Vertex (NASDAQ:VERX) Trading Up 6.8% – Here’s Why

Vertex, Inc. (NASDAQ:VERX) shares rose 6.8% during trading on Monday . The stock traded as high as $12.99 and last traded at $13.0990. Approximately 192,264 shares traded hands during trading, a decline of 90% from the average daily volume of 1,895,982 shares. The stock had previously closed at $12.26.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating on shares of Vertex in a report on Monday, June 8th. Robert W. Baird cut their price target on Vertex from $19.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 4th. TD Cowen began coverage on Vertex in a report on Monday, June 29th. They issued a “buy” rating and a $14.00 price objective for the company. Weiss Ratings raised shares of Vertex from a “sell (e+)” rating to a “sell (d)” rating in a research note on Wednesday, August 5th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $15.00 target price (down from $19.00) on shares of Vertex in a report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.43.

Vertex Trading Down 1.5%

The stock has a market capitalization of $2.09 billion, a P/E ratio of 644.82 and a beta of 0.83. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.40. The company has a 50-day moving average price of $12.86 and a 200 day moving average price of $12.78.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The company had revenue of $203.97 million for the quarter, compared to the consensus estimate of $202.21 million. Vertex had a return on equity of 29.00% and a net margin of 0.45%.The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.15 earnings per share. On average, research analysts forecast that Vertex, Inc. will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Vertex

Several institutional investors have recently bought and sold shares of the company. Whetstone Capital Advisors LLC purchased a new position in Vertex in the second quarter worth $1,563,000. Engineers Gate Manager LP lifted its holdings in shares of Vertex by 152.3% during the 2nd quarter. Engineers Gate Manager LP now owns 88,318 shares of the company’s stock valued at $1,014,000 after purchasing an additional 53,319 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Vertex during the 2nd quarter valued at $938,000. Allianz Asset Management GmbH acquired a new stake in shares of Vertex in the 2nd quarter worth $2,182,000. Finally, Corient Private Wealth LP acquired a new stake in shares of Vertex in the 2nd quarter worth $1,766,000. 70.32% of the stock is currently owned by institutional investors and hedge funds.

About Vertex

Vertex, Inc (NASDAQ:VERX) is a provider of tax technology solutions for businesses. The company develops cloud-based software designed to help organizations calculate, manage and comply with transaction tax obligations across complex jurisdictions and regulatory environments.

Vertex’s product portfolio includes solutions for indirect tax determination and compliance, including sales and use tax, value-added tax and other transaction taxes. Its offerings also support tax data management, tax returns, exemption certificate management, tax reporting and related workflows.