Traders Buy Shares of Avalara (AVLR) on Weakness on Insider Selling

Traders purchased shares of Avalara Inc (NYSE:AVLR) on weakness during trading on Friday after an insider sold shares in the company. $109.62 million flowed into the stock on the tick-up and $10.13 million flowed out of the stock on the tick-down, for a money net flow of $99.49 million into the stock. Of all equities tracked, Avalara had the 29th highest net in-flow for the day. Avalara traded down ($0.72) for the day and closed at $53.95Specifically, Director Edward A. Gilhuly sold 4,255,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $47.84, for a total transaction of $203,559,200.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Scott M. Mcfarlane sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, December 21st. The shares were sold at an average price of $30.09, for a total value of $3,009,000.00. The disclosure for this sale can be found here. Insiders sold 10,274,574 shares of company stock worth $498,175,861 over the last 90 days.

AVLR has been the subject of a number of analyst reports. Goldman Sachs Group restated a “buy” rating and set a $50.00 target price on shares of Avalara in a report on Friday, February 1st. KeyCorp reissued an “overweight” rating and issued a $54.00 target price (up from $48.00) on shares of Avalara in a research report on Tuesday, February 12th. JPMorgan Chase & Co. increased their price target on Avalara from $38.00 to $64.00 and gave the stock a “positive” rating in a research report on Wednesday, February 13th. Bank of America raised Avalara from a “neutral” rating to a “buy” rating in a research report on Monday, January 7th. Finally, JMP Securities increased their target price on shares of Avalara from $40.00 to $49.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 13th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $49.00.

The firm has a market capitalization of $3.80 billion and a PE ratio of -49.95.

Avalara (NYSE:AVLR) last announced its quarterly earnings results on Tuesday, February 12th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.01. The firm had revenue of $76.90 million for the quarter, compared to analyst estimates of $71.24 million. The business’s quarterly revenue was up 32.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Avalara Inc will post -0.86 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc acquired a new stake in Avalara in the 3rd quarter valued at approximately $46,000. Oppenheimer Asset Management Inc. acquired a new stake in Avalara in the 4th quarter valued at approximately $71,000. JPMorgan Chase & Co. increased its holdings in Avalara by 127.8% in the 3rd 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. Metropolitan Life Insurance Co. NY increased its holdings 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 purchasing an additional 2,180 shares during the last quarter. Finally, Convergence Investment Partners LLC acquired a new stake in Avalara in the 4th quarter valued at approximately $126,000. Institutional investors and hedge funds own 73.75% of the company’s stock.

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Avalara Company Profile (NYSE:AVLR)

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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