Brokerages Set Vertex, Inc. (NASDAQ:VERX) PT at $37.30

Vertex, Inc. (NASDAQ:VERX) has been assigned a consensus rating of “Moderate Buy” from the twelve ratings firms that are presently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $37.30.

VERX has been the topic of a number of recent analyst reports. Citigroup boosted their price objective on Vertex from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. JMP Securities boosted their target price on shares of Vertex from $42.00 to $47.00 and gave the stock a “market outperform” rating in a research note on Wednesday, July 31st. Needham & Company LLC reissued a “buy” rating and set a $45.00 price target on shares of Vertex in a research note on Thursday, June 13th. Robert W. Baird initiated coverage on shares of Vertex in a research report on Tuesday, July 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. Finally, Bank of America decreased their price objective on Vertex from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd.

Insider Activity

In other news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $37.81, for a total transaction of $56,715,000.00. Following the completion of the sale, the insider now owns 1,054,641 shares of the company’s stock, valued at approximately $39,875,976.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 45.00% of the company’s stock.

Institutional Trading of Vertex

Hedge funds and other institutional investors have recently modified their holdings of the stock. Driehaus Capital Management LLC acquired a new position in Vertex in the 2nd quarter valued at approximately $22,173,000. The Manufacturers Life Insurance Company increased its stake in shares of Vertex by 269.4% in the second quarter. The Manufacturers Life Insurance Company now owns 34,378 shares of the company’s stock valued at $1,239,000 after buying an additional 25,072 shares during the period. Dark Forest Capital Management LP acquired a new stake in shares of Vertex in the second quarter valued at about $274,000. Sei Investments Co. raised its position in shares of Vertex by 101.9% during the second quarter. Sei Investments Co. now owns 90,129 shares of the company’s stock worth $3,249,000 after acquiring an additional 45,493 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Vertex in the second quarter worth approximately $40,000. Institutional investors own 59.10% of the company’s stock.

Vertex Price Performance

Shares of NASDAQ:VERX opened at $35.95 on Tuesday. The stock has a market capitalization of $5.58 billion, a P/E ratio of 898.75, a P/E/G ratio of 18.45 and a beta of 0.69. The business has a 50-day moving average of $36.37 and a two-hundred day moving average of $32.05. Vertex has a fifty-two week low of $19.90 and a fifty-two week high of $40.05. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.17 and a quick ratio of 1.17.

Vertex (NASDAQ:VERX) last posted its earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The business had revenue of $161.10 million for the quarter, compared to analyst estimates of $160.66 million. Vertex had a net margin of 3.20% and a return on equity of 22.32%. Vertex’s revenue was up 15.3% compared to the same quarter last year. During the same period last year, the business posted $0.04 EPS. On average, equities research analysts predict that Vertex will post 0.19 EPS 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.