After Morgan Stanley and Needham gave Avalara (NYSE: AVLR) a Buy rating last month, the company received another Buy, this time from Raymond James. Analyst Brian Peterson reiterated a Buy rating on Avalara yesterday and set a price target of $155.00. The company’s shares closed last Thursday at $124.08.
According to TipRanks.com, Peterson is a top 100 analyst with an average return of 30.4% and a 67.7% success rate. Peterson covers the Technology sector, focusing on stocks such as Qualtrics International, Duck Creek Technologies, and ZoomInfo Technologies.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Avalara with a $192.90 average price target, which is a 49.0% upside from current levels. In a report released today, Canaccord Genuity also maintained a Buy rating on the stock with a $165.00 price target.
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Avalara’s market cap is currently $10.67B and has a P/E ratio of -213.60. The company has a Price to Book ratio of 23.32.
Based on the recent corporate insider activity of 97 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AVLR in relation to earlier this year.
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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.