Raymond James restated their market perform rating on shares of Vertex (NASDAQ:VERX – Free Report) in a research report report published on Friday morning, MarketBeat.com reports.
A number of other equities analysts have also recently weighed in on VERX. The Goldman Sachs Group raised their price objective on Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC lifted their price target on shares of Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Robert W. Baird upped their price objective on shares of Vertex from $43.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. DA Davidson initiated coverage on shares of Vertex in a research report on Tuesday. They issued a “buy” rating and a $62.00 target price on the stock. Finally, Jefferies Financial Group upgraded shares of Vertex from a “hold” rating to a “buy” rating and upped their price target for the company from $35.00 to $50.00 in a research report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.36.
Read Our Latest Analysis on VERX
Vertex Stock Down 3.5 %
Vertex (NASDAQ:VERX – Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. The business had revenue of $170.40 million during the quarter, compared to analysts’ expectations of $165.70 million. Vertex had a net margin of 4.73% and a return on equity of 24.92%. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.06 EPS. Sell-side analysts expect that Vertex will post 0.38 earnings per share for the current fiscal year.
Insider Buying and Selling at Vertex
In other Vertex news, insider Jeffrey Westphal sold 575,000 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $53.01, for a total transaction of $30,480,750.00. Following the transaction, the insider now directly owns 7,895 shares of the company’s stock, valued at approximately $418,513.95. The trade was a 98.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Item Second Irr. Trust Fbo Kyl sold 13,346 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $55.13, for a total transaction of $735,764.98. Following the completion of the sale, the insider now directly owns 1,344,754 shares of the company’s stock, valued at approximately $74,136,288.02. This represents a 0.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,782,563 shares of company stock valued at $187,627,746 in the last 90 days. Insiders own 44.58% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. Lord Abbett & CO. LLC boosted its holdings in shares of Vertex by 29.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 933,034 shares of the company’s stock valued at $35,932,000 after buying an additional 211,896 shares in the last quarter. Franklin Resources Inc. boosted its stake in Vertex by 17.6% during the third quarter. Franklin Resources Inc. now owns 1,690,045 shares of the company’s stock worth $69,444,000 after acquiring an additional 253,263 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Vertex in the third quarter worth about $2,354,000. Geode Capital Management LLC grew its holdings in Vertex by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,275,283 shares of the company’s stock worth $49,121,000 after purchasing an additional 37,592 shares during the period. Finally, Barclays PLC increased its stake in shares of Vertex by 5.4% during the third quarter. Barclays PLC now owns 582,273 shares of the company’s stock valued at $22,424,000 after purchasing an additional 29,700 shares in the last quarter. Hedge funds and other institutional investors own 70.32% of the company’s stock.
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.
Read More
- Five stocks we like better than Vertex
- Why Are Stock Sectors Important to Successful Investing?
- Insiders Are Selling, But These 3 Stocks Are Must-Buys
- Profitably Trade Stocks at 52-Week Highs
- Rivian Defies Doubters: Delivery Triumph Fuels Stock Surge
- How to Use the MarketBeat Stock Screener
- Hindenburg Short Report Slams Carvana Over Alleged ‘Grift’
Receive News & Ratings for Vertex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vertex and related companies with MarketBeat.com's FREE daily email newsletter.