Avalara (AVLR) Receives New Coverage from Analysts at Needham & Company LLC

Analysts at Needham & Company LLC assumed coverage on shares of Avalara (NYSE:AVLR) in a research report issued on Thursday, April 11th, Marketbeat.com reports. The brokerage set a “buy” rating and a $64.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 8.04% from the company’s current price.

Several other equities analysts also recently commented on AVLR. JPMorgan Chase & Co. upgraded Avalara from a “neutral” rating to an “overweight” rating and set a $30.08 target price for the company in a research report on Thursday, December 13th. Zacks Investment Research upgraded Avalara from a “sell” rating to a “hold” rating in a research report on Monday, December 17th. Bank of America upgraded Avalara from a “neutral” rating to a “buy” rating in a research report on Monday, January 7th. KeyCorp reiterated a “buy” rating on shares of Avalara in a research report on Monday, January 7th. Finally, Goldman Sachs Group reiterated a “buy” rating and issued a $50.00 price objective on shares of Avalara in a research report on Friday, February 1st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Avalara currently has an average rating of “Buy” and an average target price of $50.88.

AVLR traded up $1.65 during midday trading on Thursday, reaching $59.24. The company’s stock had a trading volume of 311,470 shares, compared to its average volume of 373,724. The firm has a market capitalization of $4.14 billion and a P/E ratio of -54.85. Avalara has a twelve month low of $28.09 and a twelve month high of $59.85.

Avalara (NYSE:AVLR) last released its earnings results on Tuesday, February 12th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.01. The business had revenue of $76.90 million during the quarter, compared to analyst estimates of $71.24 million. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. As a group, equities research analysts expect that Avalara will post -0.86 EPS for the current year.

In other Avalara news, Director Benjamin J. Goux sold 9,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $53.26, for a total value of $479,340.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Scott M. Mcfarlane sold 12,000 shares of the business’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $55.48, for a total value of $665,760.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,196,449 shares of company stock valued at $496,600,541.

Several institutional investors have recently modified their holdings of AVLR. Vista Equity Partners Management LLC raised its holdings in Avalara by 235.3% during the fourth quarter. Vista Equity Partners Management LLC now owns 234,700 shares of the company’s stock worth $7,311,000 after acquiring an additional 164,700 shares in the last quarter. Tensile Capital Management LLC raised its holdings in Avalara by 213.6% during the fourth quarter. Tensile Capital Management LLC now owns 846,741 shares of the company’s stock worth $26,376,000 after acquiring an additional 576,741 shares in the last quarter. Wells Fargo & Company MN raised its holdings in 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 in the last quarter. Rhumbline Advisers raised its holdings in Avalara by 80.3% during the fourth quarter. Rhumbline Advisers now owns 12,495 shares of the company’s stock worth $389,000 after acquiring an additional 5,566 shares in the last quarter. Finally, Teachers Advisors LLC bought a new stake in Avalara in the third quarter valued at approximately $565,000. Institutional investors own 70.78% of the company’s stock.

Avalara Company Profile

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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Analyst Recommendations for Avalara (NYSE:AVLR)

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