Nissay Asset Management Corp Japan ADV purchased a new stake in shares of Avalara Inc (NYSE:AVLR) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,826 shares of the company’s stock, valued at approximately $1,042,000.
Several other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC increased its stake in shares of Avalara by 128.3% during the 1st quarter. FMR LLC now owns 404,634 shares of the company’s stock worth $22,575,000 after purchasing an additional 227,359 shares during the last quarter. First Trust Advisors LP acquired a new position in shares of Avalara during the 1st quarter worth $3,424,000. Marshall Wace LLP acquired a new position in shares of Avalara during the 4th quarter worth $109,000. UBS Asset Management Americas Inc. increased its stake in shares of Avalara by 140.9% during the 4th quarter. UBS Asset Management Americas Inc. now owns 45,018 shares of the company’s stock worth $3,298,000 after purchasing an additional 26,331 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Avalara by 61.1% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,927 shares of the company’s stock worth $141,000 after purchasing an additional 731 shares during the last quarter. Institutional investors and hedge funds own 85.42% of the company’s stock.
Several research firms recently issued reports on AVLR. Stifel Nicolaus upped their price objective on shares of Avalara from $100.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Bank of America reaffirmed a “buy” rating and set a $145.00 price objective on shares of Avalara in a report on Monday, July 20th. Piper Sandler upped their price objective on shares of Avalara from $113.00 to $138.00 and gave the stock an “overweight” rating in a report on Tuesday, June 23rd. Needham & Company LLC upped their price objective on shares of Avalara from $116.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Zacks Investment Research raised shares of Avalara from a “hold” rating to a “buy” rating and set a $153.00 price objective for the company in a report on Wednesday, July 8th. One investment analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Avalara presently has a consensus rating of “Buy” and an average price target of $123.46.
Avalara (NYSE:AVLR) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.06. The company had revenue of $111.44 million during the quarter, compared to the consensus estimate of $108.24 million. Avalara had a negative net margin of 12.99% and a negative return on equity of 9.88%. The firm’s revenue for the quarter was up 31.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.03) EPS. As a group, equities research analysts predict that Avalara Inc will post -0.75 earnings per share for the current fiscal year.
In other news, Director Chelsea R. Stoner sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $98.31, for a total value of $491,550.00. Following the transaction, the director now owns 71,168 shares of the company’s stock, valued at approximately $6,996,526.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William Ingram sold 103,509 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $97.01, for a total transaction of $10,041,408.09. Following the completion of the transaction, the director now directly owns 97,470 shares in the company, valued at approximately $9,455,564.70. The disclosure for this sale can be found here. Insiders sold a total of 346,591 shares of company stock valued at $36,577,958 in the last 90 days. 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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