Avalara (AVLR) Announces Quarterly Earnings Results

Avalara (NYSE:AVLR) announced its earnings results on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.15, Briefing.com reports. Avalara had a negative net margin of 23.56% and a negative return on equity of 32.45%. The firm had revenue of $85.00 million for the quarter, compared to the consensus estimate of $78.67 million. Avalara’s revenue for the quarter was up 38.4% compared to the same quarter last year. Avalara updated its Q2 2019 guidance to EPS and its FY 2019 guidance to EPS.

Shares of AVLR opened at $71.51 on Friday. The stock has a market capitalization of $5.01 billion and a price-to-earnings ratio of -66.21. Avalara has a 52 week low of $28.09 and a 52 week high of $74.90.

In other news, Director Edward A. Gilhuly sold 2,500,000 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $69.00, for a total value of $172,500,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Pincus & Co. Warburg sold 4,400,000 shares of the stock in a transaction on Monday, May 20th. The shares were 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. In the last ninety days, insiders sold 7,113,875 shares of company stock valued at $492,919,800.

An institutional investor recently raised its position in Avalara stock. Geode Capital Management LLC raised its stake in shares of Avalara Inc (NYSE:AVLR) by 16.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 86,341 shares of the company’s stock after buying an additional 12,198 shares during the period. Geode Capital Management LLC owned about 0.13% of Avalara worth $2,689,000 at the end of the most recent quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

A number of research firms recently commented on AVLR. Goldman Sachs Group reissued a “buy” rating and issued a $50.00 price target on shares of Avalara in a research report on Friday, February 1st. KeyCorp reiterated an “overweight” rating and set a $54.00 price target (up previously from $48.00) on shares of Avalara in a research report on Tuesday, February 12th. JPMorgan Chase & Co. raised their price objective on Avalara from $38.00 to $64.00 and gave the company a “positive” rating in a report on Wednesday, February 13th. JMP Securities lifted their price target on Avalara from $40.00 to $49.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 13th. Finally, Needham & Company LLC boosted their target price on Avalara from $64.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, May 10th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $63.38.

ILLEGAL ACTIVITY WARNING: This report was first reported by Rockland Register and is the property of of Rockland Register. If you are viewing this report on another domain, it was copied illegally and reposted in violation of U.S. & international copyright law. The correct version of this report can be accessed at https://rocklandregister.com/2019/05/31/avalara-avlr-announces-earnings-results-beats-estimates-by-0-15-eps.html.

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.

Featured Story: What is Forex?

Receive News & Ratings for Avalara Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avalara and related companies with MarketBeat.com's FREE daily email newsletter.