Vertex (NASDAQ:VERX) Price Target Lowered to $34.00 at Bank of America

Vertex (NASDAQ:VERX) had its price target trimmed by Bank of America from $40.00 to $34.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research firms also recently issued reports on VERX. BMO Capital Markets increased their price objective on shares of Vertex from $30.00 to $35.00 and gave the company a market perform rating in a research note on Friday, March 1st. JMP Securities increased their price objective on shares of Vertex from $31.00 to $42.00 and gave the company a market outperform rating in a research note on Friday, March 1st. Citigroup dropped their price objective on shares of Vertex from $29.00 to $27.00 and set a neutral rating on the stock in a research note on Friday, January 12th. Needham & Company LLC increased their price objective on shares of Vertex from $35.00 to $45.00 and gave the company a buy rating in a research note on Friday, March 1st. Finally, The Goldman Sachs Group increased their price objective on shares of Vertex from $33.00 to $39.00 and gave the company a buy rating in a research note on Friday, March 1st. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $35.67.

Vertex Price Performance

Shares of VERX stock opened at $29.53 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market capitalization of $4.56 billion, a P/E ratio of -295.30, a P/E/G ratio of 7.45 and a beta of 0.62. The company’s 50-day simple moving average is $29.54 and its two-hundred day simple moving average is $27.01. Vertex has a one year low of $17.59 and a one year high of $35.38.

Vertex (NASDAQ:VERX) last issued its earnings results on Thursday, February 29th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The business had revenue of $154.91 million for the quarter, compared to the consensus estimate of $146.44 million. Vertex had a negative net margin of 2.29% and a positive return on equity of 16.15%. As a group, equities analysts anticipate that Vertex will post 0.36 EPS for the current year.

Insider Activity at Vertex

In other Vertex news, major shareholder Jeffrey Westphal sold 791,133 shares of the firm’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $30.05, for a total value of $23,773,546.65. Following the completion of the transaction, the insider now owns 1,554,641 shares of the company’s stock, valued at $46,716,962.05. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Vertex news, major shareholder Jeffrey Westphal sold 791,133 shares of the firm’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $30.05, for a total value of $23,773,546.65. Following the completion of the transaction, the insider now owns 1,554,641 shares of the company’s stock, valued at $46,716,962.05. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $33.62, for a total transaction of $894,594.58. Following the completion of the transaction, the insider now directly owns 1,338,465 shares of the company’s stock, valued at approximately $44,999,193.30. The disclosure for this sale can be found here. Insiders sold 1,161,048 shares of company stock valued at $35,034,678 over the last 90 days. Insiders own 45.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in VERX. Legacy Advisors LLC raised its holdings in shares of Vertex by 1,517.0% during the fourth quarter. Legacy Advisors LLC now owns 3,244,871 shares of the company’s stock worth $87,417,000 after purchasing an additional 3,044,193 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Vertex by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 5,555,808 shares of the company’s stock worth $149,673,000 after purchasing an additional 637,075 shares during the last quarter. Conestoga Capital Advisors LLC raised its holdings in shares of Vertex by 19.0% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company’s stock worth $76,311,000 after purchasing an additional 452,840 shares during the last quarter. Fred Alger Management LLC raised its holdings in shares of Vertex by 9.5% during the third quarter. Fred Alger Management LLC now owns 4,651,701 shares of the company’s stock worth $107,454,000 after purchasing an additional 404,550 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Vertex during the first quarter worth $12,043,000. Hedge funds and other institutional investors own 59.10% of the company’s stock.

About Vertex

Vertex, Inc, together with its subsidiaries, provides enterprise tax technology solutions for retail trade, wholesale trade, and manufacturing industries in the United States and internationally. The company offers tax determination; compliance and reporting, including workflow management tools, role-based security, and event logging; tax data management; document management; analytics and insights; pre-built integration that includes mapping data fields, and business logic and configurations; industry-specific solutions; and technology specific solutions, such as chain flow accelerator and SAP-specific tools.