Vertex (NASDAQ:VERX) Price Target Cut to $32.00

Vertex (NASDAQ:VERX - Free Report) had its target price cut by Citigroup from $34.00 to $32.00 in a research report released on Tuesday, Benzinga reports. They currently have a neutral rating on the stock.

VERX has been the topic of a number of other research reports. Needham & Company LLC upped their target price on shares of Vertex from $35.00 to $45.00 and gave the company a buy rating in a research note on Friday, March 1st. Bank of America cut their target price on shares of Vertex from $40.00 to $34.00 and set a neutral rating on the stock in a report on Tuesday. BMO Capital Markets raised their target price on shares of Vertex from $30.00 to $35.00 and gave the stock a market perform rating in a report on Friday, March 1st. Jefferies Financial Group raised their target price on shares of Vertex from $27.00 to $35.00 and gave the stock a hold rating in a report on Friday, March 1st. Finally, JMP Securities restated a market outperform rating and issued a $42.00 price target on shares of Vertex in a research note on Tuesday. Four equities research 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.com, the stock presently has an average rating of Moderate Buy and an average price target of $35.67.

Vertex Stock Down 7.0 %

Shares of Vertex stock traded down $2.10 during trading on Tuesday, reaching $27.94. The company had a trading volume of 4,315,945 shares, compared to its average volume of 572,537. The company has a market cap of $4.31 billion, a price-to-earnings ratio of -279.50, a price-to-earnings-growth ratio of 7.37 and a beta of 0.62. The firm's fifty day moving average is $29.36 and its 200-day moving average is $26.95. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.60 and a current ratio of 0.60. Vertex has a fifty-two week low of $17.59 and a fifty-two week high of $35.38.

Vertex (NASDAQ:VERX - Get Free Report) last issued its earnings results on Thursday, February 29th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.02. The business had revenue of $154.91 million for the quarter, compared to analyst estimates of $146.44 million. Vertex had a negative net margin of 2.29% and a positive return on equity of 16.15%. On average, analysts anticipate that Vertex will post 0.36 EPS for the current year.

Insider Activity at Vertex

In related news, major shareholder Jeffrey Westphal sold 791,133 shares of the firm's 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 transaction, the insider now owns 1,554,641 shares in the company, valued at $46,716,962.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Jeffrey Westphal sold 791,133 shares of the firm's 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 transaction, the insider now owns 1,554,641 shares in the company, valued at $46,716,962.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider 2020 Irrevocable Trust For Ben sold 30,692 shares of the firm's stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $30.22, for a total transaction of $927,512.24. The disclosure for this sale can be found here. Insiders have sold 1,161,048 shares of company stock worth $35,034,678 over the last quarter. 45.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Conestoga Capital Advisors LLC grew its position in Vertex by 19.0% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company's stock worth $76,311,000 after buying an additional 452,840 shares during the last quarter. Comerica Bank acquired a new position in Vertex in the 3rd quarter worth approximately $4,763,000. Invesco Ltd. boosted its stake in Vertex by 85.7% in the 3rd quarter. Invesco Ltd. now owns 425,192 shares of the company's stock worth $9,822,000 after purchasing an additional 196,169 shares during the period. Vanguard Group Inc. boosted its stake in Vertex by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,918,733 shares of the company's stock worth $113,623,000 after purchasing an additional 264,884 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Vertex by 1,195.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 222,675 shares of the company's stock worth $5,144,000 after purchasing an additional 205,489 shares during the period. Institutional investors and hedge funds own 59.10% of the company's stock.

Vertex Company Profile

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.