Avalara (AVLR) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Avalara (NYSE:AVLR) from a hold rating to a buy rating in a research report released on Monday, Zacks.com reports. Zacks Investment Research currently has $81.00 price target on the stock.

According to Zacks, “Avalara Inc. is a provider of cloud-based tax compliance solutions. It offers businesses of all sizes achieve compliance with transaction taxes including sales and use, VAT, excise, communications and other tax types. Avalara Inc. is based in Seattle, United States. “

A number of other analysts have also issued reports on AVLR. Needham & Company LLC lifted their target price on Avalara from $64.00 to $85.00 and gave the stock a buy rating in a research report on Friday, May 10th. Goldman Sachs Group reaffirmed a buy rating and set a $50.00 target price on shares of Avalara in a research report on Friday, February 1st. JMP Securities lifted their target price on Avalara from $40.00 to $49.00 and gave the stock a market outperform rating in a research report on Wednesday, February 13th. KeyCorp lifted their target price on Avalara from $54.00 to $74.00 and gave the stock an overweight rating in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. lifted their target price on Avalara from $38.00 to $64.00 and gave the stock a positive rating in a research report on Wednesday, February 13th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Avalara currently has an average rating of Buy and a consensus target price of $63.38.

NYSE:AVLR opened at $69.26 on Monday. Avalara has a 12 month low of $28.09 and a 12 month high of $74.90. The stock has a market capitalization of $4.74 billion and a price-to-earnings ratio of -64.13.

Avalara (NYSE:AVLR) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.15. Avalara had a negative return on equity of 32.45% and a negative net margin of 23.56%. The company had revenue of $85.00 million for the quarter, compared to analyst estimates of $78.67 million. Avalara’s revenue for the quarter was up 38.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Avalara will post -0.55 EPS for the current fiscal year.

In related news, Director Edward A. Gilhuly sold 4,255,000 shares of Avalara stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $47.84, for a total value of $203,559,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Ingram sold 25,000 shares of Avalara stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $71.29, for a total value of $1,782,250.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,230,449 shares of company stock worth $499,026,381.

A number of large investors have recently bought and sold shares of AVLR. Ladenburg Thalmann Financial Services Inc. grew its stake in Avalara by 265.6% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 658 shares of the company’s stock worth $37,000 after purchasing an additional 478 shares in the last quarter. Legal & General Group Plc acquired a new position in Avalara in the third quarter worth about $46,000. Northwestern Mutual Wealth Management Co. acquired a new position in Avalara in the first quarter worth about $47,000. Quantamental Technologies LLC grew its stake in Avalara by 272.3% in the first quarter. Quantamental Technologies LLC now owns 1,117 shares of the company’s stock worth $62,000 after purchasing an additional 817 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in Avalara in the fourth quarter valued at approximately $71,000. Institutional investors and hedge funds own 73.09% of the company’s stock.

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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