Brokerages Set Avalara Inc (NYSE:AVLR) Target Price at $81.38

Avalara Inc (NYSE:AVLR) has earned a consensus rating of “Buy” from the eleven brokerages that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $81.38.

A number of research firms have recently commented on AVLR. William Blair began coverage on Avalara in a research report on Wednesday, August 7th. They set an “outperform” rating and a $5.40 target price on the stock. Needham & Company LLC lifted their target price on Avalara from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Bank of America reiterated a “buy” rating and set a $100.00 target price (up previously from $98.00) on shares of Avalara in a research report on Thursday, August 8th. First Analysis began coverage on Avalara in a research report on Friday, July 26th. They set a “strong-buy” rating on the stock. Finally, KeyCorp reiterated an “overweight” rating and set a $101.00 target price (up previously from $74.00) on shares of Avalara in a research report on Thursday, August 8th.

Shares of AVLR traded up $2.02 during midday trading on Wednesday, reaching $86.00. 995,281 shares of the stock were exchanged, compared to its average volume of 1,003,493. The business’s 50-day moving average price is $83.31 and its 200 day moving average price is $65.49. Avalara has a twelve month low of $28.09 and a twelve month high of $94.31. The company has a market capitalization of $6.34 billion, a price-to-earnings ratio of -79.63 and a beta of 0.59.

Avalara (NYSE:AVLR) last posted its earnings results on Wednesday, August 7th. The company reported ($0.03) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.08. Avalara had a negative return on equity of 23.05% and a negative net margin of 20.13%. The business had revenue of $91.30 million for the quarter, compared to analysts’ expectations of $84.63 million. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. The business’s revenue was up 42.9% compared to the same quarter last year. As a group, equities research analysts expect that Avalara will post -0.65 earnings per share for the current year.

In related news, insider Scott M. Mcfarlane sold 100,000 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $69.00, for a total value of $6,900,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Edward A. Gilhuly sold 1,810,000 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $70.75, for a total value of $128,057,500.00. The disclosure for this sale can be found here. Insiders sold a total of 2,447,468 shares of company stock worth $180,266,170 in the last 90 days. 21.10% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the stock. FNY Investment Advisers LLC acquired a new position in Avalara in the 2nd quarter valued at about $80,000. Metropolitan Life Insurance Co. NY increased its position in Avalara by 209.2% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 3,222 shares of the company’s stock valued at $100,000 after acquiring an additional 2,180 shares during the period. Janus Henderson Group PLC increased its position in Avalara by 7,090.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,588,160 shares of the company’s stock valued at $88,603,000 after acquiring an additional 1,566,072 shares during the period. Marshall Wace LLP acquired a new position in Avalara in the 1st quarter valued at about $2,232,000. Finally, Coronation Fund Managers Ltd. acquired a new position in Avalara in the 1st quarter valued at about $4,356,000. Hedge funds and other institutional investors own 80.47% of the company’s stock.

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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