Vertex (NASDAQ:VERX) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Vertex (NASDAQ:VERX) issued its quarterly earnings results on Wednesday. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04, FiscalAI reports. The business had revenue of $213.28 million during the quarter, compared to analysts’ expectations of $209.72 million. Vertex had a return on equity of 29.00% and a net margin of 0.45%.

Vertex Price Performance

VERX stock traded up $0.66 during trading on Wednesday, reaching $15.92. 1,890,243 shares of the company were exchanged, compared to its average volume of 1,815,475. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 796.40 and a beta of 0.77. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.87 and a quick ratio of 0.87. The company has a 50-day moving average of $13.23 and a two-hundred day moving average of $13.31. Vertex has a twelve month low of $10.21 and a twelve month high of $20.85.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. BMO Capital Markets upped their target price on Vertex from $14.00 to $15.00 and gave the company a “market perform” rating in a research report on Tuesday, August 4th. Morgan Stanley cut Vertex from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $19.00 to $15.00 in a research report on Tuesday, July 21st. Robert W. Baird dropped their price target on Vertex from $19.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, August 4th. Wall Street Zen raised Vertex from a “hold” rating to a “buy” rating in a research note on Sunday, October 18th. Finally, TD Cowen cut their price objective on shares of Vertex from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, October 13th. Six investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $17.50.

Vertex Company Profile

Vertex, Inc is a tax technology company that provides software and services to help businesses manage tax determination, compliance and reporting. Its solutions are designed to support complex transaction tax requirements across sales and use tax, value-added tax, goods and services tax, communications tax, and other indirect taxes.

The company’s offerings include cloud-based and enterprise tax software, tax calculation engines, compliance and returns management tools, tax data management, and related professional services.