Vertex (NASDAQ:VERX) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Vertex (NASDAQ:VERX) from a buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “Vertex Inc. provides tax technology solutions for corporations in retail, leasing, communication and manufacturing industries principally 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. Vertex, Inc. is based in Pennsylvania, United States. “

VERX has been the topic of a number of other research reports. The Goldman Sachs Group initiated coverage on Vertex in a report on Sunday, August 23rd. They set a neutral rating and a $26.00 price objective on the stock. Jefferies Financial Group initiated coverage on Vertex in a report on Monday, August 24th. They set a buy rating and a $34.00 price objective on the stock. JMP Securities initiated coverage on Vertex in a report on Monday, August 24th. They set an outperform rating and a $33.00 price objective on the stock. Stifel Nicolaus initiated coverage on Vertex in a report on Monday, August 24th. They set a buy rating and a $31.00 price objective on the stock. Finally, Morgan Stanley began coverage on Vertex in a report on Monday, August 24th. They set an equal weight rating and a $23.00 price objective on the stock. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Vertex has a consensus rating of Buy and a consensus target price of $29.29.

VERX opened at $23.46 on Wednesday. Vertex has a fifty-two week low of $21.11 and a fifty-two week high of $29.69. The business’s 50-day moving average price is $24.32.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Wednesday, September 9th. The company reported ($0.18) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.06. The firm had revenue of $91.27 million for the quarter, compared to analysts’ expectations of $89.22 million. As a group, equities research analysts anticipate that Vertex will post -0.72 earnings per share for the current fiscal year.

In other Vertex news, Director Terrence Kyle sold 56,108 shares of Vertex stock in a transaction on Friday, July 31st. The stock was sold at an average price of $17.77, for a total value of $997,039.16. Also, CEO David Destefano sold 160,922 shares of Vertex stock in a transaction on Friday, July 31st. The shares were sold at an average price of $17.77, for a total value of $2,859,583.94.

A hedge fund recently bought a new stake in Vertex stock. Strid Group LLC acquired a new stake in Vertex, Inc. (NASDAQ:VERX) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 18,421 shares of the company’s stock, valued at approximately $424,000. Vertex comprises approximately 0.1% of Strid Group LLC’s investment portfolio, making the stock its 27th biggest holding.

About Vertex

Vertex, Inc provides tax technology solutions for corporations in retail, leasing, communication, 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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