Raymond James Increases Avalara (NYSE:AVLR) Price Target to $105.00

Avalara (NYSE:AVLR) had its price objective boosted by Raymond James from $95.00 to $105.00 in a research report issued to clients and investors on Thursday, The Fly reports. The firm presently has an “outperform” rating on the stock. Raymond James’ price objective suggests a potential upside of 13.55% from the stock’s current price.

Other analysts have also issued research reports about the stock. Mizuho boosted their price objective on shares of Avalara from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday. Zacks Investment Research raised shares of Avalara from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th. ValuEngine lowered shares of Avalara from a “hold” rating to a “sell” rating in a research report on Thursday, December 12th. Finally, Piper Jaffray Companies assumed coverage on shares of Avalara in a research report on Monday, October 28th. They issued an “overweight” rating and a $93.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $90.34.

Shares of AVLR stock opened at $92.47 on Thursday. The company’s fifty day simple moving average is $83.86 and its 200-day simple moving average is $78.13. Avalara has a 12 month low of $47.75 and a 12 month high of $96.96.

Avalara (NYSE:AVLR) last announced its quarterly earnings data on Wednesday, February 12th. The company reported ($0.03) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.05. The business had revenue of $107.63 million for the quarter, compared to analyst estimates of $100.09 million. Avalara had a negative net margin of 12.31% and a negative return on equity of 11.05%. The firm’s revenue for the quarter was up 39.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.19) earnings per share. Analysts anticipate that Avalara will post -0.71 earnings per share for the current fiscal year.

In related news, insider Scott M. Mcfarlane sold 12,000 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $72.78, for a total transaction of $873,360.00. Following the transaction, the insider now directly owns 763,286 shares in the company, valued at $55,551,955.08. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider William Ingram sold 25,000 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $71.35, for a total transaction of $1,783,750.00. Following the transaction, the insider now owns 25,979 shares in the company, valued at $1,853,601.65. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,109 shares of company stock worth $7,742,934. 21.10% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in AVLR. First Trust Advisors LP increased its holdings in shares of Avalara by 161.5% in the third quarter. First Trust Advisors LP now owns 878,407 shares of the company’s stock valued at $59,108,000 after purchasing an additional 542,509 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new position in shares of Avalara in the fourth quarter valued at $25,821,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Avalara in the fourth quarter valued at $21,876,000. Dorsey Asset Management LLC increased its holdings in shares of Avalara by 29.9% in the fourth quarter. Dorsey Asset Management LLC now owns 1,231,614 shares of the company’s stock valued at $90,216,000 after purchasing an additional 283,200 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of Avalara by 128.3% in the first quarter. FMR LLC now owns 404,634 shares of the company’s stock valued at $22,575,000 after purchasing an additional 227,359 shares during the last quarter. Hedge funds and other institutional investors own 81.13% 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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