Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Avalara Inc (NYSE:AVLR) by 442.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,768,309 shares of the company’s stock after purchasing an additional 2,258,145 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Avalara were worth $154,444,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. BlackRock Inc. raised its stake in Avalara by 81.0% during the 1st quarter. BlackRock Inc. now owns 1,994,830 shares of the company’s stock valued at $111,292,000 after purchasing an additional 892,636 shares during the period. TimesSquare Capital Management LLC acquired a new position in shares of Avalara in the first quarter worth $101,595,000. Janus Henderson Group PLC increased its stake in shares of Avalara by 7,090.1% in the first quarter. Janus Henderson Group PLC now owns 1,588,160 shares of the company’s stock worth $88,603,000 after acquiring an additional 1,566,072 shares during the last quarter. Tensile Capital Management LLC increased its stake in shares of Avalara by 213.6% in the fourth quarter. Tensile Capital Management LLC now owns 846,741 shares of the company’s stock worth $26,376,000 after acquiring an additional 576,741 shares during the last quarter. Finally, Tremblant Capital Group acquired a new position in shares of Avalara in the first quarter worth $42,796,000. 77.89% of the stock is currently owned by institutional investors.

Avalara stock traded down $0.18 during mid-day trading on Friday, hitting $67.50. 913,621 shares of the company’s stock were exchanged, compared to its average volume of 1,613,716. The company has a market capitalization of $4.72 billion and a price-to-earnings ratio of -62.50. Avalara Inc has a 1-year low of $28.09 and a 1-year high of $75.33.

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

In other Avalara news, insider Scott M. Mcfarlane sold 12,000 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $55.48, for a total transaction of $665,760.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Alesia Lee Pinney sold 43,942 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $72.95, for a total transaction of $3,205,568.90. The disclosure for this sale can be found here. Insiders have sold 8,946,817 shares of company stock worth $623,067,169 over the last three months.

A number of research firms have recently weighed in on AVLR. Zacks Investment Research raised shares of Avalara from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. KeyCorp upped their price target on shares of Avalara from $54.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. JMP Securities upped their price target on shares of Avalara from $49.00 to $67.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 8th. Finally, Needham & Company LLC began coverage on shares of Avalara in a research note on Thursday, April 11th. They issued a “buy” rating and a $64.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $63.38.

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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.

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Institutional Ownership by Quarter for Avalara (NYSE:AVLR)

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