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Shares of Avalara have fallen ~20% from peaks as the market has turned away from richly-valued growth stocks.
To its credit, Avalara has held up strong growth amid the pandemic. Q4 revenue growth even accelerated to 35% y/y.
This came as a bit of a surprise as Avalara has a high concentration of revenue from small business clients, many of whom were directly impacted by the pandemic.
Even after Avalara's recent tumble, however, the stock is hardly cheap at ~18x forward revenue.