Vertex (NASDAQ:VERX) Given New $55.00 Price Target at DA Davidson

Vertex (NASDAQ:VERX) had its target price dropped by equities researchers at DA Davidson from $62.00 to $55.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s price target suggests a potential upside of 70.33% from the stock’s previous close. DA Davidson also issued estimates for Vertex’s FY2025 earnings at $0.42 EPS.

Several other research firms have also recently weighed in on VERX. JMP Securities restated a “market outperform” rating and issued a $61.00 price objective on shares of Vertex in a research report on Monday, December 9th. Needham & Company LLC raised their price objective on shares of Vertex from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Robert W. Baird lowered their price objective on shares of Vertex from $62.00 to $45.00 and set an “outperform” rating for the company in a research report on Friday. Stifel Nicolaus cut shares of Vertex from a “buy” rating to a “hold” rating and lowered their price objective for the company from $58.00 to $31.00 in a research report on Friday. Finally, Raymond James restated a “market perform” rating on shares of Vertex in a research report on Friday, January 3rd. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Vertex has a consensus rating of “Moderate Buy” and a consensus price target of $51.00.

Vertex Price Performance

NASDAQ:VERX opened at $32.29 on Friday. The company has a 50-day moving average of $52.09 and a 200-day moving average of $46.72. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of 179.39, a PEG ratio of 6.66 and a beta of 0.78. Vertex has a 52 week low of $27.22 and a 52 week high of $60.71. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04.

Vertex (NASDAQ:VERX) last released its quarterly earnings data on Thursday, February 27th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.03). Vertex had a return on equity of 24.92% and a net margin of 4.73%. The business had revenue of $178.46 million for the quarter, compared to the consensus estimate of $176.90 million. As a group, equities research analysts anticipate that Vertex will post 0.38 earnings per share for the current fiscal year.

Insider Activity at Vertex

In related news, CEO David Destefano sold 216,268 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $55.04, for a total transaction of $11,903,390.72. Following the completion of the transaction, the chief executive officer now owns 293,345 shares in the company, valued at approximately $16,145,708.80. The trade was a 42.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Item Second Irr. Trust Fbo Kyl sold 53,843 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $56.48, for a total transaction of $3,041,052.64. Following the transaction, the insider now owns 1,229,257 shares of the company’s stock, valued at approximately $69,428,435.36. This represents a 4.20 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 858,457 shares of company stock worth $46,160,958. 44.58% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of VERX. Steward Partners Investment Advisory LLC bought a new stake in shares of Vertex in the fourth quarter worth $38,000. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Vertex in the fourth quarter worth $40,000. Plato Investment Management Ltd bought a new stake in shares of Vertex in the fourth quarter worth $41,000. Armstrong Advisory Group Inc. bought a new stake in shares of Vertex in the fourth quarter worth $50,000. Finally, Advisors Asset Management Inc. lifted its position in shares of Vertex by 126.2% in the third quarter. Advisors Asset Management Inc. now owns 968 shares of the company’s stock worth $37,000 after purchasing an additional 540 shares in the last quarter. Institutional investors own 70.32% 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.