Avalara (NYSE:AVLR) Downgraded by Zacks Investment Research
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 equities research analysts have also recently issued reports on the company. Needham & Company LLC restated a buy rating and issued a $42.00 price objective (down from $45.00) on shares of Synaptics in a research note on Friday, May 10th. KeyCorp restated a buy rating and issued a $65.00 price objective on shares of Talend in a research note on Wednesday, May 8th. Finally, JMP Securities lifted their target price on Pegasystems from $72.00 to $81.00 and gave the company a market outperform rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $66.14.
Avalara (NYSE:AVLR) last released its earnings results on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, topping the Zacks’ 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 analysts’ expectations of $78.67 million. The firm’s revenue was up 38.4% compared to the same quarter last year. As a group, sell-side analysts expect that Avalara will post -0.55 earnings per share for the current year.
In other news, insider Scott M. Mcfarlane sold 12,000 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $81.95, for a total transaction of $983,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Pincus & Co. Warburg sold 4,400,000 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $69.63, for a total value of $306,372,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 8,927,207 shares of company stock valued at $622,339,333 in the last ninety days.
Hedge funds and other institutional investors have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC boosted its stake in Avalara by 442.6% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,768,309 shares of the company’s stock worth $154,444,000 after buying an additional 2,258,145 shares in the last quarter. TimesSquare Capital Management LLC purchased a new stake in Avalara in the first quarter worth approximately $101,595,000. Janus Henderson Group PLC boosted its stake in Avalara by 7,090.1% in the first quarter. Janus Henderson Group PLC now owns 1,588,160 shares of the company’s stock worth $88,603,000 after buying an additional 1,566,072 shares in the last quarter. BlackRock Inc. boosted its stake in Avalara by 9.6% in the fourth quarter. BlackRock Inc. now owns 1,102,194 shares of the company’s stock worth $34,334,000 after buying an additional 96,093 shares in the last quarter. Finally, Tensile Capital Management LLC boosted its stake in Avalara by 213.6% in the fourth quarter. Tensile Capital Management LLC now owns 846,741 shares of the company’s stock worth $26,376,000 after buying an additional 576,741 shares in the last quarter. 78.13% of the stock is owned by institutional investors.
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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