Bank of America Corp DE lifted its stake in shares of Avalara, Inc. (NYSE:AVLR – Get Rating) by 51.3% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,995,750 shares of the company’s stock after acquiring an additional 677,022 shares during the period. Bank of America Corp DE’s holdings in Avalara were worth $198,597,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Koshinski Asset Management Inc. raised its holdings in shares of Avalara by 86.8% during the 1st quarter. Koshinski Asset Management Inc. now owns 353 shares of the company’s stock valued at $35,000 after buying an additional 164 shares during the period. Lazard Asset Management LLC grew its stake in Avalara by 6,583.3% during the 1st quarter. Lazard Asset Management LLC now owns 401 shares of the company’s stock valued at $39,000 after purchasing an additional 395 shares in the last quarter. Fifth Third Bancorp acquired a new stake in Avalara during the 1st quarter valued at approximately $41,000. Advisors Asset Management Inc. acquired a new stake in Avalara during the 1st quarter valued at approximately $44,000. Finally, Robeco Institutional Asset Management B.V. acquired a new stake in Avalara during the 1st quarter valued at approximately $52,000. 90.68% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Avalara
In other Avalara news, insider Scott M. Mcfarlane sold 20,000 shares of Avalara stock in a transaction on Monday, July 11th. The stock was sold at an average price of $85.07, for a total transaction of $1,701,400.00. Following the sale, the insider now owns 584,892 shares of the company’s stock, valued at approximately $49,756,762.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 60,000 shares of company stock valued at $5,383,200 in the last quarter. Corporate insiders own 2.40% of the company’s stock.
Avalara Trading Up 0.0 %
Avalara (NYSE:AVLR – Get Rating) last announced its earnings results on Monday, August 8th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.16). The business had revenue of $208.60 million for the quarter, compared to the consensus estimate of $209.19 million. Avalara had a negative net margin of 19.76% and a negative return on equity of 12.44%. The firm’s revenue was up 23.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.25) EPS. Equities research analysts predict that Avalara, Inc. will post -1.34 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on AVLR. Piper Sandler lowered Avalara from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $118.00 to $93.50 in a research note on Monday, August 8th. Needham & Company LLC lowered Avalara to a “hold” rating in a research note on Monday, August 15th. JMP Securities lowered Avalara from an “outperform” rating to a “market perform” rating in a research note on Monday, August 29th. Berenberg Bank lowered Avalara from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th. Finally, The Goldman Sachs Group decreased their target price on Avalara from $123.00 to $109.00 and set a “buy” rating for the company in a research report on Thursday, July 14th. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $120.08.
Avalara Company Profile
Avalara, Inc, together with its subsidiaries, provides cloud-based solutions for transaction tax compliance worldwide. The company 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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