Robert W. Baird Forecasts Strong Price Appreciation for Vertex (NASDAQ:VERX) Stock

Vertex (NASDAQ:VERX) had its price objective hoisted by research analysts at Robert W. Baird from $43.00 to $57.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price target would indicate a potential upside of 10.70% from the company’s current price.

Other analysts have also issued research reports about the company. BMO Capital Markets boosted their target price on Vertex from $42.00 to $52.00 and gave the company a “market perform” rating in a research report on Thursday. Baird R W upgraded Vertex to a “strong-buy” rating in a research note on Tuesday, July 23rd. JMP Securities lifted their target price on Vertex from $47.00 to $61.00 and gave the stock a “market outperform” rating in a research report on Thursday. Jefferies Financial Group upgraded shares of Vertex from a “hold” rating to a “buy” rating and upped their price target for the company from $35.00 to $50.00 in a research report on Monday. Finally, The Goldman Sachs Group increased their price target on Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a report on Thursday. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Vertex presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.80.

Vertex Price Performance

VERX traded up $1.73 during trading on Thursday, reaching $51.49. The company’s stock had a trading volume of 1,220,958 shares, compared to its average volume of 767,254. Vertex has a 1 year low of $22.31 and a 1 year high of $51.95. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 1.43. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 427.00, a PEG ratio of 12.07 and a beta of 0.67. The firm has a fifty day simple moving average of $39.61 and a two-hundred day simple moving average of $36.35.

Vertex (NASDAQ:VERX) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. The business had revenue of $161.10 million during the quarter, compared to the consensus estimate of $160.66 million. Vertex had a net margin of 3.20% and a return on equity of 22.32%. The business’s revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.04 EPS. As a group, analysts anticipate that Vertex will post 0.34 EPS for the current year.

Insider Transactions at Vertex

In other Vertex news, CFO John R. Schwab sold 25,000 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $35.81, for a total transaction of $895,250.00. Following the completion of the sale, the chief financial officer now owns 53,104 shares of the company’s stock, valued at approximately $1,901,654.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Vertex news, Director John Richard Stamm sold 16,000 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $35.95, for a total value of $575,200.00. Following the completion of the transaction, the director now owns 21,635 shares in the company, valued at $777,778.25. This represents a 0.00 % 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, CFO John R. Schwab sold 25,000 shares of Vertex stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $35.81, for a total transaction of $895,250.00. Following the sale, the chief financial officer now directly owns 53,104 shares in the company, valued at $1,901,654.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,629,244 shares of company stock worth $64,039,589 in the last three months. Company insiders own 44.58% of the company’s stock.

Institutional Trading of Vertex

A number of hedge funds and other institutional investors have recently modified their holdings of the business. MeadowBrook Investment Advisors LLC bought a new position in shares of Vertex during the third quarter worth about $194,000. KBC Group NV boosted its position in Vertex by 46.1% during the 3rd quarter. KBC Group NV now owns 2,099 shares of the company’s stock worth $81,000 after acquiring an additional 662 shares during the period. Geneva Capital Management LLC raised its position in shares of Vertex by 40.1% during the 3rd quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company’s stock worth $55,863,000 after buying an additional 414,945 shares in the last quarter. Victory Capital Management Inc. lifted its position in Vertex by 406.9% in the third quarter. Victory Capital Management Inc. now owns 34,386 shares of the company’s stock worth $1,324,000 after purchasing an additional 27,602 shares during the period. Finally, Sigma Planning Corp bought a new position in Vertex during the third quarter valued at about $365,000. 59.10% 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.