Nomura Asset Management Co. Ltd. bought a new position in shares of Avalara Inc (NYSE:AVLR) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 29,900 shares of the company’s stock, valued at approximately $2,159,000.
A number of other institutional investors have also modified their holdings of the business. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Avalara by 442.6% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,768,309 shares of the company’s stock worth $154,444,000 after acquiring an additional 2,258,145 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Avalara by 39.2% during the second quarter. Janus Henderson Group PLC now owns 2,211,355 shares of the company’s stock valued at $159,660,000 after buying an additional 623,195 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Avalara during the second quarter valued at about $136,111,000. TimesSquare Capital Management LLC purchased a new stake in shares of Avalara during the first quarter valued at about $101,595,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Avalara during the second quarter valued at about $94,813,000. Institutional investors own 78.50% of the company’s stock.
In related news, Director Edward A. Gilhuly sold 250,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $85.81, for a total value of $21,452,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alesia Lee Pinney sold 2,265 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $79.26, for a total transaction of $179,523.90. The disclosure for this sale can be found here. Insiders sold a total of 910,047 shares of company stock valued at $77,111,828 over the last ninety days. 21.10% of the stock is currently owned by insiders.
Shares of Avalara stock traded up $1.28 during midday trading on Thursday, hitting $77.62. The company had a trading volume of 22,851 shares, compared to its average volume of 1,084,683. The stock has a market cap of $5.84 billion, a price-to-earnings ratio of -71.94 and a beta of 0.59. The company has a fifty day simple moving average of $82.27 and a 200 day simple moving average of $70.01. Avalara Inc has a 12-month low of $28.09 and a 12-month high of $94.31.
Avalara (NYSE:AVLR) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.03) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.08. The firm had revenue of $91.30 million during the quarter, compared to analyst estimates of $84.63 million. Avalara had a negative net margin of 20.13% and a negative return on equity of 23.05%. Avalara’s revenue was up 42.9% on a year-over-year basis. During the same period last year, the firm posted ($0.19) EPS. As a group, sell-side analysts anticipate that Avalara Inc will post -0.64 earnings per share for the current fiscal year.
Several analysts have commented on the stock. Stephens assumed coverage on shares of Avalara in a research report on Tuesday, July 30th. They set an “overweight” rating and a $105.00 price target for the company. KeyCorp set a $101.00 price target on shares of Avalara and gave the company a “buy” rating in a research report on Sunday. Zacks Investment Research lowered shares of Avalara from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. William Blair assumed coverage on shares of Avalara in a research report on Wednesday, August 7th. They set an “outperform” rating and a $5.40 price target for the company. Finally, JPMorgan Chase & Co. increased their price target on shares of Avalara from $78.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $85.37.
Avalara, Inc provides cloud-based solutions for transaction tax compliance 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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