$84.62 Million in Sales Expected for Avalara Inc (NYSE:AVLR) This Quarter

Brokerages forecast that Avalara Inc (NYSE:AVLR) will announce sales of $84.62 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Avalara’s earnings. The highest sales estimate is $85.00 million and the lowest is $84.35 million. Avalara posted sales of $63.71 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 32.8%. The business is scheduled to announce its next quarterly earnings results after the market closes on Wednesday, August 7th.

On average, analysts expect that Avalara will report full year sales of $348.11 million for the current year, with estimates ranging from $347.63 million to $348.50 million. For the next year, analysts forecast that the company will post sales of $426.77 million, with estimates ranging from $418.49 million to $434.50 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Avalara.

Avalara (NYSE:AVLR) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ 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 company had revenue of $85.00 million for the quarter, compared to analyst estimates of $78.67 million. The firm’s revenue was up 38.4% compared to the same quarter last year.

Several research analysts have issued reports on AVLR shares. Needham & Company LLC raised their price target on shares of Avalara from $64.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, May 10th. JMP Securities lifted their price objective on shares of Avalara from $49.00 to $67.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 8th. Zacks Investment Research lowered shares of Avalara from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. KeyCorp lifted their price objective on shares of Avalara from $54.00 to $74.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Finally, Stephens assumed coverage on shares of Avalara in a research note on Tuesday, July 30th. They issued an “overweight” rating and a $105.00 price objective for the company. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $72.38.

Avalara stock traded down $1.42 during mid-day trading on Friday, hitting $80.70. 479,332 shares of the stock were exchanged, compared to its average volume of 677,955. Avalara has a 12 month low of $28.09 and a 12 month high of $87.07. The firm’s fifty day moving average price is $78.27. The firm has a market capitalization of $5.74 billion, a PE ratio of -74.72 and a beta of 0.59.

In related news, insider William Ingram sold 25,000 shares of Avalara stock in a transaction on Friday, May 10th. The shares were sold at an average price of $71.29, for a total value of $1,782,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Benjamin J. Goux sold 9,000 shares of Avalara stock in a transaction on Friday, May 10th. The shares were sold at an average price of $71.51, for a total transaction of $643,590.00. The disclosure for this sale can be found here. In the last three months, insiders sold 8,927,207 shares of company stock valued at $622,339,333. 21.10% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of AVLR. Quantamental Technologies LLC grew its position in Avalara by 272.3% in the 1st quarter. Quantamental Technologies LLC now owns 1,117 shares of the company’s stock valued at $62,000 after purchasing an additional 817 shares during the period. FNY Investment Advisers LLC purchased a new position in Avalara during the 2nd quarter worth $80,000. Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new position in Avalara during the 1st quarter worth $89,000. Aperio Group LLC purchased a new position in Avalara during the 2nd quarter worth $92,000. Finally, Metropolitan Life Insurance Co. NY boosted its holdings 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 during the last quarter. 78.35% of the stock is owned by institutional investors and hedge funds.

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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