Kornitzer Capital Management Inc. KS cut its holdings in Avalara Inc (NYSE:AVLR) by 0.7% during the second quarter, Holdings Channel reports. The firm owned 75,480 shares of the company’s stock after selling 550 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Avalara were worth $5,450,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Quantamental Technologies LLC lifted its holdings in Avalara by 272.3% in the 1st quarter. Quantamental Technologies LLC now owns 1,117 shares of the company’s stock worth $62,000 after purchasing an additional 817 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in Avalara in the 2nd quarter worth approximately $80,000. Aperio Group LLC bought a new stake in Avalara in the 2nd quarter worth approximately $92,000. Mitsubishi UFJ Securities Holdings Co. Ltd. bought a new stake in Avalara in the 1st quarter worth approximately $89,000. Finally, Metropolitan Life Insurance Co. NY increased its stake in Avalara by 209.2% in 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. 80.07% of the stock is currently owned by institutional investors.
A number of research firms have issued reports on AVLR. Stephens began coverage on Avalara in a research note on Tuesday, July 30th. They issued an “overweight” rating and a $105.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on Avalara from $78.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. JMP Securities lifted their price objective on Avalara from $49.00 to $67.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 8th. Needham & Company LLC boosted their target price on Avalara from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Finally, Stifel Nicolaus raised Avalara from a “hold” rating to a “buy” rating and boosted their target price for the company from $52.00 to $100.00 in a research report on Thursday, August 8th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $82.44.
Avalara (NYSE:AVLR) last released its earnings results on Wednesday, August 7th. The company reported ($0.03) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.08. The firm had revenue of $91.30 million for the quarter, compared to the consensus estimate of $84.63 million. Avalara had a negative return on equity of 36.79% and a negative net margin of 20.13%. The company’s revenue for the quarter was up 42.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.19) EPS. Equities analysts expect that Avalara Inc will post -0.65 earnings per share for the current fiscal year.
In other Avalara news, insider Scott M. Mcfarlane sold 12,000 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $81.95, for a total value of $983,400.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Alesia Lee Pinney sold 1,077 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $80.45, for a total value of $86,644.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,870,468 shares of company stock worth $618,374,420. Corporate insiders own 21.10% of the company’s stock.
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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