Potrero Capital Research LLC Takes Position in Avalara Inc (NYSE:AVLR)

Potrero Capital Research LLC bought a new stake in shares of Avalara Inc (NYSE:AVLR) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 30,000 shares of the company’s stock, valued at approximately $2,166,000. Avalara makes up approximately 1.2% of Potrero Capital Research LLC’s holdings, making the stock its 27th biggest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FNY Investment Advisers LLC purchased a new stake in shares of Avalara during the 2nd quarter valued at about $80,000. Aperio Group LLC purchased a new stake in Avalara in the 2nd quarter worth about $92,000. Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new stake in Avalara in the 1st quarter worth about $89,000. Rational Advisors LLC purchased a new stake in Avalara in the 2nd quarter worth about $188,000. Finally, Ibex Investors LLC purchased a new stake in Avalara in the 2nd quarter worth about $227,000. Hedge funds and other institutional investors own 78.50% of the company’s stock.

AVLR stock traded down $1.09 during mid-day trading on Friday, reaching $78.00. The company had a trading volume of 30,913 shares, compared to its average volume of 1,115,852. The company has a market capitalization of $5.67 billion, a PE ratio of -72.13 and a beta of 0.59. The firm has a 50 day moving average of $82.17 and a 200 day moving average of $70.14. Avalara Inc has a 12 month low of $28.09 and a 12 month high of $94.31.

Avalara (NYSE:AVLR) last issued its earnings results on Wednesday, August 7th. The company reported ($0.03) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.08. The business had revenue of $91.30 million for the quarter, compared to the consensus estimate of $84.63 million. Avalara had a negative net margin of 20.13% and a negative return on equity of 23.05%. The company’s revenue for the quarter was up 42.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.19) EPS. Equities analysts anticipate that Avalara Inc will post -0.64 EPS for the current fiscal year.

In other Avalara news, insider Alesia Lee Pinney sold 1,184 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $75.83, for a total value of $89,782.72. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Chelsea R. Stoner sold 14,287 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $87.20, for a total transaction of $1,245,826.40. The disclosure for this sale can be found here. Insiders sold a total of 910,047 shares of company stock worth $77,111,828 over the last 90 days. Insiders own 21.10% of the company’s stock.

A number of research firms recently weighed in on AVLR. Needham & Company LLC increased their price objective on shares of Avalara from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Raymond James began coverage on shares of Avalara in a research report on Thursday, September 5th. They issued an “outperform” rating and a $100.00 price objective on the stock. Stephens began coverage on shares of Avalara in a research report on Tuesday, July 30th. They issued an “overweight” rating and a $105.00 price objective on the stock. William Blair began coverage on shares of Avalara in a research report on Wednesday, August 7th. They issued an “outperform” rating and a $5.40 price objective on the stock. Finally, ValuEngine lowered shares of Avalara from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $85.37.

Avalara 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.

Further Reading: What is diluted earnings per share (Diluted EPS)?

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Institutional Ownership by Quarter for Avalara (NYSE:AVLR)

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