Bank of Montreal Can cut its position in shares of Avalara, Inc. (NYSE:AVLR – Get Rating) by 2.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 128,620 shares of the company’s stock after selling 2,560 shares during the quarter. Bank of Montreal Can’s holdings in Avalara were worth $13,301,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Koshinski Asset Management Inc. lifted its stake in Avalara by 86.8% during the first quarter. Koshinski Asset Management Inc. now owns 353 shares of the company’s stock valued at $35,000 after buying an additional 164 shares in the last quarter. Pinebridge Investments L.P. acquired a new position in shares of Avalara in the 4th quarter valued at about $39,000. Fifth Third Bancorp acquired a new position in shares of Avalara in the 1st quarter valued at about $41,000. Robeco Institutional Asset Management B.V. acquired a new position in shares of Avalara in the 1st quarter valued at about $52,000. Finally, Cullen Frost Bankers Inc. increased its holdings in shares of Avalara by 119.1% in the 1st quarter. Cullen Frost Bankers Inc. now owns 561 shares of the company’s stock valued at $56,000 after purchasing an additional 305 shares during the period. 90.68% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Avalara
In other Avalara news, insider Scott M. Mcfarlane sold 20,000 shares of the stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $81.62, for a total transaction of $1,632,400.00. Following the transaction, the insider now owns 584,892 shares in the company, valued at $47,738,885.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 60,000 shares of company stock worth $5,170,200 over the last 90 days. Insiders own 2.40% of the company’s stock.
Avalara Trading Up 0.2 %
Avalara (NYSE:AVLR – Get Rating) last announced its quarterly earnings results on Monday, August 8th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.06. Avalara had a negative return on equity of 12.44% and a negative net margin of 19.76%. The company had revenue of $208.60 million for the quarter, compared to the consensus estimate of $209.19 million. During the same quarter last year, the company posted ($0.25) earnings per share. The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. Equities analysts predict that Avalara, Inc. will post -1.38 EPS for the current year.
Analyst Upgrades and Downgrades
AVLR has been the topic of a number of research reports. JMP Securities downgraded Avalara from an “outperform” rating to a “market perform” rating in a report on Monday, August 29th. William Blair downgraded Avalara from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 24th. Mizuho downgraded Avalara to a “neutral” rating and set a $93.50 target price on the stock. in a report on Tuesday, August 9th. Piper Sandler downgraded Avalara from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $118.00 to $93.50 in a report on Monday, August 8th. Finally, Raymond James downgraded Avalara from an “outperform” rating to a “market perform” rating in a report on Monday, August 15th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $120.08.
Avalara, Inc, together with its subsidiaries, provides cloud-based solutions for transaction tax compliance worldwide. The company 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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