Avalara (AVLR) Stock Rating Reaffirmed by KeyCorp
“We are raising our estimates and price target to $48 from $47 and remain Overweight on AVLR based on a multiyear opportunity to sustain 20%+ growth as it pioneers sales tax automation. AVLR is one of our top software application stocks to own for 2019. to begin enforcing online sales taxes in 2019. While 26 smaller states have begun to enforce online sales taxes after the Wayfair ruling last year, we see the addition of California (April 2019) and Texas (October 2019) as material catalysts that could help accelerate the adoption of Avalara’s cloud-based compliance software. California and Texas combined account for $4.4T of GDP (23% of total U.S. GDP). Raising 2019 estimates slightly on compliance automation tailwinds.”,” the firm’s analyst wrote.
Several other equities research analysts have also commented on AVLR. Bank of America upgraded shares of Avalara from a neutral rating to a buy rating in a report on Monday. Zacks Investment Research upgraded shares of Avalara from a hold rating to a buy rating and set a $40.00 price target for the company in a report on Wednesday, October 3rd. JPMorgan Chase & Co. boosted their price target on shares of Avalara to $38.00 and gave the company a neutral rating in a report on Thursday, November 8th. Finally, JMP Securities upgraded shares of Avalara from a market perform rating to an outperform rating and set a $40.00 price target for the company in a report on Thursday, November 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $41.01.
Avalara (NYSE:AVLR) last released its quarterly earnings results on Wednesday, November 7th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.02). The company had revenue of $69.50 million for the quarter, compared to analysts’ expectations of $66.27 million. Avalara’s revenue was up 25.7% compared to the same quarter last year. As a group, research analysts expect that Avalara will post -0.97 EPS for the current fiscal year.
In other news, insider Scott M. Mcfarlane sold 100,000 shares of Avalara stock in a transaction that occurred on Friday, December 21st. The shares were sold at an average price of $30.09, for a total value of $3,009,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
A number of large investors have recently added to or reduced their stakes in the business. Whale Rock Capital Management LLC purchased a new stake in Avalara during the 2nd quarter worth approximately $64,341,000. BlackRock Inc. boosted its holdings in shares of Avalara by 108.3% in the 3rd quarter. BlackRock Inc. now owns 1,006,101 shares of the company’s stock valued at $35,142,000 after acquiring an additional 523,098 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Avalara by 78.8% in the 3rd quarter. Vanguard Group Inc. now owns 780,392 shares of the company’s stock valued at $27,259,000 after acquiring an additional 343,950 shares during the last quarter. Vanguard Group Inc boosted its holdings in shares of Avalara by 78.8% in the 3rd quarter. Vanguard Group Inc now owns 780,392 shares of the company’s stock valued at $27,259,000 after acquiring an additional 343,950 shares during the last quarter. Finally, EastBay Asset Management LLC purchased a new stake in shares of Avalara in the 3rd quarter valued at $21,048,000. 71.37% of the stock is currently owned by institutional investors.
Avalara Company Profile
Avalara, Inc provides transaction tax compliance cloud-based solutions 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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