Avalara Inc (NYSE:AVLR) saw a significant drop in short interest in July. As of July 31st, there was short interest totalling 1,655,800 shares, a drop of 27.0% from the June 30th total of 2,269,000 shares. Approximately 3.9% of the shares of the company are short sold. Based on an average trading volume of 1,180,000 shares, the days-to-cover ratio is currently 1.4 days.

Shares of NYSE:AVLR traded up $1.13 during trading on Tuesday, reaching $85.51. The stock had a trading volume of 50,231 shares, compared to its average volume of 789,372. The stock has a fifty day moving average of $80.99. The company has a market cap of $6.37 billion, a PE ratio of -79.14 and a beta of 0.59. Avalara has a 1-year low of $28.09 and a 1-year high of $94.31.

Avalara (NYSE:AVLR) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.08. The firm had revenue of $91.30 million for the quarter, compared to analyst estimates of $84.63 million. Avalara had a negative return on equity of 36.79% and a negative net margin of 20.13%. The business’s revenue was up 42.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.19) earnings per share. On average, equities analysts anticipate that Avalara will post -0.55 earnings per share for the current year.

In other news, Director Edward A. Gilhuly sold 2,500,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $69.00, for a total value of $172,500,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Ingram sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $68.62, for a total value of $1,715,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,895,468 shares of company stock valued at $620,089,920. 21.10% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of AVLR. Bank of New York Mellon Corp increased its holdings in Avalara by 583.7% during the fourth quarter. Bank of New York Mellon Corp now owns 146,425 shares of the company’s stock worth $4,561,000 after buying an additional 125,007 shares during the last quarter. Northern Trust Corp boosted its position in Avalara by 2.5% during the fourth quarter. Northern Trust Corp now owns 96,878 shares of the company’s stock worth $3,017,000 after purchasing an additional 2,388 shares during the period. Geode Capital Management LLC boosted its position in Avalara by 16.5% during the fourth quarter. Geode Capital Management LLC now owns 86,341 shares of the company’s stock worth $2,689,000 after purchasing an additional 12,198 shares during the period. Bank of America Corp DE boosted its position in Avalara by 46.1% during the fourth quarter. Bank of America Corp DE now owns 13,841 shares of the company’s stock worth $431,000 after purchasing an additional 4,365 shares during the period. Finally, D. E. Shaw & Co. Inc. bought a new position in Avalara during the fourth quarter worth about $206,000. 80.07% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have recently commented on the company. Bank of America restated a “buy” rating and issued a $100.00 price objective (up from $98.00) on shares of Avalara in a research report on Thursday, August 8th. First Analysis assumed coverage on Avalara in a research report on Friday, July 26th. They issued a “strong-buy” rating for the company. William Blair assumed coverage on Avalara in a research report on Wednesday, August 7th. They issued an “outperform” rating and a $5.40 price objective for the company. Needham & Company LLC boosted their price objective on Avalara from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Finally, Stifel Nicolaus upgraded Avalara from a “hold” rating to a “buy” rating and boosted their price objective for the company from $52.00 to $100.00 in a research report on Thursday, August 8th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $82.44.

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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