MUFG Securities EMEA plc Takes Position in Avalara Inc (NYSE:AVLR)
MUFG Securities EMEA plc purchased a new stake in Avalara Inc (NYSE:AVLR) in the second quarter, Holdings Channel.com reports. The firm purchased 92,200 shares of the company’s stock, valued at approximately $6,657,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of AVLR. Kayne Anderson Rudnick Investment Management LLC lifted its position in Avalara by 442.6% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,768,309 shares of the company’s stock valued at $154,444,000 after purchasing an additional 2,258,145 shares during the period. William Blair Investment Management LLC bought a new stake in Avalara in the second quarter valued at about $136,111,000. TimesSquare Capital Management LLC bought a new stake in Avalara in the first quarter valued at about $101,595,000. Renaissance Technologies LLC acquired a new position in Avalara in the second quarter valued at about $94,813,000. Finally, Janus Henderson Group PLC lifted its stake in Avalara by 39.2% in the second quarter. Janus Henderson Group PLC now owns 2,211,355 shares of the company’s stock valued at $159,660,000 after buying an additional 623,195 shares during the period. Institutional investors and hedge funds own 78.50% of the company’s stock.
AVLR stock traded up $1.76 during mid-day trading on Wednesday, hitting $73.19. 86,249 shares of the company were exchanged, compared to its average volume of 1,076,894. The firm has a market cap of $5.39 billion, a P/E ratio of -67.84 and a beta of 0.59. The firm’s 50 day simple moving average is $83.77 and its 200 day simple moving average is $69.24. Avalara Inc has a 1-year low of $28.09 and a 1-year high of $94.31.
A number of brokerages have issued reports on AVLR. Stephens started coverage on Avalara in a report on Tuesday, July 30th. They set an “overweight” rating and a $105.00 target price on the stock. Raymond James began coverage on Avalara in a research note on Thursday, September 5th. They issued an “outperform” rating and a $100.00 price target for the company. William Blair initiated coverage on shares of Avalara in a research report on Wednesday, August 7th. They issued an “outperform” rating and a $5.40 price target on the stock. Bank of America reissued a “buy” rating and set a $100.00 price objective (up previously from $98.00) on shares of Avalara in a research note on Thursday, August 8th. Finally, Needham & Company LLC boosted their price objective on shares of Avalara from $85.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $85.37.
In other Avalara news, insider Alesia Lee Pinney sold 1,184 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $75.83, for a total transaction of $89,782.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Scott M. Mcfarlane sold 102,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $83.75, for a total transaction of $8,542,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 903,047 shares of company stock valued at $76,580,598. Company insiders own 21.10% of the company’s stock.
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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