Vertex (NASDAQ:VERX) Given New $40.00 Price Target at Citigroup

Vertex (NASDAQ:VERX - Get Free Report) had its price objective raised by research analysts at Citigroup from $39.00 to $40.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's target price indicates a potential upside of 12.83% from the stock's previous close.

A number of other equities research analysts have also commented on the stock. BNP Paribas initiated coverage on shares of Vertex in a research note on Tuesday, April 22nd. They issued an "outperform" rating and a $54.00 price objective on the stock. DA Davidson cut their target price on shares of Vertex from $55.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Piper Sandler started coverage on Vertex in a report on Monday, June 16th. They issued an "overweight" rating and a $48.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 target price on shares of Vertex in a report on Thursday, March 20th. Finally, Morgan Stanley dropped their price objective on shares of Vertex from $60.00 to $55.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $49.33.

Vertex Price Performance

Shares of NASDAQ VERX remained flat at $35.45 during midday trading on Wednesday. 754,460 shares of the company's stock were exchanged, compared to its average volume of 1,285,255. The company's 50 day moving average price is $37.26 and its 200-day moving average price is $41.58. The stock has a market capitalization of $5.62 billion, a PE ratio of -122.24, a P/E/G ratio of 4.34 and a beta of 0.71. Vertex has a 12-month low of $30.26 and a 12-month high of $60.71. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.67.

Vertex (NASDAQ:VERX - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.02. The business had revenue of $177.06 million for the quarter, compared to analyst estimates of $176.99 million. Vertex had a positive return on equity of 28.14% and a negative net margin of 6.45%. Vertex's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS. On average, equities research analysts anticipate that Vertex will post 0.38 EPS for the current year.

Insider Activity at Vertex

In related news, insider Jeffrey Westphal sold 3,000,000 shares of the business's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $38.45, for a total value of $115,350,000.00. Following the sale, the insider directly owned 7,895 shares in the company, valued at approximately $303,562.75. The trade was a 99.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Ryan J. Leib sold 5,755 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $38.00, for a total transaction of $218,690.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,520,170 shares of company stock worth $134,479,744. Company insiders own 43.25% of the company's stock.

Institutional Trading of Vertex

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC bought a new stake in shares of Vertex during the fourth quarter valued at about $38,000. Mark Sheptoff Financial Planning LLC bought a new stake in Vertex during the 4th quarter worth approximately $40,000. Versant Capital Management Inc bought a new stake in Vertex during the 1st quarter worth approximately $28,000. Fifth Third Bancorp increased its holdings in shares of Vertex by 31.0% in the second quarter. Fifth Third Bancorp now owns 1,467 shares of the company's stock worth $52,000 after purchasing an additional 347 shares during the period. Finally, Advisors Asset Management Inc. increased its holdings in shares of Vertex by 25.7% in the first quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company's stock worth $68,000 after purchasing an additional 395 shares during the period. 70.32% of the stock is currently owned by 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.