Analysts Set Vertex, Inc. (NASDAQ:VERX) Price Target at $37.30

Vertex, Inc. (NASDAQ:VERX) has earned an average recommendation of “Moderate Buy” from the twelve brokerages that are presently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $37.30.

A number of equities research analysts have issued reports on the company. Baird R W upgraded Vertex to a “strong-buy” rating in a research note on Tuesday, July 23rd. Citigroup boosted their price target on Vertex from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Robert W. Baird assumed coverage on Vertex in a research note on Tuesday, July 23rd. They set an “outperform” rating and a $43.00 price target for the company. JMP Securities boosted their price target on Vertex from $42.00 to $47.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 31st. Finally, Needham & Company LLC restated a “buy” rating and set a $45.00 price target on shares of Vertex in a research note on Thursday, June 13th.

Insiders Place Their Bets

In other Vertex news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $37.27, for a total value of $5,922,203.00. Following the completion of the transaction, the insider now directly owns 1,430,100 shares in the company, valued at $53,299,827. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Vertex news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $37.27, for a total value of $5,922,203.00. Following the completion of the transaction, the insider now directly owns 1,430,100 shares in the company, valued at $53,299,827. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO John R. Schwab sold 25,000 shares of the company’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 value of $895,250.00. Following the sale, the chief financial officer now directly owns 53,104 shares in the company, valued at $1,901,654.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,699,900 shares of company stock worth $64,107,653 in the last three months. 45.00% of the stock is owned by company insiders.

Institutional Trading of Vertex

Several hedge funds have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of Vertex during the 3rd quarter worth approximately $444,000. Driehaus Capital Management LLC purchased a new stake in Vertex during the 2nd quarter valued at $22,173,000. The Manufacturers Life Insurance Company raised its holdings in Vertex by 269.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,378 shares of the company’s stock valued at $1,239,000 after buying an additional 25,072 shares during the period. Dark Forest Capital Management LP purchased a new stake in Vertex during the 2nd quarter valued at $274,000. Finally, Sei Investments Co. raised its holdings in Vertex by 101.9% during the 2nd quarter. Sei Investments Co. now owns 90,129 shares of the company’s stock valued at $3,249,000 after buying an additional 45,493 shares during the period. 59.10% of the stock is owned by hedge funds and other institutional investors.

Vertex Price Performance

Shares of NASDAQ:VERX opened at $40.48 on Wednesday. Vertex has a fifty-two week low of $21.92 and a fifty-two week high of $42.38. The business has a 50-day simple moving average of $37.10 and a two-hundred day simple moving average of $34.48. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a market cap of $6.30 billion, a price-to-earnings ratio of 1,012.00, a price-to-earnings-growth ratio of 11.75 and a beta of 0.68.

Vertex (NASDAQ:VERX) last issued its earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Vertex had a return on equity of 22.32% and a net margin of 3.20%. The business had revenue of $161.10 million during the quarter, compared to analyst estimates of $160.66 million. During the same quarter in the previous year, the firm earned $0.04 EPS. Vertex’s revenue was up 15.3% on a year-over-year basis. On average, analysts expect that Vertex will post 0.34 earnings per share for the current year.

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.