Shares of Avalara Inc (NYSE:AVLR) hit a new 52-week low during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $30.67 and last traded at $31.75, with a volume of 579484 shares. The stock had previously closed at $31.96.

The company reported ($0.20) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.02). The company had revenue of $69.50 million during the quarter, compared to analyst estimates of $66.27 million. The business’s quarterly revenue was up 25.7% on a year-over-year basis.

AVLR has been the topic of a number of research analyst reports. JMP Securities raised Avalara from a “market perform” rating to an “outperform” rating and set a $40.00 target price on the stock in a report on Thursday. JPMorgan Chase & Co. raised their target price on Avalara to $38.00 and gave the company a “neutral” rating in a report on Thursday. Zacks Investment Research downgraded Avalara from a “buy” rating to a “hold” rating in a report on Friday, October 5th. KeyCorp reaffirmed a “buy” rating and issued a $47.00 target price on shares of Avalara in a report on Sunday, October 14th. Finally, Goldman Sachs Group raised their target price on Avalara to $44.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $44.00.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers acquired a new stake in shares of Avalara during the 3rd quarter valued at $242,000. JPMorgan Chase & Co. boosted its stake in Avalara by 127.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,121 shares of the company’s stock valued at $109,000 after purchasing an additional 1,751 shares during the last quarter. American Century Companies Inc. boosted its stake in Avalara by 4.6% during the 3rd quarter. American Century Companies Inc. now owns 52,290 shares of the company’s stock valued at $1,826,000 after purchasing an additional 2,290 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Avalara by 1,468.7% during the 3rd quarter. Wells Fargo & Company MN now owns 4,706 shares of the company’s stock valued at $164,000 after purchasing an additional 4,406 shares during the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Avalara in the 3rd quarter worth approximately $217,000. 69.35% of the stock is currently owned by institutional investors.

The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.18.

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Avalara Company Profile (NYSE:AVLR)

Avalara, Inc provides transaction tax compliance cloud-based solutions 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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