Bank of America Lowers Avalara (AVLR) Price Target to $42.00

Avalara (NYSE:AVLR) had its target price trimmed by Bank of America from $50.00 to $42.00 in a research note published on Friday morning, Marketbeat reports. The firm currently has a neutral rating on the stock.

Other research analysts also recently issued research reports about the stock. JMP Securities upgraded shares of Avalara from a market perform rating to an outperform rating and set a $40.00 price objective on the stock in a report on Thursday. JPMorgan Chase & Co. upped their price objective on shares of Avalara to $38.00 and gave the stock a neutral rating in a report on Thursday. Zacks Investment Research downgraded shares of Avalara from a buy rating to a hold rating in a report on Friday, October 5th. KeyCorp restated a buy rating and set a $47.00 price objective on shares of Avalara in a report on Sunday, October 14th. Finally, Goldman Sachs Group upped their price objective on shares of Avalara to $44.00 and gave the stock a buy rating in a report on Thursday, August 16th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $42.14.

AVLR traded down $0.78 during trading on Friday, hitting $31.00. 419,280 shares of the company’s stock were exchanged, compared to its average volume of 308,051. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.41 and a current ratio of 1.41. Avalara has a fifty-two week low of $30.00 and a fifty-two week high of $59.40.

Avalara (NYSE:AVLR) last released its quarterly earnings data on Wednesday, November 7th. The company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.02). The business had revenue of $69.50 million for the quarter, compared to analysts’ expectations of $66.27 million. The business’s quarterly revenue was up 25.7% on a year-over-year basis. Equities analysts forecast that Avalara will post -0.7 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the company. First Mercantile Trust Co. purchased a new stake in shares of Avalara in the second quarter valued at about $101,000. JPMorgan Chase & Co. raised its holdings in shares of Avalara by 127.8% in the third quarter. JPMorgan Chase & Co. now owns 3,121 shares of the company’s stock valued at $109,000 after purchasing an additional 1,751 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Avalara in the second quarter valued at about $214,000. Wells Fargo & Company MN raised its holdings in shares of Avalara by 1,468.7% in the third quarter. Wells Fargo & Company MN now owns 4,706 shares of the company’s stock valued at $164,000 after purchasing an additional 4,406 shares during the last quarter. Finally, Wolverine Asset Management LLC purchased a new stake in shares of Avalara in the second quarter valued at about $278,000. Institutional investors own 69.35% of the company’s stock.

About Avalara

Avalara, Inc provides transaction tax compliance cloud-based solutions 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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