Strs Ohio raised its stake in shares of Avalara Inc (NYSE:AVLR) by 430.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,258 shares of the company’s stock after purchasing an additional 10,758 shares during the quarter. Strs Ohio’s holdings in Avalara were worth $957,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently made changes to their positions in AVLR. FNY Investment Advisers LLC bought a new stake in Avalara in the second quarter valued at $80,000. Segantii Capital Management Ltd bought a new stake in Avalara in the second quarter valued at $7,798,000. Capital Impact Advisors LLC bought a new stake in Avalara in the second quarter valued at $1,979,000. Polianta Ltd bought a new stake in Avalara in the second quarter valued at $1,184,000. Finally, Xact Kapitalforvaltning AB bought a new stake in Avalara in the second quarter valued at $477,000. Institutional investors and hedge funds own 80.07% of the company’s stock.
In other Avalara news, insider Alesia Lee Pinney sold 1,077 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $80.45, for a total value of $86,644.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Edward A. Gilhuly sold 2,500,000 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $69.00, for a total value of $172,500,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,870,468 shares of company stock worth $618,374,420. 21.10% of the stock is currently owned by company insiders.
Avalara (NYSE:AVLR) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.08. The company had revenue of $91.30 million for the quarter, compared to analysts’ expectations of $84.63 million. Avalara had a negative net margin of 20.13% and a negative return on equity of 36.79%. Avalara’s revenue was up 42.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.19) EPS. As a group, sell-side analysts forecast that Avalara Inc will post -0.55 earnings per share for the current year.
A number of analysts have recently commented on the stock. JMP Securities boosted their target price on shares of Avalara from $49.00 to $67.00 and gave the company a “market outperform” rating in a report on Wednesday, May 8th. KeyCorp restated an “overweight” rating and set a $101.00 target price (up previously from $74.00) on shares of Avalara in a report on Thursday, August 8th. First Analysis assumed coverage on shares of Avalara in a report on Friday, July 26th. They set a “strong-buy” rating on the stock. Stephens assumed coverage on shares of Avalara in a report on Tuesday, July 30th. They set an “overweight” rating and a $105.00 target price on the stock. Finally, William Blair assumed coverage on shares of Avalara in a report on Wednesday, August 7th. They set an “outperform” rating and a $5.40 target price on the stock. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $82.44.
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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