Avalara Inc (NYSE:AVLR) Receives $118.49 Consensus Target Price from Analysts

Shares of Avalara Inc (NYSE:AVLR) have earned a consensus recommendation of “Buy” from the eighteen ratings firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, sixteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $120.65.

AVLR has been the subject of several recent analyst reports. Canaccord Genuity boosted their price objective on shares of Avalara from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. JPMorgan Chase & Co. lifted their target price on shares of Avalara from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Stifel Nicolaus lifted their target price on shares of Avalara from $100.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Mizuho boosted their price objective on shares of Avalara from $120.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Finally, Zacks Investment Research raised shares of Avalara from a “hold” rating to a “buy” rating and set a $153.00 price objective on the stock in a research note on Wednesday.

Shares of Avalara stock opened at $141.27 on Friday. The company has a market capitalization of $10.70 billion, a P/E ratio of -201.81 and a beta of 0.89. Avalara has a 52-week low of $55.50 and a 52-week high of $142.11. The company has a 50 day moving average of $115.80 and a 200 day moving average of $90.40.

Avalara (NYSE:AVLR) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.06. The business had revenue of $111.44 million during the quarter, compared to the consensus estimate of $108.24 million. Avalara had a negative net margin of 12.99% and a negative return on equity of 9.88%. The company’s revenue was up 31.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) EPS. As a group, analysts predict that Avalara will post -0.75 EPS for the current year.

In other news, insider Scott M. Mcfarlane sold 15,000 shares of the stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $72.75, for a total transaction of $1,091,250.00. Following the completion of the transaction, the insider now directly owns 844,223 shares in the company, valued at approximately $61,417,223.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Ross Tennenbaum sold 926 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $107.48, for a total value of $99,526.48. Following the transaction, the insider now owns 69,898 shares of the company’s stock, valued at $7,512,637.04. The disclosure for this sale can be found here. Insiders sold 346,591 shares of company stock valued at $35,587,808 in the last ninety days. 21.10% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in AVLR. Meeder Asset Management Inc. increased its position in Avalara by 724.4% in the fourth quarter. Meeder Asset Management Inc. now owns 371 shares of the company’s stock worth $28,000 after buying an additional 326 shares during the period. Eudaimonia Partners LLC acquired a new position in shares of Avalara during the first quarter valued at $30,000. Asset Management One Co. Ltd. acquired a new position in shares of Avalara during the first quarter valued at $38,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Avalara during the fourth quarter valued at $51,000. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Avalara during the second quarter valued at $106,000. Hedge funds and other institutional investors own 85.43% of the company’s stock.

About Avalara

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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