Vertex (NASDAQ:VERX) Price Target Raised to $62.00

Vertex (NASDAQ:VERX) had its target price increased by Morgan Stanley from $50.00 to $62.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also weighed in on VERX. The Goldman Sachs Group boosted their price target on Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. BMO Capital Markets lifted their price objective on shares of Vertex from $42.00 to $52.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Robert W. Baird increased their price target on Vertex from $43.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Stifel Nicolaus lifted their price objective on shares of Vertex from $41.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Jefferies Financial Group raised shares of Vertex from a “hold” rating to a “buy” rating and increased their price objective for the company from $35.00 to $50.00 in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Vertex currently has a consensus rating of “Moderate Buy” and an average target price of $52.30.

Vertex Price Performance

Shares of NASDAQ VERX opened at $49.10 on Wednesday. The company has a fifty day moving average price of $41.46 and a 200 day moving average price of $37.32. The firm has a market cap of $7.64 billion, a PE ratio of 272.78, a PEG ratio of 9.49 and a beta of 0.67. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29. Vertex has a 1-year low of $23.31 and a 1-year high of $52.93.

Vertex (NASDAQ:VERX) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.02. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The company had revenue of $170.40 million during the quarter, compared to analysts’ expectations of $165.70 million. During the same period in the prior year, the firm earned $0.06 earnings per share. Vertex’s revenue for the quarter was up 17.5% compared to the same quarter last year. Research analysts predict that Vertex will post 0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Item Second Irr. Trust Fbo Jac sold 8,485 shares of Vertex stock in a transaction on Monday, November 11th. The shares were sold at an average price of $49.50, for a total transaction of $420,007.50. Following the completion of the transaction, the insider now owns 782,706 shares of the company’s stock, valued at $38,743,947. This trade represents a 1.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John R. Schwab sold 25,000 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $35.81, for a total transaction of $895,250.00. Following the completion of the transaction, the chief financial officer now owns 53,104 shares in the company, valued at approximately $1,901,654.24. The trade was a 32.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,149,374 shares of company stock valued at $187,345,650 in the last 90 days. Corporate insiders own 44.58% of the company’s stock.

Institutional Investors Weigh In On Vertex

Several institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. bought a new stake in Vertex in the second quarter worth approximately $28,000. Advisors Asset Management Inc. lifted its position in shares of Vertex by 126.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 968 shares of the company’s stock valued at $37,000 after acquiring an additional 540 shares during the period. Quest Partners LLC bought a new position in Vertex during the second quarter worth $37,000. Canada Pension Plan Investment Board bought a new stake in Vertex in the second quarter valued at $40,000. Finally, Amalgamated Bank acquired a new position in Vertex during the 2nd quarter worth approximately $68,000. 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.