Brokerages Set Vertex, Inc. (NASDAQ:VERX) Price Target at $36.11

Shares of Vertex, Inc. (NASDAQ:VERX) have received a consensus rating of “Moderate Buy” from the eleven analysts that are presently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $36.80.

VERX has been the topic of a number of research analyst reports. Robert W. Baird started coverage on Vertex in a research note on Tuesday. They issued an “outperform” rating and a $43.00 price target on the stock. Citigroup upped their target price on shares of Vertex from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. Bank of America decreased their price target on shares of Vertex from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 price objective on shares of Vertex in a research note on Thursday, June 13th. Finally, JMP Securities reissued a “market outperform” rating and issued a $42.00 target price on shares of Vertex in a research note on Tuesday, April 23rd.

Insider Activity

In related news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $32.93, for a total value of $49,395,000.00. Following the completion of the transaction, the insider now directly owns 2,554,641 shares in the company, valued at $84,124,328.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 45.00% of the company’s stock.

Institutional Trading of Vertex

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Conestoga Capital Advisors LLC increased its position 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 valued at $76,311,000 after acquiring an additional 452,840 shares during the last quarter. Cannon Global Investment Management LLC acquired a new stake in Vertex in the 1st quarter valued at approximately $673,000. Vanguard Group Inc. raised its position in Vertex by 5.7% in the third quarter. Vanguard Group Inc. now owns 4,918,733 shares of the company’s stock valued at $113,623,000 after purchasing an additional 264,884 shares during the period. Axiom Investors LLC DE purchased a new stake in Vertex in the fourth quarter valued at approximately $9,253,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Vertex during the first quarter worth $12,043,000. 59.10% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Stock Performance

NASDAQ:VERX opened at $40.01 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.60 and a current ratio of 0.60. The stock has a market capitalization of $6.21 billion, a PE ratio of 999.50, a P/E/G ratio of 19.31 and a beta of 0.69. Vertex has a fifty-two week low of $17.59 and a fifty-two week high of $40.04. The company has a fifty day moving average of $34.80 and a two-hundred day moving average of $30.50.

Vertex (NASDAQ:VERX) last released its earnings results on Wednesday, May 8th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The company had revenue of $156.78 million for the quarter, compared to analysts’ expectations of $155.50 million. Vertex had a return on equity of 18.67% and a net margin of 1.29%. As a group, research analysts forecast that Vertex will post 0.19 earnings per share for the current fiscal year.

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.