BMO Capital Markets Increases Vertex (NASDAQ:VERX) Price Target to $15.00

Vertex (NASDAQ:VERXGet Rating) had its price target hoisted by BMO Capital Markets from $14.00 to $15.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ price objective would indicate a potential downside of 19.05% from the company’s current price.

Other analysts have also recently issued research reports about the stock. William Blair reaffirmed an “outperform” rating on shares of Vertex in a research report on Tuesday, August 9th. Citigroup upped their price target on shares of Vertex to $16.00 in a research report on Thursday, October 27th. Morgan Stanley cut their price target on shares of Vertex from $12.00 to $10.00 and set an “underweight” rating on the stock in a research report on Thursday, July 14th. The Goldman Sachs Group assumed coverage on shares of Vertex in a research report on Friday, October 21st. They set a “buy” rating and a $20.00 price target on the stock. Finally, TheStreet raised shares of Vertex from a “d” rating to a “c-” rating in a research report on Tuesday, October 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Vertex currently has a consensus rating of “Hold” and an average price target of $17.36.

Vertex Stock Performance

NASDAQ VERX opened at $18.53 on Thursday. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of -370.60, a PEG ratio of 58.51 and a beta of 0.58. Vertex has a twelve month low of $9.44 and a twelve month high of $21.85. The stock has a fifty day simple moving average of $15.30 and a 200 day simple moving average of $13.05. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.22.

Vertex (NASDAQ:VERXGet Rating) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. The business had revenue of $119.28 million during the quarter, compared to the consensus estimate of $116.79 million. Vertex had a positive return on equity of 12.50% and a negative net margin of 2.28%. Vertex’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.05 earnings per share. Sell-side analysts expect that Vertex will post 0.17 EPS for the current year.

Insider Transactions at Vertex

In related news, CEO David Destefano sold 47,275 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $14.51, for a total value of $685,960.25. Following the transaction, the chief executive officer now owns 520,305 shares of the company’s stock, valued at approximately $7,549,625.55. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Vertex news, CAO Lisa Butler sold 47,793 shares of Vertex stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $14.61, for a total transaction of $698,255.73. Following the completion of the transaction, the chief accounting officer now owns 3,144 shares in the company, valued at approximately $45,933.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Destefano sold 47,275 shares of Vertex stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $14.51, for a total value of $685,960.25. Following the transaction, the chief executive officer now owns 520,305 shares of the company’s stock, valued at approximately $7,549,625.55. The disclosure for this sale can be found here. Insiders have sold 204,398 shares of company stock valued at $2,900,954 in the last 90 days. 46.12% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Vertex

Hedge funds have recently modified their holdings of the company. Palisade Capital Management LLC NJ lifted its position in shares of Vertex by 47.7% during the 1st quarter. Palisade Capital Management LLC NJ now owns 780,038 shares of the company’s stock worth $11,966,000 after buying an additional 251,756 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Vertex by 57.9% during the 1st quarter. New York State Common Retirement Fund now owns 197,171 shares of the company’s stock worth $3,025,000 after buying an additional 72,271 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of Vertex by 2.2% during the 1st quarter. William Blair Investment Management LLC now owns 875,051 shares of the company’s stock worth $13,423,000 after buying an additional 18,908 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Vertex by 9.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 92,035 shares of the company’s stock worth $1,412,000 after buying an additional 7,825 shares in the last quarter. Finally, Hardy Reed LLC bought a new position in shares of Vertex during the 1st quarter worth approximately $53,000. Institutional investors own 20.97% of the company’s stock.

Vertex Company Profile

(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.

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