Vertex (NASDAQ:VERX) Price Target Increased to $36.00 by Analysts at Citigroup

Vertex (NASDAQ:VERX) had its price objective upped by equities researchers at Citigroup from $32.00 to $36.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price points to a potential downside of 0.14% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. BMO Capital Markets raised their target price on shares of Vertex from $30.00 to $35.00 and gave the stock a “market perform” rating in a report on Friday, March 1st. Bank of America reduced their price objective on Vertex from $40.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Needham & Company LLC restated a “buy” rating and issued a $45.00 target price on shares of Vertex in a research note on Thursday, June 13th. The Goldman Sachs Group lifted their price target on Vertex from $33.00 to $39.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Finally, Jefferies Financial Group upped their price objective on Vertex from $27.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Vertex presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.11.

Vertex Trading Up 0.7 %

Shares of Vertex stock opened at $36.05 on Friday. Vertex has a 12-month low of $17.59 and a 12-month high of $36.36. The firm’s 50 day simple moving average is $32.59 and its two-hundred day simple moving average is $29.37. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $5.59 billion, a price-to-earnings ratio of 901.25, a PEG ratio of 18.22 and a beta of 0.68.

Vertex (NASDAQ:VERX) last posted 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). Vertex had a net margin of 1.29% and a return on equity of 18.67%. The firm had revenue of $156.78 million for the quarter, compared to analysts’ expectations of $155.50 million. Analysts predict that Vertex will post 0.19 EPS for the current year.

Insider Activity

In related news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $32.93, for a total transaction of $49,395,000.00. Following the completion of the sale, 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 can be accessed through the SEC website. Company insiders own 45.00% of the company’s stock.

Institutional Trading of Vertex

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Vertex by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 5,791,215 shares of the company’s stock worth $183,929,000 after purchasing an additional 235,407 shares during the last quarter. Legacy Advisors LLC lifted its position in Vertex by 1,517.0% during the fourth quarter. Legacy Advisors LLC now owns 3,244,871 shares of the company’s stock worth $87,417,000 after buying an additional 3,044,193 shares in the last quarter. Conestoga Capital Advisors LLC boosted its stake in Vertex by 19.0% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company’s stock worth $76,311,000 after buying an additional 452,840 shares during the last quarter. TimesSquare Capital Management LLC grew its holdings in Vertex by 9.6% in the 3rd quarter. TimesSquare Capital Management LLC now owns 1,444,930 shares of the company’s stock valued at $33,378,000 after buying an additional 126,230 shares in the last quarter. Finally, Pembroke Management LTD increased its stake in shares of Vertex by 255.3% in the 1st quarter. Pembroke Management LTD now owns 927,129 shares of the company’s stock worth $29,446,000 after acquiring an additional 666,223 shares during the last quarter. 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.