Brokerages Anticipate Avalara Inc (NYSE:AVLR) Will Announce Quarterly Sales of $84.62 Million

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Brokerages expect that Avalara Inc (NYSE:AVLR) will announce $84.62 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Avalara’s earnings. The lowest sales estimate is $84.35 million and the highest is $85.00 million. Avalara reported sales of $63.71 million during the same quarter last year, which would suggest a positive year over year growth rate of 32.8%. The company is scheduled to issue its next quarterly earnings report on Thursday, August 8th.

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 anticipate that the firm will report sales of $426.77 million, with estimates ranging from $418.49 million to $434.50 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Avalara.

Avalara (NYSE:AVLR) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.15. Avalara had a negative return on equity of 32.45% and a negative net margin of 23.56%. The firm had revenue of $85.00 million during the quarter, compared to analysts’ expectations of $78.67 million. The firm’s revenue for the quarter was up 38.4% compared to the same quarter last year.

Several brokerages recently commented on AVLR. Zacks Investment Research raised Avalara from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a research report on Monday, May 13th. KeyCorp raised their price objective on Avalara from $54.00 to $74.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. JMP Securities raised their price objective on Avalara from $49.00 to $67.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 8th. Finally, Needham & Company LLC raised their price objective on Avalara from $64.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, May 10th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $63.38.

NYSE AVLR traded up $0.08 during trading hours on Wednesday, hitting $71.09. 8,327 shares of the company traded hands, compared to its average volume of 1,521,535. Avalara has a twelve month low of $28.09 and a twelve month high of $75.33. The stock has a market capitalization of $4.98 billion and a PE ratio of -66.20.

In related news, insider William Ingram sold 25,000 shares of Avalara stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $71.29, for a total transaction of $1,782,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Pincus & Co. Warburg sold 4,400,000 shares of Avalara stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $69.63, for a total value of $306,372,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,946,817 shares of company stock valued at $623,067,169.

A number of large investors have recently added to or reduced their stakes in AVLR. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Avalara by 442.6% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,768,309 shares of the company’s stock worth $154,444,000 after purchasing an additional 2,258,145 shares during the last quarter. TimesSquare Capital Management LLC acquired a new stake in Avalara during the 1st quarter worth approximately $101,595,000. Janus Henderson Group PLC lifted its holdings in Avalara by 7,090.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,588,160 shares of the company’s stock worth $88,603,000 after purchasing an additional 1,566,072 shares during the last quarter. Tensile Capital Management LLC lifted its holdings in Avalara by 213.6% during the 4th quarter. Tensile Capital Management LLC now owns 846,741 shares of the company’s stock worth $26,376,000 after purchasing an additional 576,741 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Avalara by 78.8% during the 3rd quarter. Vanguard Group Inc. now owns 780,392 shares of the company’s stock worth $27,259,000 after purchasing an additional 343,950 shares during the last quarter. 77.89% 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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