Vertex (NASDAQ:VERX) Coverage Initiated by Analysts at Stephens

Key Points

• Analysts at Stephens have initiated coverage on Vertex (NASDAQ:VERX) with an "overweight" rating and a price target of $30.00, indicating a potential upside of 21.90% from its previous close.
• Vertex has received a variety of ratings from other analysts, including a $43.00 target from Goldman Sachs and a strong-buy rating by Citigroup, contributing to an average price target of $42.71.
• The company reported $0.15 earnings per share for the last quarter, slightly beating analysts' expectations, while achieving a 14.6% year-over-year revenue growth.

Research analysts at Stephens began coverage on shares of Vertex (NASDAQ:VERX - Get Free Report) in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage set an "overweight" rating and a $30.00 price target on the stock. Stephens' target price indicates a potential upside of 21.90% from the company's previous close.

VERX has been the subject of several other reports. The Goldman Sachs Group set a $43.00 target price on Vertex and gave the company a "buy" rating in a research note on Thursday, August 7th. DA Davidson downgraded shares of Vertex from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. JMP Securities set a $50.00 price target on shares of Vertex and gave the stock a "market outperform" rating in a research report on Thursday, August 7th. Citigroup raised shares of Vertex from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Finally, Piper Sandler initiated coverage on Vertex in a report on Monday, June 16th. They set an "overweight" rating and a $48.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $42.71.

Vertex Stock Performance

NASDAQ:VERX opened at $24.61 on Friday. The firm has a 50 day simple moving average of $27.56 and a 200-day simple moving average of $33.86. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $3.92 billion, a PE ratio of -74.57, a P/E/G ratio of 5.16 and a beta of 0.67. Vertex has a 1-year low of $23.13 and a 1-year high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.01. The business had revenue of $184.56 million during the quarter, compared to analyst estimates of $184.60 million. Vertex had a negative net margin of 7.09% and a positive return on equity of 27.16%. The company's revenue was up 14.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.15 earnings per share. On average, equities analysts expect that Vertex will post 0.38 EPS for the current year.

Institutional Investors Weigh In On Vertex

A number of large investors have recently added to or reduced their stakes in VERX. Fifth Third Bancorp boosted its holdings in shares of Vertex by 31.0% during the second quarter. Fifth Third Bancorp now owns 1,467 shares of the company's stock valued at $52,000 after acquiring an additional 347 shares during the period. Advisors Asset Management Inc. boosted its position in shares of Vertex by 25.7% during the first quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company's stock worth $68,000 after buying an additional 395 shares during the period. Blue Trust Inc. boosted its position in shares of Vertex by 44.4% during the second quarter. Blue Trust Inc. now owns 1,664 shares of the company's stock worth $59,000 after buying an additional 512 shares during the period. Strategic Advocates LLC boosted its position in shares of Vertex by 9.6% during the second quarter. Strategic Advocates LLC now owns 6,464 shares of the company's stock worth $228,000 after buying an additional 565 shares during the period. Finally, Teacher Retirement System of Texas boosted its position in shares of Vertex by 6.5% during the second quarter. Teacher Retirement System of Texas now owns 10,310 shares of the company's stock worth $364,000 after buying an additional 630 shares during the period. 70.32% of the stock is owned by institutional investors and hedge funds.

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.

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