JMP Securities Reiterates “Market Outperform” Rating for Vertex (NASDAQ:VERX)

Vertex (NASDAQ:VERX)‘s stock had its “market outperform” rating reissued by research analysts at JMP Securities in a note issued to investors on Tuesday, Benzinga reports. They presently have a $42.00 target price on the stock. JMP Securities’ price target would suggest a potential upside of 45.28% from the company’s previous close.

Several other research analysts also recently weighed in on VERX. Needham & Company LLC increased their price target on Vertex from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Jefferies Financial Group raised their target price on Vertex from $27.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. Citigroup cut their target price on Vertex from $29.00 to $27.00 and set a “neutral” rating for the company in a research note on Friday, January 12th. Bank of America cut their target price on Vertex from $40.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, BMO Capital Markets raised their target price on Vertex from $30.00 to $35.00 and gave the stock a “market perform” rating in a research note on Friday, March 1st. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $35.67.

Vertex Stock Up 3.5 %

Shares of NASDAQ:VERX opened at $28.91 on Tuesday. The company has a market capitalization of $4.46 billion, a PE ratio of -289.10, a price-to-earnings-growth ratio of 7.74 and a beta of 0.62. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.60. The business has a fifty day moving average price of $29.42 and a two-hundred day moving average price of $26.98. Vertex has a 1 year low of $17.59 and a 1 year high of $35.38.

Vertex (NASDAQ:VERX) last posted 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. The company had revenue of $154.91 million during the quarter, compared to the consensus estimate of $146.44 million. Vertex had a positive return on equity of 16.15% and a negative net margin of 2.29%. Analysts forecast that Vertex will post 0.36 earnings per share for the current year.

Insider Activity at Vertex

In related news, CAO Lisa Butler sold 8,290 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $29.63, for a total transaction of $245,632.70. Following the transaction, the chief accounting officer now directly owns 250 shares of the company’s stock, valued at approximately $7,407.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Lisa Butler sold 8,290 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $29.63, for a total transaction of $245,632.70. Following the transaction, the chief accounting officer now directly owns 250 shares in the company, valued at approximately $7,407.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Jeffrey Westphal sold 791,133 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $30.05, for a total value of $23,773,546.65. Following the transaction, the insider now owns 1,554,641 shares in the company, valued at $46,716,962.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,161,048 shares of company stock valued at $35,034,678. Corporate insiders own 45.00% of the company’s stock.

Institutional Investors Weigh In On Vertex

Large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC bought a new stake in shares of Vertex during the third quarter valued at approximately $49,000. RiverPark Advisors LLC bought a new stake in shares of Vertex during the third quarter valued at approximately $60,000. Arcadia Investment Management Corp MI raised its stake in Vertex by 22.4% during the third 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 during the last quarter. Tower Research Capital LLC TRC purchased a new position in Vertex during the fourth quarter valued at $72,000. Finally, F M Investments LLC purchased a new position in Vertex during the first quarter valued at $209,000. 59.10% of the stock is currently owned by institutional investors.

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.