Bank of America Lowers Avalara (NYSE:AVLR) Price Target to $42.00

Avalara (NYSE:AVLR) had its price objective lowered by Bank of America from $50.00 to $42.00 in a report published on Friday, November 9th, MarketBeat Ratings reports. The brokerage currently has a neutral rating on the stock.

Several other analysts have also recently weighed in on AVLR. JPMorgan Chase & Co. raised their target price on shares of Avalara to $38.00 and gave the company a neutral rating in a report on Thursday, November 8th. JMP Securities raised shares of Avalara from a market perform rating to an outperform rating and set a $40.00 target price on the stock in a report on Thursday, November 8th. Zacks Investment Research cut shares of Avalara from a buy rating to a hold rating in a report on Friday, October 5th. Goldman Sachs Group raised their target price on shares of Avalara to $44.00 and gave the company a buy rating in a report on Thursday, August 16th. Finally, KeyCorp reaffirmed a buy rating and issued a $47.00 target price on shares of Avalara in a report on Sunday, October 14th. Four research 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 target price of $42.14.

Shares of AVLR traded down $0.14 during mid-day trading on Friday, hitting $31.85. 158,300 shares of the company’s stock were exchanged, compared to its average volume of 495,102. Avalara has a fifty-two week low of $28.09 and a fifty-two week high of $59.40.

Avalara (NYSE:AVLR) last issued its earnings results on Wednesday, November 7th. The company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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. The business’s revenue was up 25.7% on a year-over-year basis. As a group, analysts predict that Avalara will post -0.97 EPS for the current year.

A number of institutional investors have recently made changes to their positions in AVLR. First Mercantile Trust Co. purchased a new position in shares of Avalara during the second quarter worth approximately $101,000. JPMorgan Chase & Co. grew its position in shares of Avalara by 127.8% during the third quarter. JPMorgan Chase & Co. now owns 3,121 shares of the company’s stock worth $109,000 after acquiring an additional 1,751 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Avalara by 1,468.7% during the third quarter. Wells Fargo & Company MN now owns 4,706 shares of the company’s stock worth $164,000 after acquiring an additional 4,406 shares during the last quarter. American International Group Inc. purchased a new position in shares of Avalara during the third quarter worth approximately $202,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Avalara during the second quarter worth approximately $214,000. Institutional investors own 71.37% 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.

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Analyst Recommendations for Avalara (NYSE:AVLR)

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