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

Vertex (NASDAQ:VERX) had its price objective reduced by analysts at Citigroup from $34.00 to $32.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 10.69% from the stock’s previous close.

A number of other research firms have also issued reports on VERX. The Goldman Sachs Group raised their price target on shares of Vertex from $33.00 to $39.00 and gave the stock a “buy” rating in a research report 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 for the company in a report on Tuesday. Needham & Company LLC lifted their target price on shares of Vertex from $35.00 to $45.00 and gave the company a “buy” rating in a report on Friday, March 1st. JMP Securities reaffirmed a “market outperform” rating and set a $42.00 target price on shares of Vertex in a report on Tuesday. Finally, BMO Capital Markets lifted their target price on shares of Vertex from $30.00 to $35.00 and gave the company a “market perform” rating in a report on Friday, March 1st. 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, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.67.

Vertex Stock Up 3.5 %

VERX stock opened at $28.91 on Tuesday. The firm has a 50 day moving average of $29.42 and a 200 day moving average of $26.98. The stock has a market capitalization of $4.46 billion, a PE ratio of -289.10, a price-to-earnings-growth ratio of 7.74 and a beta of 0.62. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17. Vertex has a 52 week low of $17.59 and a 52 week high of $35.38.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Thursday, February 29th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Vertex had a negative net margin of 2.29% and a positive return on equity of 16.15%. The company had revenue of $154.91 million during the quarter, compared to analyst estimates of $146.44 million. Sell-side analysts forecast that Vertex will post 0.36 earnings per share for the current year.

Insider Buying and Selling

In related news, insider 2020 Irrevocable Trust For Ben sold 47,522 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $30.09, for a total value of $1,429,936.98. Following the completion of the sale, the insider now owns 81,361 shares of the company’s stock, valued at approximately $2,448,152.49. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Vertex news, insider 2020 Irrevocable Trust For Ben sold 47,522 shares of Vertex stock in a transaction on Monday, March 25th. The shares were sold at an average price of $30.09, for a total transaction of $1,429,936.98. Following the sale, the insider now owns 81,361 shares of the company’s stock, valued at approximately $2,448,152.49. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John Richard Stamm sold 6,500 shares of Vertex stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $29.48, for a total transaction of $191,620.00. Following the sale, the director now directly owns 15,930 shares in the company, valued at approximately $469,616.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,161,048 shares of company stock valued at $35,034,678. 45.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Vertex

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new stake in Vertex during the 3rd quarter worth $49,000. RiverPark Advisors LLC acquired a new stake in Vertex during the 3rd quarter worth $60,000. Arcadia Investment Management Corp MI boosted its position in shares of Vertex by 22.4% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock valued at $62,000 after acquiring an additional 488 shares during the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of Vertex during the 4th quarter valued at about $72,000. Finally, F M Investments LLC acquired a new position in shares of Vertex during the 1st quarter valued at about $209,000. Institutional investors and hedge funds own 59.10% 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.