Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Avalara, Inc. (NYSE:AVLR – Get Rating) by 15.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 47,843 shares of the company’s stock after buying an additional 6,524 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Avalara were worth $3,378,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Echo Street Capital Management LLC lifted its holdings in Avalara by 65.0% in the 1st quarter. Echo Street Capital Management LLC now owns 1,996,875 shares of the company’s stock worth $198,709,000 after buying an additional 786,996 shares during the period. Bank of America Corp DE raised its position in shares of Avalara by 51.3% in the 1st quarter. Bank of America Corp DE now owns 1,995,750 shares of the company’s stock worth $198,597,000 after acquiring an additional 677,022 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in shares of Avalara in the 1st quarter worth approximately $50,188,000. Parnassus Investments LLC raised its position in shares of Avalara by 22.7% in the 1st quarter. Parnassus Investments LLC now owns 1,871,076 shares of the company’s stock worth $186,191,000 after acquiring an additional 346,268 shares in the last quarter. Finally, RGM Capital LLC bought a new position in shares of Avalara in the 1st quarter worth approximately $28,806,000. 90.68% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several brokerages have recently issued reports on AVLR. Evercore ISI decreased their target price on Avalara to $93.50 in a research report on Monday, August 15th. Piper Sandler lowered Avalara from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $118.00 to $93.50 in a research report on Monday, August 8th. Morgan Stanley lowered Avalara from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $111.00 to $93.50 in a research report on Tuesday, August 16th. JMP Securities lowered Avalara from an “outperform” rating to a “market perform” rating in a research report on Monday, August 29th. Finally, BMO Capital Markets lowered Avalara from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 9th. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $120.08.
Insiders Place Their Bets
Avalara Price Performance
Avalara stock opened at $93.48 on Friday. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of -52.52 and a beta of 0.99. The stock has a fifty day simple moving average of $92.93 and a two-hundred day simple moving average of $87.09. Avalara, Inc. has a 12 month low of $66.39 and a 12 month high of $188.43. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.94.
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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