Avalara (NYSE:AVLR) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of Avalara (NYSE:AVLR) from a hold rating to a sell rating in a research report report published on Wednesday morning, Zacks.com reports.

According to Zacks, “Avalara Inc. is a provider of cloud-based tax compliance solutions. It offers businesses of all sizes achieve compliance with transaction taxes including sales and use, VAT, excise, communications and other tax types. Avalara Inc. is based in Seattle, United States. “

Several other research firms have also weighed in on AVLR. ValuEngine lowered shares of Avalara from a hold rating to a sell rating in a research note on Thursday, December 12th. Piper Jaffray Companies assumed coverage on shares of Avalara in a research note on Monday, October 28th. They set an overweight rating and a $93.00 price objective on the stock. Mizuho restated a buy rating and set a $95.00 price objective (up from $90.00) on shares of Avalara in a research note on Wednesday, November 6th. Finally, Stephens set a $105.00 price target on shares of Avalara and gave the company a buy rating in a research note on Tuesday, September 24th. Two analysts have rated the stock with a sell rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Avalara presently has an average rating of Buy and an average target price of $85.96.

AVLR traded down $0.52 during trading on Wednesday, reaching $85.99. 10,316 shares of the company’s stock were exchanged, compared to its average volume of 671,254. The company’s fifty day moving average price is $76.57 and its 200-day moving average price is $77.27. The firm has a market capitalization of $6.55 billion, a PE ratio of -79.55 and a beta of 0.51. Avalara has a fifty-two week low of $37.55 and a fifty-two week high of $94.31.

Avalara (NYSE:AVLR) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.19. Avalara had a negative net margin of 15.13% and a negative return on equity of 15.51%. The company had revenue of $98.50 million for the quarter, compared to analysts’ expectations of $93.13 million. During the same period last year, the firm posted ($0.14) earnings per share. The business’s quarterly revenue was up 41.7% compared to the same quarter last year. Equities research analysts forecast that Avalara will post -0.64 earnings per share for the current year.

In other news, Director Justin Sadrian sold 19,466 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $69.10, for a total transaction of $1,345,100.60. Following the completion of the sale, the director now directly owns 22,286 shares in the company, valued at $1,539,962.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Daniel E. Manning sold 406 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $76.35, for a total transaction of $30,998.10. Following the sale, the chief accounting officer now owns 7,012 shares of the company’s stock, valued at $535,366.20. The disclosure for this sale can be found here. In the last three months, insiders sold 122,656 shares of company stock valued at $8,972,178. 21.10% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Sciencast Management LP bought a new stake in shares of Avalara during the fourth quarter worth $272,000. Advisors Capital Management LLC acquired a new position in shares of Avalara in the fourth quarter worth about $316,000. Sanders Morris Harris LLC acquired a new position in shares of Avalara in the fourth quarter worth about $827,000. Millennium Management LLC lifted its stake in shares of Avalara by 69.0% in the third quarter. Millennium Management LLC now owns 135,123 shares of the company’s stock worth $9,092,000 after acquiring an additional 55,170 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its stake in shares of Avalara by 38.8% in the third quarter. Squarepoint Ops LLC now owns 44,539 shares of the company’s stock worth $2,997,000 after acquiring an additional 12,439 shares in the last quarter. Institutional investors own 81.08% of the company’s stock.

About Avalara

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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