Vertex (NASDAQ:VERX) PT Lowered to $32.00

Vertex (NASDAQ:VERX) had its target price trimmed by Citigroup from $34.00 to $32.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities analysts have also issued research reports about the company. Needham & Company LLC upped their price objective on Vertex from $35.00 to $45.00 and gave the stock a buy rating in a research note on Friday, March 1st. Jefferies Financial Group raised their price target on Vertex from $27.00 to $35.00 and gave the company a hold rating in a report on Friday, March 1st. The Goldman Sachs Group raised their price target on Vertex from $33.00 to $39.00 and gave the company a buy rating in a report on Friday, March 1st. Bank of America cut their price target on Vertex from $40.00 to $34.00 and set a neutral rating for the company in a report on Tuesday. Finally, BMO Capital Markets raised their price target on Vertex from $30.00 to $35.00 and gave the company a market perform rating in a report on Friday, March 1st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $35.67.

Vertex Stock Performance

NASDAQ VERX opened at $27.94 on Tuesday. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of -279.50, a price-to-earnings-growth ratio of 7.37 and a beta of 0.62. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17. The business has a 50-day moving average price of $29.36 and a 200-day moving average price of $26.95. Vertex has a twelve month low of $17.59 and a twelve month high of $35.38.

Vertex (NASDAQ:VERX) last released its quarterly earnings data on Thursday, February 29th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The firm had revenue of $154.91 million during the quarter, compared to analyst estimates of $146.44 million. Vertex had a positive return on equity of 16.15% and a negative net margin of 2.29%. As a group, equities research analysts predict that Vertex will post 0.36 EPS for the current fiscal year.

Insider Transactions at Vertex

In other news, Director John Richard Stamm sold 6,500 shares of Vertex stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $29.48, for a total value of $191,620.00. Following the completion of the transaction, the director now owns 15,930 shares in the company, valued at approximately $469,616.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director John Richard Stamm sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $29.48, for a total transaction of $191,620.00. Following the completion of the sale, the director now directly owns 15,930 shares of the company’s stock, valued at approximately $469,616.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jeffrey Westphal sold 791,133 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $30.05, for a total value of $23,773,546.65. Following the sale, the insider now directly owns 1,554,641 shares of the company’s stock, valued at $46,716,962.05. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,161,048 shares of company stock worth $35,034,678. 45.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Vertex

Institutional investors and hedge funds have recently modified their holdings of the business. Conestoga Capital Advisors LLC lifted its stake in shares of Vertex by 19.0% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company’s stock worth $76,311,000 after acquiring an additional 452,840 shares during the last quarter. Comerica Bank bought a new stake in shares of Vertex during the 3rd quarter worth approximately $4,763,000. Invesco Ltd. lifted its stake in shares of Vertex by 85.7% during the 3rd quarter. Invesco Ltd. now owns 425,192 shares of the company’s stock worth $9,822,000 after acquiring an additional 196,169 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Vertex by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,918,733 shares of the company’s stock worth $113,623,000 after acquiring an additional 264,884 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Vertex by 1,195.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 222,675 shares of the company’s stock worth $5,144,000 after acquiring an additional 205,489 shares during the last quarter. 59.10% of the stock is owned by institutional investors.

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.