Avalara (NYSE:AVLR) had its target price increased by JMP Securities from $49.00 to $67.00 in a research report sent to investors on Wednesday, BenzingaRatingsTable reports. They currently have a market outperform rating on the stock.
AVLR has been the topic of several other research reports. Zacks Investment Research downgraded Avalara from a hold rating to a sell rating in a research note on Tuesday, April 9th. KeyCorp reiterated an overweight rating and set a $54.00 price target (up previously from $48.00) on shares of Avalara in a research note on Tuesday, February 12th. JPMorgan Chase & Co. boosted their price target on Avalara from $38.00 to $64.00 and gave the company a positive rating in a research note on Wednesday, February 13th. Needham & Company LLC started coverage on Avalara in a research note on Thursday, April 11th. They set a buy rating and a $64.00 price target on the stock. Finally, Goldman Sachs Group reiterated a buy rating and set a $50.00 price target on shares of Avalara in a research note on Friday, February 1st. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has an average rating of Buy and a consensus target price of $58.25.
Shares of AVLR stock opened at $71.97 on Wednesday. Avalara has a 1-year low of $28.09 and a 1-year high of $74.90. The firm has a market cap of $5.03 billion and a P/E ratio of -66.64.
Avalara (NYSE:AVLR) last announced its earnings results on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.15. The firm had revenue of $85.00 million for the quarter, compared to the consensus estimate of $78.67 million. Avalara had a negative return on equity of 32.45% and a negative net margin of 23.56%. The firm’s revenue for the quarter was up 38.4% on a year-over-year basis. As a group, analysts predict that Avalara will post -0.86 earnings per share for the current year.
In related news, Director Edward A. Gilhuly sold 4,255,000 shares of the company’s stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $47.84, for a total value of $203,559,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alesia Lee Pinney sold 19,074 shares of the company’s stock in a transaction dated Thursday, February 21st. The stock was sold at an average price of $50.02, for a total value of $954,081.48. The disclosure for this sale can be found here. In the last three months, insiders sold 10,196,449 shares of company stock valued at $496,600,541.
Institutional investors have recently made changes to their positions in the business. Legal & General Group Plc purchased a new stake in shares of Avalara in the third quarter valued at approximately $46,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Avalara in the first quarter valued at approximately $47,000. Quantamental Technologies LLC grew its position in shares of 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 purchasing an additional 817 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Avalara in the fourth quarter valued at approximately $71,000. Finally, PNC Financial Services Group Inc. purchased a new stake in shares of Avalara in the first quarter valued at approximately $72,000. 72.80% of the stock is owned by institutional investors and hedge funds.
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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