Cibc World Market Inc. cut its stake in Avalara, Inc. (NYSE:AVLR – Get Rating) by 4.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,764 shares of the company’s stock after selling 165 shares during the quarter. Cibc World Market Inc.’s holdings in Avalara were worth $266,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in AVLR. Nisa Investment Advisors LLC purchased a new position in shares of Avalara in the 1st quarter valued at $239,000. SG Americas Securities LLC purchased a new position in shares of Avalara in the 1st quarter valued at $188,000. State of New Jersey Common Pension Fund D increased its holdings in shares of Avalara by 3.8% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 51,787 shares of the company’s stock valued at $5,153,000 after acquiring an additional 1,890 shares during the period. Arizona State Retirement System increased its holdings in shares of Avalara by 2.9% in the 1st quarter. Arizona State Retirement System now owns 24,194 shares of the company’s stock valued at $2,408,000 after acquiring an additional 693 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in Avalara by 22.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 325,773 shares of the company’s stock worth $32,418,000 after buying an additional 59,793 shares during the last quarter. 90.68% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on AVLR shares. JMP Securities downgraded Avalara from an “outperform” rating to a “market perform” rating in a research note on Monday, August 29th. Morgan Stanley downgraded Avalara from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $111.00 to $93.50 in a research note on Tuesday, August 16th. Raymond James downgraded Avalara from an “outperform” rating to a “market perform” rating in a research note on Monday, August 15th. BMO Capital Markets downgraded Avalara from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 9th. Finally, Needham & Company LLC downgraded Avalara to a “hold” rating in a research note on Monday, August 15th. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $120.08.
Avalara Stock Performance
In other news, insider Scott M. Mcfarlane sold 20,000 shares of the business’s stock in a transaction dated Monday, October 10th. The stock was sold at an average price of $92.54, for a total value of $1,850,800.00. Following the completion of the transaction, the insider now owns 540,644 shares of the company’s stock, valued at approximately $50,031,195.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.40% of the company’s stock.
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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