. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Avalara presently has an average rating of “Moderate Buy” and an average target price of $139.29.

Avalara Company Profile

(Get Rating)

Avalara, Inc, together with its subsidiaries, provides cloud-based solutions for transaction tax compliance worldwide. The company 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.