Needham & Company LLC Reaffirms “Buy” Rating for Avalara (NYSE:AVLR)

Needham & Company LLC reaffirmed their buy rating on shares of Avalara (NYSE:AVLR) in a research note issued to investors on Monday morning, AnalystRatings.com reports. The brokerage currently has a $100.00 price objective on the stock.

Several other research firms also recently commented on AVLR. Stephens reissued an overweight rating and issued a $106.00 price objective on shares of Avalara in a research note on Friday, February 14th. ValuEngine raised Avalara from a sell rating to a hold rating in a research note on Saturday, February 15th. Canaccord Genuity reissued a buy rating and issued a $105.00 price objective (up from $100.00) on shares of Avalara in a research note on Thursday, February 13th. Piper Jaffray Companies started coverage on Avalara in a research note on Monday, October 28th. They issued an overweight rating and a $93.00 price objective for the company. Finally, Zacks Investment Research raised Avalara from a sell rating to a hold rating in a research note on Tuesday, February 4th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Avalara has a consensus rating of Buy and an average price target of $90.34.

Shares of AVLR stock opened at $90.18 on Monday. The company has a market cap of $7.11 billion, a price-to-earnings ratio of -140.91 and a beta of 0.46. The stock has a 50 day simple moving average of $85.75 and a 200-day simple moving average of $78.35. Avalara has a 1-year low of $47.75 and a 1-year high of $96.96.

Avalara (NYSE:AVLR) last announced its earnings results on Wednesday, February 12th. The company reported ($0.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.05. The business had revenue of $107.63 million during the quarter, compared to the consensus estimate of $100.09 million. Avalara had a negative return on equity of 11.05% and a negative net margin of 12.31%. The business’s quarterly revenue was up 39.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.19) EPS. On average, research analysts forecast that Avalara will post -0.71 EPS for the current year.

In other Avalara news, insider Scott M. Mcfarlane sold 12,000 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $72.78, for a total value of $873,360.00. Following the completion of the sale, the insider now directly owns 763,286 shares of the company’s stock, valued at approximately $55,551,955.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William Ingram sold 25,000 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $71.35, for a total value of $1,783,750.00. Following the completion of the sale, the insider now directly owns 25,979 shares of the company’s stock, valued at $1,853,601.65. The disclosure for this sale can be found here. Over the last three months, insiders sold 87,205 shares of company stock valued at $7,001,620. 21.10% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of AVLR. Janus Henderson Group PLC increased its stake in shares of Avalara by 27.0% in the 4th quarter. Janus Henderson Group PLC now owns 5,407,567 shares of the company’s stock worth $396,106,000 after acquiring an additional 1,149,766 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Avalara by 161.5% in the 3rd quarter. First Trust Advisors LP now owns 878,407 shares of the company’s stock worth $59,108,000 after acquiring an additional 542,509 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Avalara in the 4th quarter worth $25,821,000. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Avalara in the 4th quarter worth $21,876,000. Finally, Dorsey Asset Management LLC increased its stake in shares of Avalara by 29.9% in the 4th quarter. Dorsey Asset Management LLC now owns 1,231,614 shares of the company’s stock worth $90,216,000 after acquiring an additional 283,200 shares during the last quarter. 81.19% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Avalara (NYSE:AVLR)

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