Vertex (NASDAQ:VERX) PT Raised to $25.00

Vertex (NASDAQ:VERX – Get Rating) had its price objective hoisted by stock analysts at Needham & Company LLC from $19.00 to $25.00 in a research note issued on Thursday, The Fly reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 39.82% from the stock’s current price.

VERX has been the subject of several other research reports. Raymond James lifted their price objective on shares of Vertex from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday. Jefferies Financial Group cut shares of Vertex from a “buy” rating to a “hold” rating and upped their target price for the company from $13.50 to $15.00 in a research note on Thursday, January 5th. Morgan Stanley boosted their price target on shares of Vertex from $10.00 to $12.00 and gave the company an “underweight” rating in a research report on Monday, December 19th. Bank of America upgraded shares of Vertex from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $16.00 to $20.00 in a research report on Wednesday. Finally, TheStreet lowered shares of Vertex from a “c-” rating to a “d+” rating in a research report on Wednesday, December 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $20.11.

Vertex Stock Performance

Vertex stock opened at $17.88 on Thursday. The firm’s 50 day moving average price is $14.29 and its two-hundred day moving average price is $14.93. Vertex has a 1 year low of $9.44 and a 1 year high of $19.31. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.59 and a current ratio of 0.59.

Insider Buying and Selling

In other news, major shareholder Jeffery Westphal sold 62,857 shares of the business’s stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $18.63, for a total value of $1,171,025.91. Following the transaction, the insider now owns 8,853,836 shares in the company, valued at approximately $164,946,964.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Jeffery Westphal sold 62,857 shares of the company’s stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $18.63, for a total value of $1,171,025.91. Following the completion of the sale, the insider now owns 8,853,836 shares in the company, valued at approximately $164,946,964.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO David Destefano sold 9,631 shares of the company’s stock in a transaction on Monday, December 12th. The stock was sold at an average price of $16.05, for a total transaction of $154,577.55. Following the completion of the sale, the chief executive officer now owns 306,749 shares of the company’s stock, valued at approximately $4,923,321.45. The disclosure for this sale can be found here. Insiders have sold a total of 280,591 shares of company stock worth $4,682,831 in the last ninety days. Company insiders own 46.12% of the company’s stock.

Institutional Investors Weigh In On Vertex

Several hedge funds and other institutional investors have recently modified their holdings of VERX. Tensile Capital Management LP grew its position in Vertex by 624.8% during the third quarter. Tensile Capital Management LP now owns 5,220,258 shares of the company’s stock valued at $71,361,000 after acquiring an additional 4,500,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Vertex by 25.9% during the third quarter. Vanguard Group Inc. now owns 3,494,699 shares of the company’s stock valued at $47,772,000 after acquiring an additional 717,947 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in Vertex by 10.5% in the 3rd quarter. Neuberger Berman Group LLC now owns 3,632,850 shares of the company’s stock worth $49,661,000 after buying an additional 345,005 shares in the last quarter. William Blair Investment Management LLC increased its holdings in Vertex by 33.4% in the 2nd quarter. William Blair Investment Management LLC now owns 1,167,106 shares of the company’s stock worth $13,223,000 after buying an additional 292,055 shares in the last quarter. Finally, Putnam Investments LLC increased its holdings in Vertex by 926.6% in the 4th quarter. Putnam Investments LLC now owns 310,310 shares of the company’s stock worth $4,503,000 after buying an additional 280,082 shares in the last quarter. 21.53% of the stock is currently owned by institutional investors.

Vertex Company Profile

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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.