Advisor Group Holdings Inc. bought a new stake in Avalara Inc (NYSE:AVLR) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 30,626 shares of the company’s stock, valued at approximately $2,284,000.
A number of other large investors also recently added to or reduced their stakes in the stock. Newbrook Capital Advisors LP boosted its holdings in Avalara by 1.6% in the first quarter. Newbrook Capital Advisors LP now owns 458,926 shares of the company’s stock valued at $34,236,000 after purchasing an additional 7,214 shares during the period. Capital Research Global Investors purchased a new position in Avalara in the first quarter valued at $54,352,000. Tower Research Capital LLC TRC boosted its holdings in Avalara by 2,165.0% in the first quarter. Tower Research Capital LLC TRC now owns 2,650 shares of the company’s stock valued at $198,000 after purchasing an additional 2,533 shares during the period. Invesco Ltd. lifted its holdings in Avalara by 63.2% during the 1st quarter. Invesco Ltd. now owns 992,858 shares of the company’s stock worth $74,067,000 after buying an additional 384,439 shares during the last quarter. Finally, Capital Impact Advisors LLC lifted its holdings in Avalara by 4.7% during the 1st quarter. Capital Impact Advisors LLC now owns 25,026 shares of the company’s stock worth $1,867,000 after buying an additional 1,122 shares during the last quarter. Hedge funds and other institutional investors own 85.43% of the company’s stock.
In other Avalara news, insider Scott M. Mcfarlane sold 15,000 shares of Avalara stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $72.75, for a total value of $1,091,250.00. Following the sale, the insider now owns 844,223 shares of the company’s stock, valued at approximately $61,417,223.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Amit Mathradas sold 4,982 shares of Avalara stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $64.44, for a total value of $321,040.08. Following the completion of the sale, the insider now directly owns 98,924 shares in the company, valued at approximately $6,374,662.56. The disclosure for this sale can be found here. Insiders sold a total of 325,647 shares of company stock worth $32,385,236 in the last 90 days. 4.00% of the stock is currently owned by insiders.
A number of analysts have issued reports on the company. Canaccord Genuity lifted their price target on Avalara from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. JPMorgan Chase & Co. lifted their price target on Avalara from $104.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Piper Sandler lifted their price target on Avalara from $113.00 to $138.00 and gave the stock an “overweight” rating in a report on Tuesday, June 23rd. Stifel Nicolaus lifted their target price on Avalara from $100.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Finally, Needham & Company LLC lifted their target price on Avalara from $116.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $119.46.
Shares of AVLR stock opened at $133.59 on Wednesday. Avalara Inc has a 52-week low of $55.50 and a 52-week high of $138.80. The stock’s 50-day moving average price is $110.26 and its 200 day moving average price is $87.88.
Avalara (NYSE:AVLR) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.06. The firm had revenue of $111.44 million for the quarter, compared to analysts’ expectations of $108.24 million. Avalara had a negative return on equity of 9.88% and a negative net margin of 12.99%. The firm’s revenue for the quarter was up 31.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.03) EPS. As a group, equities research analysts forecast that Avalara Inc will post -0.75 EPS for the current fiscal year.
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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