Traders Buy Shares of Avalara (AVLR) on Weakness on Insider Selling

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Traders purchased shares of Avalara Inc (NYSE:AVLR) on weakness during trading hours on Friday following insider selling activity. $109.62 million flowed into the stock on the tick-up and $10.13 million flowed out of the stock on the tick-down, for a money net flow of $99.49 million into the stock. Of all equities tracked, Avalara had the 29th highest net in-flow for the day. Avalara traded down ($0.72) for the day and closed at $53.95Specifically, Director Benjamin J. Goux sold 9,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $53.26, for a total transaction of $479,340.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Scott M. Mcfarlane sold 100,000 shares of the company’s stock in a transaction dated Friday, December 21st. The stock was sold at an average price of $30.09, for a total value of $3,009,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,274,574 shares of company stock valued at $498,175,861.

Several brokerages have recently issued reports on AVLR. Zacks Investment Research upgraded shares of Avalara from a “sell” rating to a “hold” rating in a report on Monday, December 3rd. Goldman Sachs Group restated a “buy” rating and issued a $50.00 price objective on shares of Avalara in a research note on Friday, February 1st. JPMorgan Chase & Co. upped their price objective on shares of Avalara from $38.00 to $64.00 and gave the company a “positive” rating in a research note on Wednesday, February 13th. JMP Securities upped their price objective on shares of Avalara from $40.00 to $49.00 and gave the company a “market outperform” rating in a research note on Wednesday, February 13th. Finally, KeyCorp restated a “buy” rating on shares of Avalara in a research note on Monday, January 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $49.00.

The firm has a market cap of $3.80 billion and a price-to-earnings ratio of -49.95.

Avalara (NYSE:AVLR) last posted its quarterly earnings data on Tuesday, February 12th. The company reported ($0.26) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.01. The firm had revenue of $76.90 million during the quarter, compared to analyst estimates of $71.24 million. Avalara’s quarterly revenue was up 32.6% compared to the same quarter last year. As a group, research analysts anticipate that Avalara Inc will post -0.86 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of the stock. Wells Fargo & Company MN grew its position in Avalara by 1,468.7% during the 3rd quarter. Wells Fargo & Company MN now owns 4,706 shares of the company’s stock worth $164,000 after purchasing an additional 4,406 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Avalara by 4.6% during the third quarter. American Century Companies Inc. now owns 52,290 shares of the company’s stock worth $1,826,000 after buying an additional 2,290 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Avalara by 127.8% during the third quarter. JPMorgan Chase & Co. now owns 3,121 shares of the company’s stock worth $109,000 after buying an additional 1,751 shares during the last quarter. Rhumbline Advisers purchased a new position in shares of Avalara during the third quarter worth about $242,000. Finally, Janus Henderson Group PLC purchased a new position in shares of Avalara during the third quarter worth about $762,000. Hedge funds and other institutional investors own 73.75% of the company’s stock.

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About Avalara (NYSE:AVLR)

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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