Vertex (NASDAQ:VERX) PT Lowered to $34.00

Vertex (NASDAQ:VERX) had its target price lowered by investment analysts at Bank of America from $40.00 to $34.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s price target would suggest a potential upside of 17.61% from the stock’s current price.

Several other brokerages also recently commented on VERX. Needham & Company LLC boosted their price objective 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. BMO Capital Markets boosted their target price on shares of Vertex from $30.00 to $35.00 and gave the stock a “market perform” rating in a research note on Friday, March 1st. Jefferies Financial Group boosted their target price on shares of Vertex from $27.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. Citigroup decreased their target price on shares of Vertex from $29.00 to $27.00 and set a “neutral” rating on the stock in a research note on Friday, January 12th. Finally, JMP Securities boosted their price objective on shares of Vertex from $31.00 to $42.00 and gave the stock a “market outperform” rating in a research note on Friday, March 1st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Vertex currently has a consensus rating of “Moderate Buy” and an average target price of $35.67.

Vertex Trading Up 3.5 %

Shares of VERX stock opened at $28.91 on Tuesday. The firm has a 50 day moving average price of $29.42 and a two-hundred day moving average price of $26.98. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17. 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. Vertex has a 12-month low of $17.59 and a 12-month high of $35.38.

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

Insider Transactions at Vertex

In other Vertex news, major shareholder Jeffrey Westphal sold 791,133 shares of the stock in a transaction dated 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 sale, the insider now owns 1,554,641 shares in the company, valued at approximately $46,716,962.05. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Lisa Butler sold 8,290 shares of Vertex stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $29.63, for a total value of $245,632.70. Following the completion of 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jeffrey Westphal sold 791,133 shares of Vertex stock in a transaction that occurred 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 completion of the transaction, the insider now owns 1,554,641 shares of the company’s stock, valued at $46,716,962.05. The disclosure for this sale can be found here. Insiders have sold 1,161,048 shares of company stock valued at $35,034,678 in the last 90 days. 45.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Conestoga Capital Advisors LLC boosted its holdings in Vertex by 19.0% in the 4th quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company’s stock valued at $76,311,000 after purchasing an additional 452,840 shares during the period. Comerica Bank bought a new position in Vertex in the 3rd quarter valued at $4,763,000. Invesco Ltd. boosted its holdings in Vertex by 85.7% in the 3rd quarter. Invesco Ltd. now owns 425,192 shares of the company’s stock valued at $9,822,000 after purchasing an additional 196,169 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Vertex by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,918,733 shares of the company’s stock worth $113,623,000 after acquiring an additional 264,884 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Vertex by 1,195.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 222,675 shares of the company’s stock worth $5,144,000 after acquiring an additional 205,489 shares during the last quarter. 59.10% of the stock is currently 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.