Vertex, Inc. (NASDAQ:VERX) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Vertex, Inc. (NASDAQ:VERX) has received an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $35.67.

Several equities research analysts have commented on the stock. BMO Capital Markets upped their price objective on shares of Vertex from $30.00 to $35.00 and gave the company a “market perform” rating in a report on Friday, March 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Vertex in a report on Thursday, June 13th. JMP Securities reiterated a “market outperform” rating and issued a $42.00 price objective on shares of Vertex in a research note on Tuesday, April 23rd. Citigroup dropped their target price on Vertex from $34.00 to $32.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Finally, The Goldman Sachs Group lifted their price target on Vertex from $33.00 to $39.00 and gave the company a “buy” rating in a research report on Friday, March 1st.

Insider Buying and Selling at Vertex

In other news, major shareholder Jeffrey Westphal sold 791,133 shares of the business’s stock in a transaction dated Friday, April 5th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider 2020 Irrevocable Trust For Ben sold 30,692 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $30.22, for a total value of $927,512.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Jeffrey Westphal sold 791,133 shares of the firm’s 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 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. Insiders have sold a total of 2,321,825 shares of company stock valued at $74,096,059 in the last 90 days. Corporate insiders own 45.00% of the company’s stock.

Hedge Funds Weigh In On Vertex

Several institutional investors have recently modified their holdings of VERX. Legacy Advisors LLC boosted its stake in Vertex by 1,517.0% in the fourth quarter. Legacy Advisors LLC now owns 3,244,871 shares of the company’s stock worth $87,417,000 after buying an additional 3,044,193 shares in the last quarter. Pembroke Management LTD grew its holdings in shares of Vertex by 255.3% during the 1st quarter. Pembroke Management LTD now owns 927,129 shares of the company’s stock valued at $29,446,000 after purchasing an additional 666,223 shares during the last quarter. Vanguard Group Inc. raised its position in Vertex by 13.0% in the 4th quarter. Vanguard Group Inc. now owns 5,555,808 shares of the company’s stock worth $149,673,000 after purchasing an additional 637,075 shares during the period. Conestoga Capital Advisors LLC raised its position in Vertex by 19.0% in the 4th quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company’s stock worth $76,311,000 after purchasing an additional 452,840 shares during the period. Finally, Fred Alger Management LLC lifted its stake in Vertex by 9.5% in the third quarter. Fred Alger Management LLC now owns 4,651,701 shares of the company’s stock worth $107,454,000 after purchasing an additional 404,550 shares during the last quarter. 59.10% of the stock is currently owned by institutional investors.

Vertex Trading Up 2.0 %

Shares of VERX stock opened at $35.17 on Monday. 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 firm has a market cap of $5.46 billion, a P/E ratio of 879.25, a PEG ratio of 17.56 and a beta of 0.68. The company has a 50 day moving average of $32.02 and a 200-day moving average of $29.15. Vertex has a 12-month low of $17.59 and a 12-month high of $36.28.

Vertex (NASDAQ:VERX) last released its earnings results on Wednesday, May 8th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). Vertex had a return on equity of 18.67% and a net margin of 1.29%. The firm had revenue of $156.78 million during the quarter, compared to analysts’ expectations of $155.50 million. Sell-side analysts anticipate that Vertex will post 0.19 earnings per share for the current year.

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.