In a report released yesterday, Brent Bracelin from KeyBanc maintained a Buy rating on Avalara Inc (NYSE: AVLR), with a price target of $47. The company’s shares closed on Friday at $34.96, close to its 52-week low of $31.57.
Bracelin commented:
“We attended an Avalara user group meeting last Thursday in San Francisco. Two things stood out from discussions with customers and partners: 1) the Wayfair ruling is not only driving interest across new customers, but there is also an incremental upsell opportunity with existing customers; and 2) we came away surprised by the number of large enterprises in attendance. This event reinforces our confidence in the market opportunity tied to sales tax compliance and the potential upside levers to Avalara’s model over the next four quarters. Wayfair ruling could increase the land and expand opportunities. Last week’s user event exposed a strong desire to automate sales tax functions to help ensure compliance with the quickly changing tax landscape.”
According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 20.8% and a 71.4% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Salesforce.com, and Everbridge Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Avalara Inc with a $47 average price target.
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The company has a one-year high of $59.40 and a one-year low of $31.57. Currently, Avalara Inc has an average volume of 426K.
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Avalara, Inc. provides cloud-based software services. It offers Avalara returns excise pro simplifies fuel tax compliance, enabling small and medium sized suppliers, distributors and terminal operators to reduce filing time and costs; Avalara avatax, the sales tax decision automation, instantaneously and accurately calculates tax; Avalara certcapture creates, validates and stores sales tax exemption certificates and reseller certificates in the cloud, limiting audit exposure; Avalara government automates end-to-end motor fuels tax filing processes for state tax authorities, growing tax revenue and eliminating labor-intensive activities; and Avalara mylodge tax is a automated solution for vacation rental homeowners seeking tax compliance for their vacation home rentals. The company was founded by Rory Rawlings, Scott McFarlane and Jared R. Vogt in 2004 and is headquartered in Seattle, WA.
