Frontier Capital Management Co. LLC acquired a new position in Avalara, Inc. (NYSE: AVLR – Get a rating) in the first trimester, Participation channel reports. The fund purchased 51,922 shares of the company, valued at around $5,167,000.
Other hedge funds and other institutional investors have also increased or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in Avalara stock during the fourth quarter worth approximately $238,704,000. Deccan Value Investors LP acquired a new position in Avalara stock during the fourth quarter valued at approximately $85,617,000. Renaissance Technologies LLC acquired a new stock position in Avalara during the fourth quarter valued at approximately $45,008,000. Millennium Management LLC increased its equity stake in Avalara by 567.2% during the fourth quarter. Millennium Management LLC now owns 338,092 shares of the company valued at $43,651,000 after acquiring an additional 287,419 shares in the last quarter. Finally, William Blair Investment Management LLC increased its equity stake in Avalara by 18.2% during the fourth quarter. William Blair Investment Management LLC now owns 1,469,819 shares of the company valued at $189,768,000 after acquiring 226,160 additional shares in the last quarter. 92.20% of the shares are held by institutional investors.
In other news, insider Scott M. Mcfarlane sold 20,000 shares in a trade on Friday, June 10. The stock was sold at an average price of $81.62, for a total value of $1,632,400.00. Following the sale, the insider now directly owns 584,892 shares of the company, valued at $47,738,885.04. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. Also, insider Ross Tennenbaum sold 3,675 shares in a trade on Wednesday, April 6. The shares were sold at an average price of $99.65, for a total value of $366,213.75. Following the completion of the sale, the insider now owns 97,505 shares of the company, valued at $9,716,373.25. Disclosure of this sale can be found here. In the past 90 days, insiders have sold 64,419 shares of the company valued at $5,509,543. Insiders of the company hold 2.60% of the shares of the company.
AVLR opened at $84.35 on Monday. Avalara, Inc. has a 52-week low of $66.39 and a 52-week high of $191.67. The company has a fifty-day simple moving average of $79.59 and a 200-day simple moving average of $97.17. The company has a debt ratio of 0.93, a quick ratio of 3.15 and a current ratio of 3.15.
Avalara (NYSE: AVLR – Get a rating) last released its quarterly results on Thursday, May 5. The company reported EPS of $0.08 for the quarter, beating the consensus estimate of ($0.12) by $0.20. Avalara had a negative return on equity of 9.62% and a negative net margin of 17.04%. The company posted revenue of $204.53 million in the quarter, versus analyst estimates of $198.07 million. During the same period last year, the company posted ($0.30) earnings per share. The company’s quarterly revenue increased 33.2% year over year. On average, stock analysts expect Avalara, Inc. to post -1.38 EPS for the current year.
Several equity research analysts have recently commented on the company. Stifel Nicolaus cut his price target on Avalara from $135.00 to $115.00 and set a “buy” rating for the company in a Monday, March 21 report. Morgan Stanley cut its price target on Avalara from $216.00 to $130.00 and set an “overweight” rating for the company in a Thursday, March 24 report. Bank of America downgraded Avalara from a “buy” rating to a “neutral” rating and lowered its price target for the company from $140.00 to $100.00 in a Monday, April 25 report. Mizuho reduced its price target on Avalara from $160.00 to $110.00 in a Friday, May 6 report. Finally, Canaccord Genuity Group reduced its price target on Avalara from $140.00 to $100.00 and set a “buy” rating for the company in a Friday, May 6 report. One equity research analyst gave the stock a hold rating and fifteen gave the stock a buy rating. Based on data from MarketBeat, Avalara currently has a consensus rating of “Moderate Buy” and an average price target of $154.53.
Avalara Company Profile (Get a rating)
Avalara, Inc, together with its subsidiaries, provides cloud-based solutions for transactional tax compliance worldwide. The company offers a suite of compliance solutions that enable businesses to tackle the complexity of transactional 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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