Vertex (NASDAQ:VERX) Rating Reiterated by JMP Securities

Vertex (NASDAQ:VERX)‘s stock had its “market outperform” rating reiterated by JMP Securities in a report issued on Tuesday, Benzinga reports. They currently have a $42.00 target price on the stock. JMP Securities’ target price would suggest a potential upside of 49.95% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. Bank of America reduced their price target on shares of Vertex from $40.00 to $34.00 and set a “neutral” rating on the stock in a report on Tuesday. Jefferies Financial Group boosted 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 reduced their target price on shares of Vertex from $29.00 to $27.00 and set a “neutral” rating on the stock in a report on Friday, January 12th. BMO Capital Markets boosted 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. Finally, Needham & Company LLC boosted their target price on shares of Vertex from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Vertex currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.11.

Vertex Price Performance

NASDAQ VERX traded down $2.03 on Tuesday, reaching $28.01. The company had a trading volume of 1,307,253 shares, compared to its average volume of 529,662. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $4.32 billion, a PE ratio of -281.80, a price-to-earnings-growth ratio of 7.37 and a beta of 0.62. The firm’s 50 day moving average price is $29.36 and its 200 day moving average price is $26.95. Vertex has a 12 month low of $17.59 and a 12 month high of $35.38.

Vertex (NASDAQ:VERX) last announced its quarterly 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 company had revenue of $154.91 million for the quarter, compared to the consensus estimate of $146.44 million. Vertex had a negative net margin of 2.29% and a positive return on equity of 16.15%. As a group, equities analysts predict that Vertex will post 0.36 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Jeffrey Westphal sold 791,133 shares of Vertex stock in a transaction dated 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 completion of the transaction, the insider now directly owns 1,554,641 shares of the company’s stock, valued at approximately $46,716,962.05. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Vertex news, major shareholder Jeffrey Westphal sold 791,133 shares of the business’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $30.05, for a total value of $23,773,546.65. Following the completion of the sale, the insider now directly owns 1,554,641 shares of the company’s stock, valued at approximately $46,716,962.05. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider 2020 Irrevocable Trust For Ben sold 30,692 shares of the business’s stock in a transaction dated 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. In the last ninety days, insiders sold 1,161,048 shares of company stock valued at $35,034,678. Company insiders own 45.00% of the company’s stock.

Institutional Investors Weigh In On Vertex

Large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new stake in Vertex in the 3rd quarter valued at about $49,000. RiverPark Advisors LLC purchased a new stake in Vertex in the 3rd quarter valued at about $60,000. Arcadia Investment Management Corp MI boosted its position in Vertex by 22.4% in the 3rd quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock valued at $62,000 after buying an additional 488 shares during the period. Tower Research Capital LLC TRC purchased a new stake in shares of Vertex in the 4th quarter worth approximately $72,000. Finally, Raymond James & Associates purchased a new stake in shares of Vertex in the 3rd quarter worth approximately $224,000. 59.10% of the stock is owned by hedge funds and other institutional investors.

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.