Morgan Stanley assumed coverage on shares of Avalara (NYSE:AVLR) in a research report sent to investors on Tuesday, Benzinga reports. The brokerage issued an overweight rating and a $170.00 target price on the stock.
A number of other analysts also recently issued reports on AVLR. Zacks Investment Research downgraded shares of Avalara from a buy rating to a hold rating in a report on Friday, January 29th. Evercore ISI began coverage on shares of Avalara in a report on Friday, December 18th. They issued an outperform rating and a $220.00 target price for the company. Mizuho lifted their target price on shares of Avalara from $190.00 to $220.00 and gave the company a buy rating in a report on Thursday, February 11th. Stephens reissued a buy rating and issued a $177.00 price target on shares of Avalara in a research report on Friday, February 19th. Finally, Canaccord Genuity raised their price target on shares of Avalara from $195.00 to $205.00 and gave the company a buy rating in a research report on Thursday, February 11th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $189.13.
NYSE AVLR opened at $147.49 on Tuesday. The stock’s fifty day moving average price is $142.40 and its 200 day moving average price is $156.22. Avalara has a 1 year low of $76.32 and a 1 year high of $185.37. The company has a market cap of $12.60 billion, a price-to-earnings ratio of -230.45 and a beta of 0.73.
Avalara (NYSE:AVLR) last posted its earnings results on Wednesday, February 10th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.14. Avalara had a negative net margin of 10.89% and a negative return on equity of 6.97%. The business had revenue of $144.80 million for the quarter, compared to analyst estimates of $133.37 million. During the same period in the prior year, the company posted ($0.03) EPS. The company’s revenue for the quarter was up 34.1% on a year-over-year basis. As a group, sell-side analysts predict that Avalara will post -0.63 earnings per share for the current year.
In related news, insider Amit Mathradas sold 4,248 shares of the business’s stock in a transaction on Friday, March 5th. The shares were sold at an average price of $139.61, for a total value of $593,063.28. Following the completion of the sale, the insider now directly owns 110,590 shares of the company’s stock, valued at $15,439,469.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Scott M. Mcfarlane sold 10,000 shares of the business’s stock in a transaction on Wednesday, February 17th. The shares were sold at an average price of $169.64, for a total transaction of $1,696,400.00. Following the completion of the sale, the insider now directly owns 621,274 shares of the company’s stock, valued at $105,392,921.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 102,371 shares of company stock valued at $14,686,176. 4.00% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. JJJ Advisors Inc. lifted its position in Avalara by 665.0% in the fourth quarter. JJJ Advisors Inc. now owns 153 shares of the company’s stock valued at $25,000 after acquiring an additional 133 shares during the last quarter. Penserra Capital Management LLC acquired a new position in Avalara in the fourth quarter valued at $28,000. Exchange Traded Concepts LLC increased its stake in Avalara by 76.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 247 shares of the company’s stock valued at $41,000 after purchasing an additional 107 shares during the period. Robeco Institutional Asset Management B.V. acquired a new position in Avalara in the fourth quarter valued at $55,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in Avalara in the fourth quarter valued at $59,000. 88.55% of the stock is owned by hedge funds and other institutional investors.
Avalara, Inc engages in the provision of cloud-based solutions. The firm focuses on taxability, identifying applicable tax rates, determining and collecting taxes, preparing and filing returns, remitting taxes, maintaining tax records, and managing compliance documents. Its products include AvaTax excise, AvaTax communications, returns excise, trustfile, CertCapture, and avalara licensing.
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