Avalara (AVLR) Shares Down 5.2%

Avalara Inc (NYSE:AVLR)’s share price was down 5.2% during mid-day trading on Monday . The stock traded as low as $66.85 and last traded at $67.51. Approximately 2,906,334 shares traded hands during trading, an increase of 231% from the average daily volume of 878,596 shares. The stock had previously closed at $71.25.

Several equities analysts have issued reports on AVLR shares. Goldman Sachs Group reaffirmed a “buy” rating and set a $50.00 price objective on shares of Avalara in a report on Friday, February 1st. KeyCorp reaffirmed an “overweight” rating and set a $54.00 price objective (up previously from $48.00) on shares of Avalara in a report on Tuesday, February 12th. JPMorgan Chase & Co. raised their price objective on Avalara from $38.00 to $64.00 and gave the stock a “positive” rating in a report on Wednesday, February 13th. JMP Securities raised their price objective on Avalara from $40.00 to $49.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 13th. Finally, Zacks Investment Research lowered Avalara from a “hold” rating to a “sell” rating in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $63.38.

The company has a market capitalization of $4.73 billion and a price-to-earnings ratio of -64.57.

Avalara (NYSE:AVLR) last announced its earnings results on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, topping the 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 business had revenue of $85.00 million during the quarter, compared to the consensus estimate of $78.67 million. The company’s revenue for the quarter was up 38.4% compared to the same quarter last year. Equities analysts anticipate that Avalara Inc will post -0.55 earnings per share for the current year.

In other news, insider Alesia Lee Pinney sold 19,074 shares of the stock in a transaction dated Thursday, February 21st. The shares were sold at an average price of $50.02, for a total transaction of $954,081.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Benjamin J. Goux sold 9,000 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $53.26, for a total transaction of $479,340.00. The disclosure for this sale can be found here. Insiders have sold 8,200,449 shares of company stock valued at $545,613,681 in the last quarter.

A number of large investors have recently made changes to their positions in the stock. Kayne Anderson Rudnick Investment Management LLC lifted its position in Avalara by 409.7% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,600,165 shares of the company’s stock valued at $145,064,000 after purchasing an additional 2,090,001 shares during the period. BlackRock Inc. lifted its position in Avalara by 81.0% in the first quarter. BlackRock Inc. now owns 1,994,830 shares of the company’s stock valued at $111,292,000 after purchasing an additional 892,636 shares during the period. TimesSquare Capital Management LLC acquired a new stake in Avalara in the first quarter valued at about $101,595,000. Janus Henderson Group PLC lifted its position 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 valued at $88,603,000 after purchasing an additional 1,566,072 shares during the period. Finally, Tensile Capital Management LLC lifted its position in Avalara by 213.6% in the fourth quarter. Tensile Capital Management LLC now owns 846,741 shares of the company’s stock valued at $26,376,000 after purchasing an additional 576,741 shares during the period. Hedge funds and other institutional investors own 73.09% of the company’s stock.

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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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