ClariVest Asset Management LLC bought a new stake in shares of Avalara Inc (NYSE:AVLR) during the first quarter, Holdings Channel reports. The institutional investor bought 105,673 shares of the company’s stock, valued at approximately $5,896,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vista Equity Partners Management LLC lifted its stake in Avalara by 235.3% in the 4th quarter. Vista Equity Partners Management LLC now owns 234,700 shares of the company’s stock worth $7,311,000 after purchasing an additional 164,700 shares in the last quarter. Tensile Capital Management LLC lifted its stake in Avalara by 213.6% in the 4th quarter. Tensile Capital Management LLC now owns 846,741 shares of the company’s stock worth $26,376,000 after purchasing an additional 576,741 shares in the last quarter. Rhumbline Advisers lifted its stake in Avalara by 80.3% in the 4th quarter. Rhumbline Advisers now owns 12,495 shares of the company’s stock worth $389,000 after purchasing an additional 5,566 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in Avalara by 209.2% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 3,222 shares of the company’s stock worth $100,000 after purchasing an additional 2,180 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Avalara by 7,090.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,588,160 shares of the company’s stock worth $88,603,000 after purchasing an additional 1,566,072 shares in the last quarter. Institutional investors own 77.89% of the company’s stock.

In other news, major shareholder Pincus & Co. Warburg sold 4,400,000 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $69.63, for a total value of $306,372,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Scott M. Mcfarlane sold 100,000 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $69.00, for a total transaction of $6,900,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,092,875 shares of company stock worth $491,804,100.

Avalara stock opened at $71.14 on Tuesday. Avalara Inc has a twelve month low of $28.09 and a twelve month high of $75.33. The stock has a market capitalization of $5.04 billion and a PE ratio of -65.87.

Avalara (NYSE:AVLR) last posted its earnings results on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. Avalara had a negative net margin of 23.56% and a negative return on equity of 32.45%. The firm had revenue of $85.00 million for the quarter, compared to the consensus estimate of $78.67 million. Avalara’s revenue for the quarter was up 38.4% on a year-over-year basis. On average, research analysts anticipate that Avalara Inc will post -0.55 earnings per share for the current year.

Several analysts have commented on AVLR shares. Zacks Investment Research cut shares of Avalara from a “hold” rating to a “sell” rating in a research note on Tuesday, April 9th. Needham & Company LLC boosted their price target on shares of Avalara from $64.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. KeyCorp reiterated an “overweight” rating and issued a $54.00 price target (up previously from $48.00) on shares of Avalara in a research note on Tuesday, February 12th. JPMorgan Chase & Co. boosted their price target on shares of Avalara from $38.00 to $64.00 and gave the stock a “positive” rating in a research note on Wednesday, February 13th. Finally, JMP Securities boosted their price target on shares of Avalara from $40.00 to $49.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 13th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Avalara has an average rating of “Buy” and an average target price of $63.38.

WARNING: “ClariVest Asset Management LLC Takes $5.90 Million Position in Avalara Inc (NYSE:AVLR)” was originally reported by Daily Political and is the property of of Daily Political. If you are reading this news story on another domain, it was illegally stolen and republished in violation of United States & international copyright and trademark legislation. The original version of this news story can be viewed at https://www.dailypolitical.com/2019/06/11/clarivest-asset-management-llc-takes-5-90-million-position-in-avalara-inc-nyseavlr.html.

Avalara Company Profile

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.

Featured Story: If I purchase shares through a brokerage account, am I the holder of record?

Want to see what other hedge funds are holding AVLR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avalara Inc (NYSE:AVLR).

Institutional Ownership by Quarter for Avalara (NYSE:AVLR)

Receive News & Ratings for Avalara Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avalara and related companies with MarketBeat.com's FREE daily email newsletter.