After Mizuho Securities and JMP Securities gave Avalara (NYSE: AVLR) a Buy rating last month, the company received another Buy, this time from Canaccord Genuity. Analyst David Hynes maintained a Buy rating on Avalara today and set a price target of $150.00. The company’s shares closed last Thursday at $162.26, close to its 52-week high of $164.85.
According to TipRanks.com, Hynes is a top 100 analyst with an average return of 33.0% and a 75.8% success rate. Hynes covers the Technology sector, focusing on stocks such as ZoomInfo Technologies, BigCommerce Holdings, and Slack Technologies.
Avalara has an analyst consensus of Strong Buy, with a price target consensus of $163.80, a 0.7% upside from current levels. In a report released today, JMP Securities also maintained a Buy rating on the stock with a $185.00 price target.
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Based on Avalara’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $116 million and GAAP net loss of $10.14 million. In comparison, last year the company earned revenue of $91.3 million and had a GAAP net loss of $14.24 million.
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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.
