Vertex (NASDAQ:VERX) Announces Earnings Results

Vertex (NASDAQ:VERXGet Rating) issued its quarterly earnings results on Tuesday. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01, MarketWatch Earnings reports. Vertex had a negative net margin of 0.35% and a positive return on equity of 11.89%. The company had revenue of $115.00 million during the quarter, compared to the consensus estimate of $113.03 million. During the same quarter in the prior year, the firm posted $0.04 EPS. The firm’s quarterly revenue was up 17.1% on a year-over-year basis. Vertex updated its FY 2022 guidance to EPS and its Q2 2022 guidance to EPS.

VERX stock opened at $11.29 on Wednesday. The company has a 50 day simple moving average of $14.45 and a 200 day simple moving average of $15.85. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of -1,129.00, a P/E/G ratio of 40.94 and a beta of 0.80. Vertex has a 1 year low of $11.28 and a 1 year high of $22.88.

Hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. increased its position in Vertex by 250.0% during the 4th quarter. Citigroup Inc. now owns 1,680 shares of the company’s stock worth $27,000 after purchasing an additional 1,200 shares in the last quarter. UBS Group AG increased its position in Vertex by 469.9% during the 3rd quarter. UBS Group AG now owns 2,724 shares of the company’s stock worth $52,000 after purchasing an additional 2,246 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Vertex during the 4th quarter worth approximately $166,000. LPL Financial LLC acquired a new position in Vertex during the 3rd quarter worth approximately $224,000. Finally, Dimensional Fund Advisors LP acquired a new position in Vertex during the 4th quarter worth approximately $333,000. Institutional investors and hedge funds own 19.79% of the company’s stock.

A number of brokerages have recently weighed in on VERX. Needham & Company LLC cut their price target on shares of Vertex from $30.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, March 10th. JMP Securities cut their price target on shares of Vertex from $36.00 to $28.00 and set a “market outperform” rating for the company in a report on Thursday, March 10th. Finally, BMO Capital Markets began coverage on shares of Vertex in a report on Tuesday, February 1st. They set a “market perform” rating and a $15.00 price target for the company. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.88.

About Vertex (Get Rating)

Vertex, Inc provides tax technology solutions for corporations in retail, communication, leasing, and manufacturing industries in the United States and internationally. It offers tax determination, compliance and reporting, tax data management, document management, pre-built integration, and industry-specific solutions.

See Also

Earnings History for Vertex (NASDAQ:VERX)

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