Vertex (NASDAQ:VERX) Price Target Raised to $59.00

Vertex (NASDAQ:VERX) had its price target upped by The Goldman Sachs Group from $42.00 to $59.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on VERX. Baird R W raised Vertex to a “strong-buy” rating in a research note on Tuesday, July 23rd. JMP Securities increased their target price on shares of Vertex from $42.00 to $47.00 and gave the company a “market outperform” rating in a research report on Wednesday, July 31st. Jefferies Financial Group upgraded shares of Vertex from a “hold” rating to a “buy” rating and boosted their price target for the stock from $35.00 to $50.00 in a research report on Monday, November 4th. Needham & Company LLC lifted their target price on shares of Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Robert W. Baird assumed coverage on shares of Vertex in a report on Tuesday, July 23rd. They issued an “outperform” rating and a $43.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Vertex presently has a consensus rating of “Moderate Buy” and an average price target of $47.27.

Vertex Trading Up 1.3 %

VERX opened at $51.99 on Thursday. 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 has a fifty-two week low of $22.63 and a fifty-two week high of $52.93. The company’s 50 day moving average price is $40.15 and its two-hundred day moving average price is $36.66. The firm has a market capitalization of $8.09 billion, a price-to-earnings ratio of 288.83, a PEG ratio of 14.22 and a beta of 0.67.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. The company had revenue of $161.10 million for the quarter, compared to analysts’ expectations of $160.66 million. Vertex had a net margin of 4.73% and a return on equity of 25.27%. Vertex’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.04 earnings per share. As a group, research analysts predict that Vertex will post 0.34 earnings per share for the current year.

Insider Buying and Selling at Vertex

In other news, Director John Richard Stamm sold 16,000 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $35.95, for a total transaction of $575,200.00. Following the transaction, the director now owns 21,635 shares of the company’s stock, valued at $777,778.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO John R. Schwab sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $35.81, for a total transaction of $895,250.00. Following the completion of the sale, the chief financial officer now owns 53,104 shares in the company, valued at $1,901,654.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John Richard Stamm sold 16,000 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $35.95, for a total value of $575,200.00. Following the completion of the transaction, the director now owns 21,635 shares in the company, valued at approximately $777,778.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,629,244 shares of company stock valued at $64,039,589. Corporate insiders own 44.58% of the company’s stock.

Institutional Trading of Vertex

A number of hedge funds and other institutional investors have recently bought and sold shares of VERX. Blue Trust Inc. acquired a new position in shares of Vertex during the second quarter valued at about $28,000. Quest Partners LLC bought a new position in Vertex in the 2nd quarter valued at about $37,000. Advisors Asset Management Inc. lifted its position in Vertex by 126.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 968 shares of the company’s stock valued at $37,000 after acquiring an additional 540 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in Vertex during the 2nd quarter valued at about $40,000. Finally, Amalgamated Bank bought a new stake in Vertex during the 2nd quarter worth approximately $68,000. Institutional investors own 59.10% of the company’s stock.

Vertex Company Profile

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.