Brokerages Set Avalara Inc (AVLR) Price Target at $52.20

Shares of Avalara Inc (NYSE:AVLR) have received a consensus recommendation of “Buy” from the eight research firms that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $54.17.

AVLR has been the subject of several research analyst reports. Goldman Sachs Group reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Avalara in a report on Friday, February 1st. KeyCorp reaffirmed a “buy” rating on shares of Avalara in a report on Monday, January 7th. Bank of America raised Avalara from a “neutral” rating to a “buy” rating in a report on Monday, January 7th. Needham & Company LLC initiated coverage on Avalara in a report on Thursday, April 11th. They issued a “buy” rating and a $64.00 price objective for the company. Finally, Zacks Investment Research raised Avalara from a “sell” rating to a “hold” rating in a report on Monday.

In related news, Director Benjamin J. Goux sold 9,000 shares of Avalara stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $53.26, for a total transaction of $479,340.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Edward A. Gilhuly sold 4,255,000 shares of Avalara stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $47.84, for a total value of $203,559,200.00. The disclosure for this sale can be found here. Insiders sold 10,196,449 shares of company stock valued at $496,600,541 in the last ninety days.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVLR. Legal & General Group Plc purchased a new position in shares of Avalara in the third quarter valued at about $46,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Avalara in the fourth quarter valued at about $71,000. Metropolitan Life Insurance Co. NY lifted its position in shares of Avalara by 209.2% in the fourth 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 in the last quarter. JPMorgan Chase & Co. lifted its position 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 acquiring an additional 1,751 shares in the last quarter. Finally, Convergence Investment Partners LLC purchased a new position in shares of Avalara in the fourth quarter valued at about $126,000. Institutional investors own 70.64% of the company’s stock.

Shares of Avalara stock traded down $0.26 on Thursday, reaching $54.80. The company’s stock had a trading volume of 267,762 shares, compared to its average volume of 847,131. The firm has a market cap of $3.83 billion and a price-to-earnings ratio of -50.74. Avalara has a 52 week low of $28.09 and a 52 week high of $59.40.

Avalara (NYSE:AVLR) last posted its earnings results on Tuesday, February 12th. The company reported ($0.26) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.01. The business had revenue of $76.90 million during the quarter, compared to the consensus estimate of $71.24 million. Avalara’s revenue for the quarter was up 32.6% on a year-over-year basis. On average, research analysts expect that Avalara will post -0.86 earnings per share for the current fiscal year.

Avalara Company Profile

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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