FY2024 Earnings Estimate for Vertex Issued By DA Davidson

Vertex, Inc. (NASDAQ:VERX) – DA Davidson issued their FY2024 earnings per share (EPS) estimates for shares of Vertex in a report released on Tuesday, December 31st. DA Davidson analyst W. Jellison anticipates that the company will post earnings of $0.38 per share for the year. DA Davidson has a “Buy” rating and a $62.00 price target on the stock. The consensus estimate for Vertex’s current full-year earnings is $0.38 per share. DA Davidson also issued estimates for Vertex’s Q4 2024 earnings at $0.09 EPS and FY2025 earnings at $0.49 EPS.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. Vertex had a net margin of 4.73% and a return on equity of 24.92%. The firm had revenue of $170.40 million for the quarter, compared to analysts’ expectations of $165.70 million. During the same period in the prior year, the business posted $0.06 earnings per share. The business’s revenue for the quarter was up 17.5% on a year-over-year basis.

VERX has been the topic of a number of other research reports. Raymond James reissued a “market perform” rating on shares of Vertex in a research report on Friday. JMP Securities restated a “market outperform” rating and set a $61.00 target price on shares of Vertex in a report on Monday, December 9th. Citigroup lifted their price target on Vertex from $46.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Needham & Company LLC upped their price objective on Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, BMO Capital Markets lifted their target price on Vertex from $42.00 to $52.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Vertex presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.36.

Vertex Stock Performance

Shares of NASDAQ:VERX opened at $51.32 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $8.00 billion, a PE ratio of 285.11, a price-to-earnings-growth ratio of 9.83 and a beta of 0.77. The firm’s 50 day simple moving average is $51.64 and its 200-day simple moving average is $42.49. Vertex has a one year low of $23.31 and a one year high of $57.74.

Hedge Funds Weigh In On Vertex

A number of institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. grew its holdings in Vertex by 406.9% during the third quarter. Victory Capital Management Inc. now owns 34,386 shares of the company’s stock worth $1,324,000 after acquiring an additional 27,602 shares during the period. Driehaus Capital Management LLC acquired a new position in shares of Vertex during the 2nd quarter worth approximately $22,173,000. DRW Securities LLC purchased a new position in Vertex during the third quarter valued at $840,000. Charles Schwab Investment Management Inc. boosted its holdings in Vertex by 5.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 432,068 shares of the company’s stock worth $16,639,000 after buying an additional 23,086 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Vertex by 10.0% in the second quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company’s stock worth $8,940,000 after acquiring an additional 22,514 shares during the last quarter. Hedge funds and other institutional investors own 70.32% of the company’s stock.

Insiders Place Their Bets

In other news, Director John Richard Stamm sold 2,500 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $53.81, for a total value of $134,525.00. Following the sale, the director now owns 15,535 shares in the company, valued at $835,938.35. This represents a 13.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey Westphal sold 575,000 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $53.01, for a total transaction of $30,480,750.00. Following the transaction, the insider now owns 7,895 shares of the company’s stock, valued at $418,513.95. This represents a 98.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,782,563 shares of company stock valued at $187,627,746. Insiders own 44.58% 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.