Avalara (NYSE:AVLR) Receives New Coverage from Analysts at William Blair

Research analysts at William Blair began coverage on shares of Avalara (NYSE:AVLR) in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage set an “outperform” rating on the stock.

A number of other analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Avalara from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Needham & Company LLC raised their target price on shares of Avalara from $64.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, May 10th. JMP Securities raised their target price on shares of Avalara from $49.00 to $67.00 and gave the stock a “market outperform” rating in a report on Wednesday, May 8th. Stephens began coverage on shares of Avalara in a report on Tuesday, July 30th. They set an “overweight” rating and a $105.00 target price for the company. Finally, KeyCorp raised their target price on shares of Avalara from $54.00 to $74.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Avalara has an average rating of “Buy” and an average price target of $72.38.

NYSE:AVLR traded up $1.15 during trading hours on Wednesday, reaching $80.48. 820,493 shares of the company’s stock were exchanged, compared to its average volume of 974,164. The stock has a market cap of $5.55 billion, a P/E ratio of -74.52 and a beta of 0.59. Avalara has a 12 month low of $28.09 and a 12 month high of $87.07. The stock has a 50-day moving average price of $79.22.

Avalara (NYSE:AVLR) last issued its earnings results on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.15. The firm had revenue of $85.00 million during the quarter, compared to analysts’ expectations of $78.67 million. Avalara had a negative net margin of 23.56% and a negative return on equity of 32.45%. The firm’s revenue was up 38.4% compared to the same quarter last year. Analysts anticipate that Avalara will post -0.55 earnings per share for the current fiscal year.

In other Avalara news, insider Scott M. Mcfarlane sold 12,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $81.95, for a total value of $983,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Pincus & Co. Warburg sold 4,400,000 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $69.63, for a total transaction of $306,372,000.00. The disclosure for this sale can be found here. Insiders sold a total of 8,928,391 shares of company stock valued at $622,429,116 in the last ninety days. Company insiders own 21.10% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Avalara by 9.6% during the 4th quarter. BlackRock Inc. now owns 1,102,194 shares of the company’s stock valued at $34,334,000 after acquiring an additional 96,093 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Avalara by 583.7% during the 4th quarter. Bank of New York Mellon Corp now owns 146,425 shares of the company’s stock valued at $4,561,000 after acquiring an additional 125,007 shares in the last quarter. Northern Trust Corp boosted its position in shares of Avalara by 2.5% during the 4th quarter. Northern Trust Corp now owns 96,878 shares of the company’s stock valued at $3,017,000 after acquiring an additional 2,388 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Avalara by 16.5% during the 4th quarter. Geode Capital Management LLC now owns 86,341 shares of the company’s stock valued at $2,689,000 after acquiring an additional 12,198 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Avalara by 46.1% during the 4th quarter. Bank of America Corp DE now owns 13,841 shares of the company’s stock valued at $431,000 after acquiring an additional 4,365 shares in the last quarter. 78.60% of the stock is owned by hedge funds and other institutional investors.

About Avalara

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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Analyst Recommendations for Avalara (NYSE:AVLR)

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