Vertex (NASDAQ:VERX) Price Target Cut to $34.00 by Analysts at Bank of America

Vertex (NASDAQ:VERX) had its price objective lowered by Bank of America from $40.00 to $34.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price objective suggests a potential upside of 13.18% from the stock’s current price.

Several other research firms have also issued reports on VERX. Jefferies Financial Group increased 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. Citigroup decreased their price objective on shares of Vertex from $29.00 to $27.00 and set a “neutral” rating on the stock in a research report on Friday, January 12th. JMP Securities increased their price target on Vertex from $31.00 to $42.00 and gave the stock a “market outperform” rating in a research note on Friday, March 1st. Needham & Company LLC boosted their price objective on Vertex from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Finally, BMO Capital Markets upped their price objective on Vertex from $30.00 to $35.00 and gave the stock a “market perform” rating in a research note on Friday, March 1st. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.11.

Vertex Stock Up 5.0 %

VERX opened at $30.04 on Tuesday. The firm’s 50 day simple moving average is $29.36 and its two-hundred day simple moving average is $26.95. The company has a market capitalization of $4.64 billion, a PE ratio of -300.40, a PEG ratio of 7.37 and a beta of 0.62. Vertex has a 1-year low of $17.59 and a 1-year high of $35.38. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.17.

Vertex (NASDAQ:VERX) last released its earnings results on Thursday, February 29th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02. Vertex had a positive return on equity of 16.15% and a negative net margin of 2.29%. The company had revenue of $154.91 million for the quarter, compared to the consensus estimate of $146.44 million. As a group, equities analysts forecast that Vertex will post 0.36 EPS for the current year.

Insider Activity

In related news, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $33.62, for a total value of $894,594.58. Following the completion of the sale, the insider now directly owns 1,338,465 shares in the company, valued at $44,999,193.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $33.62, for a total transaction of $894,594.58. Following the completion of the transaction, the insider now owns 1,338,465 shares in the company, valued at approximately $44,999,193.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Richard Stamm sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $29.48, for a total transaction of $191,620.00. Following the completion of the sale, the director now owns 15,930 shares of the company’s stock, valued at $469,616.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,161,048 shares of company stock valued at $35,034,678. 45.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Vertex

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VERX. Arcadia Investment Management Corp MI increased its holdings in shares of Vertex by 22.4% during the third 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 in the last quarter. Bank of New York Mellon Corp increased its stake in Vertex by 2.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 34,526 shares of the company’s stock valued at $798,000 after purchasing an additional 673 shares in the last quarter. RiverPark Advisors LLC raised its holdings in shares of Vertex by 28.4% in the fourth quarter. RiverPark Advisors LLC now owns 3,319 shares of the company’s stock worth $89,000 after buying an additional 735 shares during the last quarter. Sterling Investment Advisors Ltd. lifted its stake in shares of Vertex by 2.6% during the third quarter. Sterling Investment Advisors Ltd. now owns 33,067 shares of the company’s stock worth $764,000 after buying an additional 852 shares during the period. Finally, Arizona State Retirement System lifted its stake in shares of Vertex by 15.2% during the third quarter. Arizona State Retirement System now owns 13,802 shares of the company’s stock worth $319,000 after buying an additional 1,822 shares during the period. 59.10% of the stock is currently owned by hedge funds and other 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.