Vertex, Inc. (NASDAQ:VERX) Receives $35.67 Average PT from Analysts

Vertex, Inc. (NASDAQ:VERX) has been given an average rating of “Moderate Buy” by the ten analysts that are covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $35.67.

VERX has been the subject of several analyst reports. The Goldman Sachs Group increased their price target on shares of Vertex from $33.00 to $39.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Bank of America reduced their price target on Vertex from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Needham & Company LLC reissued a “buy” rating and issued a $45.00 price objective on shares of Vertex in a research report on Thursday, June 13th. Citigroup reduced their target price on Vertex from $34.00 to $32.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Finally, BMO Capital Markets raised their price target on Vertex from $30.00 to $35.00 and gave the stock a “market perform” rating in a report on Friday, March 1st.

Vertex Stock Performance

VERX stock opened at $35.11 on Monday. Vertex has a 1-year low of $17.59 and a 1-year high of $36.28. The business has a 50-day moving average price of $32.31 and a 200 day moving average price of $29.26. The company has a market capitalization of $5.45 billion, a P/E ratio of 877.75, a PEG ratio of 17.40 and a beta of 0.68. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.60.

Vertex (NASDAQ:VERX) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.01). The business had revenue of $156.78 million during 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, equities research analysts forecast that Vertex will post 0.19 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Jeffrey Westphal sold 1,500,000 shares of Vertex stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $32.93, for a total transaction of $49,395,000.00. Following the completion of the transaction, the insider now directly owns 2,554,641 shares of the company’s stock, valued at approximately $84,124,328.13. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 45.00% of the company’s stock.

Hedge Funds Weigh In On Vertex

Hedge funds have recently bought and sold shares of the business. Barclays PLC lifted its position in shares of Vertex by 43.4% in the third quarter. Barclays PLC now owns 23,112 shares of the company’s stock valued at $534,000 after acquiring an additional 6,994 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Vertex by 1,195.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 222,675 shares of the company’s stock worth $5,144,000 after acquiring an additional 205,489 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Vertex by 31.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 284,834 shares of the company’s stock valued at $6,580,000 after acquiring an additional 68,289 shares during the last quarter. Invesco Ltd. lifted its stake in Vertex by 85.7% in the 3rd quarter. Invesco Ltd. now owns 425,192 shares of the company’s stock worth $9,822,000 after purchasing an additional 196,169 shares in the last quarter. Finally, Algert Global LLC acquired a new position in shares of Vertex during the 3rd quarter worth approximately $780,000. 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.