Shares of Avalara Inc (NYSE:AVLR) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $75.33 and last traded at $73.54, with a volume of 26637 shares. The stock had previously closed at $72.07.
Several equities analysts recently commented on AVLR shares. Zacks Investment Research raised shares of Avalara from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a report on Monday, May 13th. KeyCorp increased their target price on shares of Avalara from $54.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. JMP Securities increased their price target on shares of Avalara from $49.00 to $67.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. increased their price target on shares of Avalara from $38.00 to $64.00 and gave the company a “positive” rating in a research report on Wednesday, February 13th. Finally, Needham & Company LLC increased their price target on shares of Avalara from $64.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, May 10th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $63.38.
The stock has a market cap of $4.89 billion and a price-to-earnings ratio of -62.50.
Avalara (NYSE:AVLR) last posted its earnings results on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.15. Avalara had a negative net margin of 23.56% and a negative return on equity of 32.45%. The firm had revenue of $85.00 million during the quarter, compared to analysts’ expectations of $78.67 million. The firm’s quarterly revenue was up 38.4% on a year-over-year basis. As a group, equities research analysts anticipate that Avalara Inc will post -0.55 EPS for the current year.
In related news, insider Alesia Lee Pinney sold 43,942 shares of Avalara stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $72.95, for a total transaction of $3,205,568.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel E. Manning sold 21,875 shares of Avalara stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $56.00, for a total transaction of $1,225,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,136,817 shares of company stock valued at $495,009,669.
A number of hedge funds and other institutional investors have recently modified their holdings of AVLR. Bank of New York Mellon Corp bought a new stake in Avalara during the 3rd quarter valued at about $748,000. Teachers Advisors LLC bought a new stake in Avalara during the 3rd quarter valued at about $565,000. TIAA CREF Investment Management LLC bought a new stake in Avalara during the 3rd quarter valued at about $618,000. Vanguard Group Inc. increased its stake in Avalara by 78.8% during the 3rd quarter. Vanguard Group Inc. now owns 780,392 shares of the company’s stock valued at $27,259,000 after purchasing an additional 343,950 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in Avalara by 5.2% during the 4th quarter. Oppenheimer & Co. Inc. now owns 6,529 shares of the company’s stock valued at $203,000 after purchasing an additional 324 shares in the last quarter. 77.89% of the stock is owned by institutional investors.
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About Avalara (NYSE:AVLR)
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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