Synovus Financial Corp Invests $368,000 in Avalara, Inc. (NYSE:AVLR)

Synovus Financial Corp acquired a new stake in shares of Avalara, Inc. (NYSE:AVLRGet Rating) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 5,281 shares of the company’s stock, valued at approximately $368,000.

Other large investors have also added to or reduced their stakes in the company. Lazard Asset Management LLC grew its stake in shares of Avalara by 6,583.3% in the first quarter. Lazard Asset Management LLC now owns 401 shares of the company’s stock worth $39,000 after acquiring an additional 395 shares during the last quarter. Advisors Asset Management Inc. purchased a new stake in Avalara during the 1st quarter valued at about $44,000. Tobam bought a new stake in Avalara during the 2nd quarter valued at about $32,000. Ellevest Inc. raised its holdings in Avalara by 2,475.0% in the second quarter. Ellevest Inc. now owns 515 shares of the company’s stock worth $36,000 after buying an additional 495 shares during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its stake in shares of Avalara by 119.1% in the first quarter. Cullen Frost Bankers Inc. now owns 561 shares of the company’s stock worth $56,000 after buying an additional 305 shares in the last quarter. Hedge funds and other institutional investors own 90.68% of the company’s stock.

Avalara Stock Performance

Shares of AVLR opened at $93.48 on Monday. The business has a 50-day simple moving average of $92.93 and a two-hundred day simple moving average of $87.14. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.94. Avalara, Inc. has a 52 week low of $66.39 and a 52 week high of $188.43. The stock has a market cap of $8.28 billion, a price-to-earnings ratio of -52.52 and a beta of 0.99.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. BMO Capital Markets lowered shares of Avalara from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 9th. Raymond James downgraded Avalara from an “outperform” rating to a “market perform” rating in a report on Monday, August 15th. William Blair downgraded Avalara from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 24th. Mizuho downgraded shares of Avalara to a “neutral” rating and set a $93.50 price objective on the stock. in a research report on Tuesday, August 9th. Finally, Needham & Company LLC downgraded Avalara to a “hold” rating in a research note on Monday, August 15th. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $120.08.

Insider Activity

In other Avalara news, insider Scott M. Mcfarlane sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $92.54, for a total transaction of $1,850,800.00. Following the sale, the insider now owns 540,644 shares in the company, valued at approximately $50,031,195.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.40% of the company’s stock.

Avalara Profile

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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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Institutional Ownership by Quarter for Avalara (NYSE:AVLR)

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