Avalara’s (NYSE:AVLR) lock-up period is set to expire on Wednesday, December 12th. Avalara had issued 7,500,000 shares in its initial public offering on June 15th. The total size of the offering was $180,000,000 based on an initial share price of $24.00. After the end of Avalara’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.
AVLR has been the topic of a number of recent research reports. Goldman Sachs Group increased their target price on Avalara to $44.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. Zacks Investment Research upgraded Avalara from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Wednesday, October 3rd. Bank of America cut their target price on Avalara from $50.00 to $42.00 and set a “neutral” rating on the stock in a report on Friday, November 9th. KeyCorp reiterated a “buy” rating and issued a $47.00 target price on shares of Avalara in a report on Sunday, October 14th. Finally, JPMorgan Chase & Co. increased their target price on Avalara to $38.00 and gave the stock a “neutral” rating in a report on Thursday, November 8th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Avalara currently has an average rating of “Hold” and a consensus price target of $42.14.
Shares of AVLR opened at $30.00 on Friday. Avalara has a 12-month low of $28.09 and a 12-month high of $59.40.
Avalara (NYSE:AVLR) last issued 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 the consensus estimate of $66.27 million. The company’s revenue was up 25.7% compared to the same quarter last year. Equities research analysts anticipate that Avalara will post -0.97 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVLR. JPMorgan Chase & Co. raised its position in Avalara by 127.8% in the 3rd 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 during the last quarter. Wells Fargo & Company MN raised its position in Avalara by 1,468.7% in the 3rd 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 during the last quarter. American International Group Inc. purchased a new stake in Avalara in the 3rd quarter valued at $202,000. Point72 Hong Kong Ltd purchased a new stake in Avalara in the 2nd quarter valued at $214,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in Avalara in the 3rd quarter valued at $217,000. 71.37% 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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