Avalara Inc (NYSE:AVLR) Sees Significant Decline in Short Interest

Avalara Inc (NYSE:AVLR) was the recipient of a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 2,281,900 shares, a drop of 11.8% from the May 30th total of 2,587,300 shares. Based on an average daily volume of 1,130,000 shares, the short-interest ratio is currently 2.0 days. Approximately 5.3% of the company’s shares are short sold.

AVLR has been the topic of a number of research reports. Zacks Investment Research upgraded shares of DLH from a “sell” rating to a “hold” rating in a report on Tuesday. JMP Securities raised their price objective on shares of Pegasystems from $72.00 to $81.00 and gave the company a “market outperform” rating in a report on Wednesday, May 8th. Needham & Company LLC restated a “buy” rating and issued a $42.00 price objective (down from $45.00) on shares of Synaptics in a report on Friday, May 10th. Finally, KeyCorp restated a “buy” rating and issued a $65.00 price objective on shares of Talend in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Avalara currently has a consensus rating of “Buy” and an average price target of $66.14.

Shares of AVLR traded down $0.68 during midday trading on Friday, reaching $83.16. The stock had a trading volume of 519,336 shares, compared to its average volume of 1,011,796. Avalara has a 1-year low of $28.09 and a 1-year high of $84.48. The business has a fifty day moving average price of $72.07. The firm has a market capitalization of $5.71 billion and a P/E ratio of -77.00.

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

In other Avalara news, major shareholder Pincus & Co. Warburg sold 4,400,000 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $69.63, for a total transaction of $306,372,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Edward A. Gilhuly sold 2,500,000 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $69.00, for a total transaction of $172,500,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 8,927,207 shares of company stock valued at $622,339,333 in the last ninety days.

Several institutional investors and hedge funds have recently made changes to their positions in AVLR. Quantamental Technologies LLC raised its stake in Avalara by 272.3% during 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 in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new stake in Avalara during the 1st quarter worth $89,000. Metropolitan Life Insurance Co. NY raised its stake in Avalara by 209.2% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 3,222 shares of the company’s stock worth $100,000 after acquiring an additional 2,180 shares in the last quarter. Canton Hathaway LLC acquired a new stake in Avalara during the 1st quarter worth $131,000. Finally, Northern Trust Corp raised its stake in Avalara by 2.5% during the 4th quarter. Northern Trust Corp now owns 96,878 shares of the company’s stock worth $3,017,000 after acquiring an additional 2,388 shares in the last quarter. Institutional investors and hedge funds own 78.13% 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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