Pendal Group Ltd Trims Stock Holdings in Avalara Inc (NYSE:AVLR)

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Pendal Group Ltd decreased its holdings in Avalara Inc (NYSE:AVLR) by 29.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 11,679 shares of the company’s stock after selling 4,919 shares during the period. Pendal Group Ltd’s holdings in Avalara were worth $843,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of AVLR. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Avalara by 442.6% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,768,309 shares of the company’s stock worth $154,444,000 after purchasing an additional 2,258,145 shares in the last quarter. TimesSquare Capital Management LLC purchased a new position in shares of Avalara in the first quarter worth about $101,595,000. Janus Henderson Group PLC increased its stake in shares of Avalara by 7,090.1% in the first quarter. Janus Henderson Group PLC now owns 1,588,160 shares of the company’s stock worth $88,603,000 after purchasing an additional 1,566,072 shares in the last quarter. Redwood Investments LLC purchased a new position in shares of Avalara in the second quarter worth about $19,956,000. Finally, First Trust Advisors LP increased its stake in shares of Avalara by 447.4% in the second quarter. First Trust Advisors LP now owns 335,898 shares of the company’s stock worth $24,252,000 after purchasing an additional 274,533 shares in the last quarter. Hedge funds and other institutional investors own 80.07% of the company’s stock.

NYSE:AVLR traded up $2.09 during mid-day trading on Friday, hitting $86.47. 63,711 shares of the stock traded hands, compared to its average volume of 910,764. The business’s 50-day moving average price is $81.90 and its 200 day moving average price is $64.63. The company has a market cap of $6.37 billion, a PE ratio of -79.54 and a beta of 0.59. Avalara Inc has a 12-month low of $28.09 and a 12-month high of $94.31.

Avalara (NYSE:AVLR) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.08. The company had revenue of $91.30 million during the quarter, compared to analysts’ expectations of $84.63 million. Avalara had a negative net margin of 20.13% and a negative return on equity of 23.05%. Avalara’s revenue for the quarter was up 42.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.19) earnings per share. As a group, sell-side analysts predict that Avalara Inc will post -0.65 EPS for the current year.

In other Avalara news, Director Edward A. Gilhuly sold 2,500,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $69.00, for a total value of $172,500,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Scott M. Mcfarlane sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $69.00, for a total transaction of $6,900,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,870,468 shares of company stock valued at $618,374,420. 21.10% of the stock is owned by corporate insiders.

AVLR has been the subject of several recent research reports. KeyCorp reiterated an “overweight” rating and issued a $101.00 target price (up previously from $74.00) on shares of Avalara in a research note on Thursday, August 8th. Stifel Nicolaus upgraded shares of Avalara from a “hold” rating to a “buy” rating and lifted their target price for the stock from $52.00 to $100.00 in a research note on Thursday, August 8th. Stephens initiated coverage on shares of Avalara in a research note on Tuesday, July 30th. They issued an “overweight” rating and a $105.00 target price for the company. Needham & Company LLC lifted their target price on shares of Avalara from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, William Blair began coverage on shares of Avalara in a research note on Wednesday, August 7th. They issued an “outperform” rating and a $5.40 target price for the company. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Avalara currently has a consensus rating of “Buy” and an average price target of $82.44.

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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Institutional Ownership by Quarter for Avalara (NYSE:AVLR)

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