Brokerages Set Vertex, Inc. (NASDAQ:VERX) PT at $50.50

Vertex, Inc. (NASDAQ:VERX - Get Free Report) has been assigned an average rating of "Moderate Buy" from the fourteen ratings firms that are covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $50.50.

VERX has been the topic of several analyst reports. DA Davidson dropped their price target 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. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price target on shares of Vertex in a research note on Thursday, March 20th. BNP Paribas initiated coverage on shares of Vertex in a research report on Tuesday, April 22nd. They issued an "outperform" rating and a $54.00 target price for the company. Morgan Stanley dropped their target price on shares of Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Piper Sandler assumed coverage on shares of Vertex in a research report on Monday, June 16th. They issued an "overweight" rating and a $48.00 target price for the company.

Vertex Trading Up 2.0%

Shares of VERX traded up $0.70 during mid-day trading on Friday, reaching $36.15. The company had a trading volume of 1,729,169 shares, compared to its average volume of 1,047,690. The stock has a market cap of $5.73 billion, a price-to-earnings ratio of -124.65, a price-to-earnings-growth ratio of 4.40 and a beta of 0.71. The firm has a fifty day simple moving average of $37.76 and a 200-day simple moving average of $42.28. Vertex has a fifty-two week low of $30.26 and a fifty-two week 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 posted its earnings results on Wednesday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate 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 negative net margin of 6.45% and a positive return on equity of 28.14%. The business's quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.15 EPS. On average, sell-side analysts anticipate that Vertex will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling at Vertex

In related news, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $35.24, for a total transaction of $508,337.00. Following the completion of the sale, the insider directly owned 173,074 shares of the company's stock, valued at $6,099,127.76. This represents a 7.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Destefano sold 109,415 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $37.70, for a total transaction of $4,124,945.50. Following the sale, the chief executive officer directly owned 1,066,587 shares of the company's stock, valued at approximately $40,210,329.90. This represents a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,520,170 shares of company stock valued at $134,479,744 in the last ninety days. Company insiders own 43.25% of the company's stock.

Institutional Investors Weigh In On Vertex

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Vertex by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 6,858,981 shares of the company's stock valued at $365,927,000 after acquiring an additional 137,666 shares in the last quarter. Neuberger Berman Group LLC increased its stake in Vertex by 1.5% in the 4th quarter. Neuberger Berman Group LLC now owns 3,527,604 shares of the company's stock valued at $188,198,000 after buying an additional 53,829 shares during the period. Conestoga Capital Advisors LLC increased its stake in Vertex by 30.3% in the 1st quarter. Conestoga Capital Advisors LLC now owns 2,947,740 shares of the company's stock valued at $103,200,000 after buying an additional 686,145 shares during the period. FMR LLC increased its stake in Vertex by 25.4% in the 4th quarter. FMR LLC now owns 2,868,438 shares of the company's stock valued at $153,031,000 after buying an additional 580,664 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its stake in Vertex by 63.0% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,429,416 shares of the company's stock valued at $85,054,000 after buying an additional 939,031 shares during the period. 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.