JMP Securities Upgrades Avalara (AVLR) to Outperform

Share on StockTwits

Avalara (NYSE:AVLR) was upgraded by analysts at JMP Securities from a “market perform” rating to an “outperform” rating in a report issued on Thursday, Marketbeat Ratings reports. The firm presently has a $40.00 price objective on the stock. JMP Securities’ price target would indicate a potential upside of 29.03% from the stock’s previous close.

AVLR has been the subject of several other research reports. Goldman Sachs Group upped their price objective on Avalara to $44.00 and gave the company a “buy” rating in a research note on Thursday, August 16th. Zacks Investment Research raised Avalara from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Wednesday, October 3rd. KeyCorp reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Avalara in a research note on Sunday, October 14th. Finally, JPMorgan Chase & Co. upped their price objective on Avalara to $38.00 and gave the company a “neutral” rating in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $42.14.

Avalara stock opened at $31.00 on Thursday. Avalara has a 1 year low of $30.00 and a 1 year high of $59.40. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.18.

Avalara (NYSE:AVLR) last released its quarterly earnings data on Wednesday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.02). The firm had revenue of $69.50 million during the quarter, compared to the consensus estimate of $66.27 million. Avalara’s quarterly revenue was up 25.7% on a year-over-year basis. As a group, sell-side analysts predict that Avalara will post -0.7 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the business. Warburg Pincus LLC bought a new position in shares of Avalara during the 2nd quarter worth approximately $745,045,000. TD Asset Management Inc. bought a new position in shares of Avalara during the 2nd quarter worth approximately $547,000. FMR LLC bought a new position in shares of Avalara during the 2nd quarter worth approximately $11,645,000. Crawford Lake Capital Management LLC bought a new position in shares of Avalara in the 2nd quarter worth $2,740,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in shares of Avalara in the 2nd quarter worth $472,000. Hedge funds and other institutional investors own 69.35% of the company’s stock.

About Avalara

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.

Further Reading: How can you know how many shares are floating?

Analyst Recommendations for Avalara (NYSE:AVLR)

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.

Leave a Reply