Citigroup Lowers Vertex (NASDAQ:VERX) Price Target to $32.00

Vertex (NASDAQ:VERX) had its target price lowered by equities researchers at Citigroup from $34.00 to $32.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price points to a potential upside of 10.69% from the company’s current price.

Several other equities research analysts have also commented on VERX. The Goldman Sachs Group increased their price objective on shares of Vertex from $33.00 to $39.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Jefferies Financial Group increased their target price on shares of Vertex from $27.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, March 1st. Bank of America reduced their target price on shares of Vertex from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday. JMP Securities reissued a “market outperform” rating and set a $42.00 target price on shares of Vertex in a research report on Tuesday. Finally, Needham & Company LLC increased their target price on shares of Vertex from $35.00 to $45.00 and gave the company a “buy” rating in a research 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, Vertex has an average rating of “Moderate Buy” and an average target price of $35.67.

Vertex Trading Up 3.5 %

VERX opened at $28.91 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.60. Vertex has a fifty-two week low of $17.59 and a fifty-two week high of $35.38. The firm has a market capitalization of $4.46 billion, a PE ratio of -289.10, a P/E/G ratio of 7.74 and a beta of 0.62. The company’s 50-day moving average is $29.42 and its 200 day moving average is $26.98.

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

Insider Buying and Selling

In other Vertex news, major shareholder Jeffrey Westphal sold 791,133 shares of the firm’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $30.05, for a total value of $23,773,546.65. Following the completion of the transaction, the insider now directly owns 1,554,641 shares of the company’s stock, valued at approximately $46,716,962.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Vertex news, Director John Richard Stamm sold 6,500 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Jeffrey Westphal sold 791,133 shares of the firm’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $30.05, for a total transaction of $23,773,546.65. Following the sale, the insider now owns 1,554,641 shares in the company, valued at approximately $46,716,962.05. 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. Company insiders own 45.00% of the company’s stock.

Institutional Trading of Vertex

Several institutional investors and hedge funds have recently made changes to their positions in VERX. Arcadia Investment Management Corp MI raised its position in shares of Vertex by 22.4% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock valued at $62,000 after buying an additional 488 shares in the last quarter. Raymond James & Associates purchased a new stake in shares of Vertex during the 3rd quarter valued at $224,000. Bank of New York Mellon Corp raised its position in shares of Vertex by 2.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 34,526 shares of the company’s stock valued at $798,000 after buying an additional 673 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Vertex during the 3rd quarter valued at $49,000. Finally, Kornitzer Capital Management Inc. KS purchased a new stake in shares of Vertex during the 3rd quarter valued at $863,000. Hedge funds and other institutional investors 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.