Oak Ridge Investments LLC reduced its stake in Avalara, Inc. (NYSE:AVLR) by 5.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,980 shares of the company’s stock after selling 475 shares during the period. Oak Ridge Investments LLC’s holdings in Avalara were worth $1,065,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. TCI Wealth Advisors Inc. grew its stake in shares of Avalara by 91.8% in the 1st quarter. TCI Wealth Advisors Inc. now owns 186 shares of the company’s stock worth $25,000 after buying an additional 89 shares in the last quarter. Penserra Capital Management LLC purchased a new position in shares of Avalara in the 4th quarter worth $28,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Avalara in the 4th quarter worth $59,000. Invictus RG purchased a new position in shares of Avalara in the 4th quarter worth $87,000. Finally, Nisa Investment Advisors LLC purchased a new position in shares of Avalara in the 4th quarter worth $99,000. Institutional investors own 87.18% of the company’s stock.
In other news, insider Scott M. Mcfarlane sold 30,000 shares of the business’s stock in a transaction dated Monday, April 12th. The shares were sold at an average price of $140.86, for a total value of $4,225,800.00. Following the completion of the sale, the insider now owns 634,470 shares in the company, valued at approximately $89,371,444.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Ross Tennenbaum sold 13,094 shares of the business’s stock in a transaction dated Thursday, March 18th. The shares were sold at an average price of $136.57, for a total transaction of $1,788,247.58. Following the completion of the sale, the insider now owns 79,134 shares of the company’s stock, valued at approximately $10,807,330.38. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,429 shares of company stock valued at $11,178,407. Company insiders own 2.60% of the company’s stock.
Avalara (NYSE:AVLR) last released its quarterly earnings data on Thursday, May 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.20. The company had revenue of $153.60 million during the quarter, compared to analysts’ expectations of $143.12 million. Avalara had a negative net margin of 11.77% and a negative return on equity of 5.43%. The firm’s quarterly revenue was up 37.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.05) EPS. As a group, analysts anticipate that Avalara, Inc. will post -0.94 EPS for the current year.
A number of equities analysts have commented on AVLR shares. Needham & Company LLC lifted their price objective on shares of Avalara from $190.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, February 11th. Stephens reaffirmed a “buy” rating and set a $177.00 price target on shares of Avalara in a research note on Friday, February 19th. Mizuho dropped their price target on shares of Avalara from $220.00 to $180.00 and set a “buy” rating for the company in a research note on Friday, May 7th. Raymond James dropped their price target on shares of Avalara from $205.00 to $155.00 and set an “outperform” rating for the company in a research note on Friday, May 7th. Finally, Canaccord Genuity dropped their price target on shares of Avalara from $205.00 to $165.00 and set a “buy” rating for the company in a research note on Friday, May 7th. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $181.31.
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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