Federated Investors Inc. PA increased its holdings in shares of Avalara Inc (NYSE:AVLR) by 43.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 164,000 shares of the company’s stock after purchasing an additional 50,000 shares during the period. Federated Investors Inc. PA’s holdings in Avalara were worth $9,150,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in Avalara during the 1st quarter worth $47,000. Quantamental Technologies LLC lifted its stake in shares of Avalara by 272.3% in the 1st quarter. Quantamental Technologies LLC now owns 1,117 shares of the company’s stock worth $62,000 after acquiring an additional 817 shares during the period. PNC Financial Services Group Inc. acquired a new stake in shares of Avalara in the 1st quarter worth $72,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Avalara in the 4th quarter worth $71,000. Finally, Canton Hathaway LLC acquired a new stake in shares of Avalara in the 1st quarter worth $131,000. Hedge funds and other institutional investors own 77.89% of the company’s stock.
AVLR stock opened at $67.05 on Thursday. Avalara Inc has a one year low of $28.09 and a one year high of $75.33. The firm has a market capitalization of $4.72 billion and a PE ratio of -62.08.
Avalara (NYSE:AVLR) last released its earnings results on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, topping 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 company’s revenue for the quarter was up 38.4% compared to the same quarter last year. Equities research analysts expect that Avalara Inc will post -0.55 earnings per share for the current fiscal year.
AVLR has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Avalara from a “hold” rating to a “sell” rating in a research note on Tuesday, April 9th. Needham & Company LLC initiated coverage on shares of Avalara in a research note on Thursday, April 11th. They issued a “buy” rating and a $64.00 target price for the company. JMP Securities raised their target price on shares of Avalara from $40.00 to $49.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 13th. JPMorgan Chase & Co. raised their target price on shares of Avalara from $38.00 to $64.00 and gave the stock a “positive” rating in a research note on Wednesday, February 13th. Finally, KeyCorp raised their target price on shares of Avalara from $54.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $63.38.
In other news, insider William Ingram sold 25,000 shares of the stock in a transaction dated 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 Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel E. Manning sold 21,875 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $56.00, for a total transaction of $1,225,000.00. The disclosure for this sale can be found here. Insiders sold a total of 8,946,817 shares of company stock valued at $623,067,169 in the last quarter.
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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.
Further Reading: The limitations of an equal weight rating
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