Vertex (NASDAQ:VERX) PT Lowered to $34.00

Vertex (NASDAQ:VERX) had its target price dropped by research analysts at Bank of America from $40.00 to $34.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target would indicate a potential upside of 17.61% from the company’s previous close.

VERX has been the topic of several other research reports. The Goldman Sachs Group upped their price objective on Vertex from $33.00 to $39.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Jefferies Financial Group increased their target price on Vertex from $27.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, March 1st. BMO Capital Markets increased their target price on Vertex from $30.00 to $35.00 and gave the company a “market perform” rating in a research report on Friday, March 1st. Citigroup decreased their price objective on Vertex from $29.00 to $27.00 and set a “neutral” rating on the stock in a report on Friday, January 12th. Finally, Needham & Company LLC raised their price objective on Vertex from $35.00 to $45.00 and gave the company a “buy” rating in a report on Friday, March 1st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $35.67.

Vertex Stock Performance

VERX opened at $28.91 on Tuesday. Vertex has a 52-week low of $17.59 and a 52-week high of $35.38. The firm’s 50-day moving average price is $29.42 and its 200-day moving average price is $26.98. 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 company has a market cap of $4.46 billion, a P/E ratio of -289.10, a price-to-earnings-growth ratio of 7.74 and a beta of 0.62.

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

Insider Buying and Selling

In other Vertex news, Director John Richard Stamm sold 6,500 shares of Vertex stock in a transaction dated 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 directly owns 15,930 shares of the company’s stock, valued at approximately $469,616.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director John Richard Stamm sold 6,500 shares of Vertex stock in a transaction dated 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 Securities & Exchange Commission, which is accessible through this link. Also, CAO Lisa Butler sold 8,290 shares of Vertex stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $29.63, for a total value of $245,632.70. Following the completion of the transaction, the chief accounting officer now owns 250 shares of the company’s stock, valued at approximately $7,407.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,161,048 shares of company stock valued at $35,034,678. 45.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Vertex

Institutional investors have recently added to or reduced their stakes in the business. Legacy Advisors LLC raised its position in Vertex by 1,517.0% in the fourth quarter. Legacy Advisors LLC now owns 3,244,871 shares of the company’s stock worth $87,417,000 after acquiring an additional 3,044,193 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Vertex by 13.0% in the fourth quarter. Vanguard Group Inc. now owns 5,555,808 shares of the company’s stock valued at $149,673,000 after buying an additional 637,075 shares in the last quarter. Conestoga Capital Advisors LLC increased its position in shares of Vertex by 19.0% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company’s stock valued at $76,311,000 after buying an additional 452,840 shares in the last quarter. Fred Alger Management LLC increased its position in shares of Vertex by 9.5% in the third quarter. Fred Alger Management LLC now owns 4,651,701 shares of the company’s stock valued at $107,454,000 after buying an additional 404,550 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Vertex in the first quarter valued at $12,043,000. Hedge funds and other institutional investors own 59.10% of the company’s stock.

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.