JMP Securities Boosts Avalara (AVLR) Price Target to $67.00

Avalara (NYSE:AVLR) had its price objective upped by JMP Securities from $49.00 to $67.00 in a research note issued on Wednesday, May 8th, Stock Target Advisor reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ target price would suggest a potential downside of 0.95% from the stock’s current price.

A number of other equities research analysts have also weighed in on the stock. Goldman Sachs Group reiterated a “buy” rating and set a $50.00 price objective on shares of Avalara in a report on Friday, February 1st. KeyCorp reiterated 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 target price on shares of Avalara from $38.00 to $64.00 and gave the company a “positive” rating in a research report on Wednesday, February 13th. Zacks Investment Research downgraded shares of Avalara from a “hold” rating to a “sell” rating in a research report on Tuesday, April 9th. Finally, Needham & Company LLC assumed coverage on shares of Avalara in a research report on Thursday, April 11th. They issued a “buy” rating and a $64.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $63.38.

Shares of NYSE AVLR opened at $67.64 on Wednesday. The firm has a market capitalization of $5.01 billion and a PE ratio of -62.63. Avalara has a 1 year low of $28.09 and a 1 year high of $74.90.

Avalara (NYSE:AVLR) last posted its earnings results on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.15. The company had revenue of $85.00 million during the quarter, compared to analysts’ expectations of $78.67 million. Avalara had a negative net margin of 23.56% and a negative return on equity of 32.45%. The firm’s revenue was up 38.4% compared to the same quarter last year. As a group, research analysts anticipate that Avalara will post -0.55 EPS for the current year.

In other news, insider William Ingram sold 25,000 shares of Avalara stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $71.29, for a total value of $1,782,250.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Benjamin J. Goux sold 9,000 shares of the business’s stock in a transaction that occurred on 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. In the last ninety days, insiders sold 7,113,875 shares of company stock worth $492,919,800.

A number of large investors have recently added to or reduced their stakes in AVLR. Ladenburg Thalmann Financial Services Inc. grew its position in Avalara by 265.6% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 658 shares of the company’s stock worth $37,000 after purchasing an additional 478 shares during the last quarter. Legal & General Group Plc purchased a new stake in Avalara during the 3rd quarter worth approximately $46,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Avalara during the 1st quarter worth approximately $47,000. Quantamental Technologies LLC grew its position in Avalara by 272.3% during the 1st quarter. Quantamental Technologies LLC now owns 1,117 shares of the company’s stock worth $62,000 after purchasing an additional 817 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Avalara during the 4th quarter worth approximately $71,000. 77.89% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Avalara (NYSE:AVLR)

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