Vertex (NASDAQ:VERX) Given New $50.00 Price Target at DA Davidson

Vertex (NASDAQ:VERX) had its target price cut by DA Davidson from $55.00 to $50.00 in a research note released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the company. Jefferies Financial Group lowered their target price on Vertex from $62.00 to $48.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Robert W. Baird decreased their price target on Vertex from $62.00 to $45.00 and set an “outperform” rating for the company in a research report on Friday, February 28th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Vertex in a report on Thursday, March 20th. The Goldman Sachs Group reduced their target price on shares of Vertex from $64.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Finally, Morgan Stanley lifted their price objective on shares of Vertex from $57.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, March 20th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Vertex presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.36.

Vertex Trading Up 0.4 %

VERX opened at $38.65 on Monday. The stock has a market cap of $6.11 billion, a PE ratio of 214.72, a price-to-earnings-growth ratio of 6.66 and a beta of 0.80. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29. Vertex has a twelve month low of $27.22 and a twelve month high of $60.71. The company has a fifty day moving average of $39.03 and a 200-day moving average of $46.44.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Thursday, February 27th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.03). The business had revenue of $178.46 million for the quarter, compared to analyst estimates of $176.90 million. Vertex had a return on equity of 24.92% and a net margin of 4.73%. On average, sell-side analysts predict that Vertex will post 0.38 EPS for the current year.

Insider Activity

In related news, major shareholder Item Second Irr. Trust Fbo Kyl sold 53,843 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $56.48, for a total transaction of $3,041,052.64. Following the transaction, the insider now directly owns 1,229,257 shares in the company, valued at $69,428,435.36. This trade represents a 4.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Bryan T.R. Rowland sold 43,228 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $35.98, for a total value of $1,555,343.44. Following the completion of the sale, the general counsel now owns 132 shares of the company’s stock, valued at $4,749.36. The trade was a 99.70 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 44.58% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. State Street Corp lifted its holdings in Vertex by 36.4% in the 3rd quarter. State Street Corp now owns 1,361,901 shares of the company’s stock worth $52,447,000 after buying an additional 363,595 shares during the period. Barclays PLC increased its position in Vertex by 5.4% during the 3rd quarter. Barclays PLC now owns 582,273 shares of the company’s stock valued at $22,424,000 after purchasing an additional 29,700 shares during the period. Geode Capital Management LLC raised its holdings in Vertex by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,275,283 shares of the company’s stock worth $49,121,000 after purchasing an additional 37,592 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Vertex by 17.6% in the 3rd quarter. Franklin Resources Inc. now owns 1,690,045 shares of the company’s stock worth $69,444,000 after purchasing an additional 253,263 shares during the period. Finally, Lord Abbett & CO. LLC boosted its stake in shares of Vertex by 29.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 933,034 shares of the company’s stock valued at $35,932,000 after purchasing an additional 211,896 shares in the last quarter. 70.32% of the stock is owned by hedge funds and other 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.