Picton Mahoney Asset Management Makes New $2.04 Million Investment in Avalara, Inc. (NYSE:AVLR)

Picton Mahoney Asset Management bought a new position in shares of Avalara, Inc. (NYSE:AVLR) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 12,620 shares of the company’s stock, valued at approximately $2,043,000.

A number of other institutional investors have also bought and sold shares of the business. Parallel Advisors LLC increased its position in Avalara by 4.6% during the second quarter. Parallel Advisors LLC now owns 1,786 shares of the company’s stock worth $289,000 after buying an additional 78 shares during the last quarter. Quadrant Capital Group LLC increased its position in Avalara by 38.8% during the second quarter. Quadrant Capital Group LLC now owns 315 shares of the company’s stock worth $51,000 after buying an additional 88 shares during the last quarter. Advisory Services Network LLC increased its position in Avalara by 2.5% during the first quarter. Advisory Services Network LLC now owns 4,376 shares of the company’s stock worth $584,000 after buying an additional 106 shares during the last quarter. Oak Ridge Investments LLC increased its position in Avalara by 1.3% during the second quarter. Oak Ridge Investments LLC now owns 8,086 shares of the company’s stock worth $1,308,000 after buying an additional 106 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in Avalara by 4.3% during the first quarter. Prudential Financial Inc. now owns 3,312 shares of the company’s stock worth $442,000 after buying an additional 136 shares during the last quarter. 88.99% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:AVLR opened at $187.62 on Wednesday. Avalara, Inc. has a 12-month low of $117.33 and a 12-month high of $191.67. The firm has a market capitalization of $16.19 billion, a PE ratio of -199.60 and a beta of 0.71. The firm has a 50-day moving average price of $172.53 and a 200 day moving average price of $151.97.

Avalara (NYSE:AVLR) last posted its quarterly earnings data on Wednesday, August 4th. The company reported $0.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.26) by $0.28. The company had revenue of $169.07 million during the quarter, compared to analyst estimates of $154.10 million. Avalara had a negative net margin of 13.67% and a negative return on equity of 5.87%. Equities research analysts expect that Avalara, Inc. will post -1.11 earnings per share for the current fiscal year.

A number of equities research analysts have issued reports on AVLR shares. Raymond James upped their price target on shares of Avalara from $155.00 to $220.00 and gave the company an “outperform” rating in a report on Friday, August 6th. Canaccord Genuity upped their price target on shares of Avalara from $165.00 to $205.00 and gave the company a “buy” rating in a report on Friday, August 6th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Avalara from a “sell” rating to a “hold” rating in a report on Thursday, September 16th. Evercore ISI upped their price target on shares of Avalara from $180.00 to $195.00 and gave the company an “outperform” rating in a report on Wednesday, July 21st. Finally, Piper Sandler upped their price target on shares of Avalara from $210.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, August 6th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Avalara currently has an average rating of “Buy” and an average price target of $199.13.

In related news, Director Rajeev Singh sold 700 shares of the firm’s stock in a transaction that occurred on Monday, July 26th. The shares were sold at an average price of $170.02, for a total value of $119,014.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Scott M. Mcfarlane sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, July 12th. The shares were sold at an average price of $158.54, for a total transaction of $4,756,200.00. Following the completion of the sale, the insider now directly owns 586,668 shares of the company’s stock, valued at approximately $93,010,344.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,835 shares of company stock valued at $12,998,484. Company insiders own 21.10% of the company’s stock.

Avalara Profile

Avalara, Inc engages in the provision of cloud-based solutions. The firm focuses on taxability, identifying applicable tax rates, determining and collecting taxes, preparing and filing returns, remitting taxes, maintaining tax records, and managing compliance documents. Its products include AvaTax excise, AvaTax communications, returns excise, trustfile, CertCapture, and avalara licensing.

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Institutional Ownership by Quarter for Avalara (NYSE:AVLR)

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