Avalara (NYSE:AVLR) Stock Rating Lowered by Zacks Investment Research

Share on StockTwits

Avalara (NYSE:AVLR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “Avalara Inc. is a provider of cloud-based tax compliance solutions. It offers businesses of all sizes achieve compliance with transaction taxes including sales and use, VAT, excise, communications and other tax types. Avalara Inc. is based in Seattle, United States. “

Several other equities research analysts have also issued reports on AVLR. JMP Securities lifted their price objective on Pegasystems from $72.00 to $81.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 8th. KeyCorp reissued a “buy” rating and set a $65.00 price objective on shares of Talend in a research note on Wednesday, May 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $42.00 price objective (down previously from $45.00) on shares of Synaptics in a research note on Friday, May 10th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Avalara presently has a consensus rating of “Buy” and a consensus target price of $66.14.

NYSE:AVLR traded up $2.21 during trading hours on Tuesday, reaching $83.87. The stock had a trading volume of 47,660 shares, compared to its average volume of 1,018,256. The stock has a 50 day moving average of $71.81. Avalara has a 12-month low of $28.09 and a 12-month high of $83.34. The firm has a market capitalization of $5.58 billion and a PE ratio of -77.72.

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

In other Avalara news, Director Benjamin J. Goux sold 9,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $71.51, for a total transaction of $643,590.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Pincus & Co. Warburg sold 4,400,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $69.63, for a total value of $306,372,000.00. The disclosure for this sale can be found here. Insiders have sold 8,915,207 shares of company stock valued at $621,355,933 in the last three months.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVLR. Quantamental Technologies LLC increased its holdings in shares of Avalara by 272.3% in the first quarter. Quantamental Technologies LLC now owns 1,117 shares of the company’s stock worth $62,000 after buying an additional 817 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new position in shares of Avalara in the first quarter worth about $89,000. Metropolitan Life Insurance Co. NY increased its holdings in shares of Avalara by 209.2% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 3,222 shares of the company’s stock worth $100,000 after buying an additional 2,180 shares during the period. Convergence Investment Partners LLC purchased a new position in shares of Avalara in the fourth quarter worth about $126,000. Finally, Canton Hathaway LLC purchased a new position in shares of Avalara in the first quarter worth about $131,000. Institutional investors and hedge funds own 78.13% 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.

Featured Article: How is a buy-side analyst different from a sell-side analyst?

Get a free copy of the Zacks research report on Avalara (AVLR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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.