Avalara (AVLR) Price Target Cut to $42.00

Avalara (NYSE:AVLR) had its price target lowered by Bank of America from $50.00 to $42.00 in a research report issued to clients and investors on Friday. The firm presently has a “neutral” rating on the stock. Bank of America’s price target suggests a potential upside of 38.61% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. KeyCorp reissued a “buy” rating and set a $47.00 target price on shares of Avalara in a research note on Sunday, October 14th. Goldman Sachs Group raised their price target on shares of Avalara to $44.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. Zacks Investment Research raised shares of Avalara from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Wednesday, October 3rd. JPMorgan Chase & Co. raised their price target on shares of Avalara to $38.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, JMP Securities raised shares of Avalara from a “market perform” rating to an “outperform” rating and set a $40.00 price target for the company in a research note on Thursday. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $42.14.

NYSE AVLR traded down $1.48 during trading hours on Friday, reaching $30.30. 4,869 shares of the company’s stock were exchanged, compared to its average volume of 317,437. Avalara has a one year low of $30.56 and a one year high of $59.40. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.41 and a quick ratio of 1.41.

Avalara (NYSE:AVLR) last posted its earnings results on Wednesday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. Avalara’s revenue was up 25.7% compared to the same quarter last year. Equities analysts expect that Avalara will post -0.7 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC bought a new position in shares of Avalara in the third quarter valued at $762,000. Rhumbline Advisers bought a new position in shares of Avalara in the third quarter valued at $242,000. JPMorgan Chase & Co. grew its stake in shares of Avalara by 127.8% in the third quarter. JPMorgan Chase & Co. now owns 3,121 shares of the company’s stock valued at $109,000 after buying an additional 1,751 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Avalara by 4.6% in the third quarter. American Century Companies Inc. now owns 52,290 shares of the company’s stock valued at $1,826,000 after buying an additional 2,290 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of Avalara by 1,468.7% in the third quarter. Wells Fargo & Company MN now owns 4,706 shares of the company’s stock valued at $164,000 after buying an additional 4,406 shares in the last quarter. 69.35% of the stock is owned by institutional investors and hedge funds.

Avalara Company Profile

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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Analyst Recommendations for Avalara (NYSE:AVLR)

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