Vertex (NASDAQ:VERX) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Vertex (NASDAQ:VERX) had its price objective hoisted by analysts at Needham & Company LLC from $45.00 to $60.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 20.58% from the stock’s previous close.

A number of other research firms have also recently commented on VERX. JMP Securities boosted their price objective on Vertex from $42.00 to $47.00 and gave the company a “market outperform” rating in a research report on Wednesday, July 31st. Robert W. Baird began coverage on Vertex in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $43.00 price target for the company. Baird R W upgraded Vertex to a “strong-buy” rating in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group upgraded Vertex from a “hold” rating to a “buy” rating and boosted their price target for the stock from $35.00 to $50.00 in a research report on Monday. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.30.

Vertex Stock Up 13.8 %

Vertex stock opened at $49.76 on Thursday. The stock has a market capitalization of $7.74 billion, a PE ratio of 414.67, a price-to-earnings-growth ratio of 12.07 and a beta of 0.67. Vertex has a 12 month low of $22.21 and a 12 month high of $49.90. The business has a 50 day simple moving average of $39.61 and a 200-day simple moving average of $36.35. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.17 and a quick ratio of 1.17.

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

Insider Buying and Selling at Vertex

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

Hedge Funds Weigh In On Vertex

Large investors have recently modified their holdings of the business. Blue Trust Inc. acquired a new position in shares of Vertex in the 2nd quarter valued at $28,000. Quest Partners LLC acquired a new position in shares of Vertex in the 2nd quarter valued at $37,000. Canada Pension Plan Investment Board acquired a new position in shares of Vertex in the 2nd quarter valued at $40,000. Amalgamated Bank acquired a new position in shares of Vertex in the 2nd quarter valued at $68,000. Finally, KBC Group NV lifted its stake in shares of Vertex by 46.1% in the 3rd quarter. KBC Group NV now owns 2,099 shares of the company’s stock valued at $81,000 after purchasing an additional 662 shares during the last quarter. Institutional investors and hedge funds own 59.10% of the company’s stock.

Vertex Company Profile

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.