Avalara Inc (NYSE:AVLR) was the target of a large increase in short interest during the month of March. As of March 13th, there was short interest totalling 3,364,600 shares, an increase of 101.5% from the February 27th total of 1,670,000 shares. Approximately 4.6% of the company’s shares are sold short. Based on an average daily trading volume, of 777,400 shares, the short-interest ratio is currently 4.3 days.
NYSE:AVLR traded up $3.80 on Thursday, reaching $78.56. The stock had a trading volume of 836,337 shares, compared to its average volume of 924,536. The company has a 50-day moving average of $80.65 and a 200 day moving average of $76.88. The stock has a market cap of $6.22 billion, a P/E ratio of -122.75 and a beta of 0.45. Avalara has a 12-month low of $53.51 and a 12-month high of $96.96.
Avalara (NYSE:AVLR) last posted its quarterly earnings data on Wednesday, February 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.05. The company had revenue of $107.63 million during the quarter, compared to analysts’ expectations of $100.09 million. Avalara had a negative net margin of 12.31% and a negative return on equity of 10.32%. The firm’s revenue for the quarter was up 39.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.19) EPS. As a group, equities analysts predict that Avalara will post -0.79 EPS for the current fiscal year.
Several brokerages recently issued reports on AVLR. Canaccord Genuity reiterated a “buy” rating and issued a $105.00 price target (up from $100.00) on shares of Avalara in a report on Thursday, February 13th. Mizuho increased their price target on Avalara from $95.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price target on shares of Avalara in a report on Monday, February 17th. Stephens reiterated an “overweight” rating and issued a $106.00 price target on shares of Avalara in a report on Friday, February 14th. Finally, Citigroup initiated coverage on shares of Avalara in a research report on Thursday, February 20th. They issued a “buy” rating and a $120.00 price objective for the company. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Avalara currently has a consensus rating of “Buy” and an average target price of $92.46.
In related news, insider Scott M. Mcfarlane sold 15,000 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $73.20, for a total value of $1,098,000.00. Following the completion of the sale, the insider now directly owns 763,957 shares in the company, valued at approximately $55,921,652.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Alesia Lee Pinney sold 15,919 shares of the stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $88.93, for a total value of $1,415,676.67. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 78,154 shares of company stock valued at $6,523,363. Insiders own 21.10% of the company’s stock.
A number of large investors have recently bought and sold shares of AVLR. Meeder Asset Management Inc. lifted its position in shares of Avalara by 724.4% during the fourth quarter. Meeder Asset Management Inc. now owns 371 shares of the company’s stock worth $28,000 after purchasing an additional 326 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Avalara during the fourth quarter worth about $51,000. Sowell Financial Services LLC lifted its position in shares of Avalara by 372.7% during the fourth quarter. Sowell Financial Services LLC now owns 969 shares of the company’s stock worth $71,000 after purchasing an additional 764 shares during the last quarter. GQ Asset Management LLC bought a new position in shares of Avalara during the third quarter worth about $88,000. Finally, Parallel Advisors LLC lifted its position in shares of Avalara by 84.8% during the fourth quarter. Parallel Advisors LLC now owns 1,353 shares of the company’s stock worth $99,000 after purchasing an additional 621 shares during the last quarter. 80.36% of the stock is owned by institutional investors.
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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