DA Davidson Lowers Vertex (NASDAQ:VERX) Price Target to $55.00

Vertex (NASDAQ:VERX) had its price objective dropped by DA Davidson from $62.00 to $55.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s target price points to a potential upside of 70.33% from the stock’s previous close. DA Davidson also issued estimates for Vertex’s FY2025 earnings at $0.42 EPS.

Other equities analysts have also issued research reports about the company. Robert W. Baird lowered their price target on Vertex from $62.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday. Needham & Company LLC raised their price target on Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Stifel Nicolaus lowered Vertex from a “buy” rating to a “hold” rating and lowered their price target for the stock from $58.00 to $31.00 in a report on Friday. Jefferies Financial Group lowered their price target on Vertex from $62.00 to $48.00 and set a “buy” rating on the stock in a report on Friday. Finally, Citigroup raised their price target on Vertex from $46.00 to $54.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.00.

Vertex Stock Down 6.5 %

Vertex stock opened at $32.29 on Friday. Vertex has a twelve month low of $27.22 and a twelve month high of $60.71. The stock’s fifty day simple moving average is $52.09 and its 200-day simple moving average is $46.72. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $5.04 billion, a P/E ratio of 179.39, a P/E/G ratio of 6.66 and a beta of 0.78.

Vertex (NASDAQ:VERX) last issued its earnings results on Thursday, February 27th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.03). The firm had revenue of $178.46 million for the quarter, compared to analyst estimates of $176.90 million. Vertex had a return on equity of 24.92% and a net margin of 4.73%. As a group, equities analysts expect that Vertex will post 0.38 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Item Second Irr. Trust Fbo Kyl sold 13,346 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $55.13, for a total value of $735,764.98. Following the completion of the sale, the insider now owns 1,344,754 shares in the company, valued at approximately $74,136,288.02. This represents a 0.98 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Destefano sold 216,268 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $55.04, for a total transaction of $11,903,390.72. Following the completion of the sale, the chief executive officer now owns 293,345 shares of the company’s stock, valued at approximately $16,145,708.80. This trade represents a 42.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 858,457 shares of company stock worth $46,160,958 over the last three months. Corporate insiders own 44.58% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. New York State Common Retirement Fund grew its stake in Vertex by 22.1% in the 3rd quarter. New York State Common Retirement Fund now owns 509,517 shares of the company’s stock valued at $19,621,000 after buying an additional 92,137 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in Vertex by 13.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 9,788 shares of the company’s stock valued at $377,000 after buying an additional 1,168 shares during the last quarter. Cannon Global Investment Management LLC acquired a new position in Vertex in the 3rd quarter valued at $693,000. Verdence Capital Advisors LLC grew its stake in Vertex by 6.1% in the 3rd quarter. Verdence Capital Advisors LLC now owns 8,313 shares of the company’s stock valued at $320,000 after buying an additional 477 shares during the last quarter. Finally, Sigma Planning Corp acquired a new position in Vertex in the 3rd quarter valued at $365,000. Institutional investors and hedge funds 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.