KeyBanc analyst Brent Bracelin maintained a Buy rating on Avalara Inc (AVLR) yesterday. The company’s shares closed yesterday at $59.57, close to its 52-week high of $60.86.
Bracelin wrote:
“We are raising estimates on improving demand fundamentals and increasing our price target to $74 from $54. We would continue to Overweight AVLR as one of the top cloud software ideas to own for 2019 based on a multi-year growth opportunity within sales tax compliance. Growth accelerates to 38% y/y on a $6M revenue beat.”
According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 29.2% and a 77.6% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Coupa Software Inc, and Salesforce.com.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Avalara Inc with a $57.75 average price target.
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The company has a one-year high of $60.86 and a one-year low of $28.09. Currently, Avalara Inc has an average volume of 964K.
Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is negative on the stock.
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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.
