Brokerages Set Vertex, Inc. (NASDAQ:VERX) Price Target at $35.67

Vertex, Inc. (NASDAQ:VERX) has earned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $36.11.

VERX has been the subject of a number of recent research reports. JMP Securities reiterated a “market outperform” rating and issued a $42.00 price objective on shares of Vertex in a report on Tuesday, April 23rd. Bank of America decreased their price objective on shares of Vertex from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Citigroup upped their price target on shares of Vertex from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Friday. Jefferies Financial Group upped their price target on shares of Vertex from $27.00 to $35.00 and gave the company a “hold” rating in a report on Friday, March 1st. Finally, Needham & Company LLC restated a “buy” rating and set a $45.00 price target on shares of Vertex in a report on Thursday, June 13th.

Insider Activity

In other news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $32.93, for a total transaction of $49,395,000.00. Following the completion of the transaction, the insider now owns 2,554,641 shares of the company’s stock, valued at $84,124,328.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 45.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Barclays PLC increased its holdings in shares of Vertex by 43.4% during the third quarter. Barclays PLC now owns 23,112 shares of the company’s stock worth $534,000 after buying an additional 6,994 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Vertex by 1,195.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 222,675 shares of the company’s stock worth $5,144,000 after buying an additional 205,489 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Vertex by 31.5% during the third quarter. Envestnet Asset Management Inc. now owns 284,834 shares of the company’s stock worth $6,580,000 after buying an additional 68,289 shares in the last quarter. Invesco Ltd. grew its stake in shares of Vertex by 85.7% during the third quarter. Invesco Ltd. now owns 425,192 shares of the company’s stock valued at $9,822,000 after purchasing an additional 196,169 shares during the last quarter. Finally, Algert Global LLC bought a new stake in shares of Vertex during the third quarter valued at approximately $780,000. Institutional investors and hedge funds own 59.10% of the company’s stock.

Vertex Trading Up 0.7 %

Vertex stock opened at $36.05 on Monday. The company’s fifty day simple moving average is $32.59 and its 200-day simple moving average is $29.36. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17. Vertex has a 12 month low of $17.59 and a 12 month high of $36.36. The stock has a market cap of $5.59 billion, a P/E ratio of 901.25, a P/E/G ratio of 17.88 and a beta of 0.68.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The business had revenue of $156.78 million during the quarter, compared to the consensus estimate of $155.50 million. Vertex had a return on equity of 18.67% and a net margin of 1.29%. As a group, sell-side analysts forecast that Vertex will post 0.19 EPS for the current fiscal year.

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.