Avalara (NYSE:AVLR) Price Target Cut to $95.00

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Avalara (NYSE:AVLR) had its price target reduced by analysts at Raymond James from $100.00 to $95.00 in a research note issued to investors on Wednesday, Stock Target Advisor reports. The brokerage presently has an “outperform” rating on the stock. Raymond James’ price objective indicates a potential upside of 38.18% from the company’s current price.

AVLR has been the subject of several other reports. ValuEngine downgraded shares of Avalara from a “hold” rating to a “sell” rating in a research note on Tuesday, October 22nd. Mizuho reaffirmed a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Avalara in a research note on Wednesday. Piper Jaffray Companies assumed coverage on shares of Avalara in a research note on Monday, October 28th. They issued an “overweight” rating and a $93.00 price target for the company. Stifel Nicolaus raised shares of Avalara from a “hold” rating to a “buy” rating and lifted their price target for the company from $52.00 to $100.00 in a research note on Thursday, August 8th. Finally, Bank of America reaffirmed a “buy” rating and issued a $100.00 price target (up from $98.00) on shares of Avalara in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $85.60.

AVLR stock opened at $68.75 on Wednesday. The company has a 50 day moving average price of $71.40 and a 200 day moving average price of $74.17. Avalara has a fifty-two week low of $28.09 and a fifty-two week high of $94.31. The stock has a market capitalization of $5.28 billion, a PE ratio of -63.66 and a beta of 0.52.

Avalara (NYSE:AVLR) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.19. Avalara had a negative net margin of 15.13% and a negative return on equity of 19.02%. The firm had revenue of $98.50 million during the quarter, compared to analysts’ expectations of $93.13 million. During the same quarter in the previous year, the company posted ($0.14) EPS. Avalara’s revenue was up 41.7% on a year-over-year basis. On average, equities research analysts anticipate that Avalara will post -0.65 earnings per share for the current year.

In related news, insider William Ingram sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $85.67, for a total transaction of $2,141,750.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Edward A. Gilhuly sold 250,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $85.81, for a total transaction of $21,452,500.00. The disclosure for this sale can be found here. Insiders have sold 905,521 shares of company stock valued at $76,660,837 over the last quarter. Corporate insiders own 21.10% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC increased its holdings in Avalara by 128.3% during the 1st quarter. FMR LLC now owns 404,634 shares of the company’s stock worth $22,575,000 after acquiring an additional 227,359 shares during the period. First Trust Advisors LP bought a new stake in Avalara during the 1st quarter worth approximately $3,424,000. Xact Kapitalforvaltning AB purchased a new position in Avalara in the 2nd quarter worth approximately $477,000. Polianta Ltd purchased a new position in Avalara in the 2nd quarter worth approximately $1,184,000. Finally, Capital Impact Advisors LLC purchased a new position in Avalara in the 2nd quarter worth approximately $1,979,000. Institutional investors and hedge funds own 78.49% 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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