Vertex (NASDAQ:VERX) Price Target Lowered to $34.00 at Bank of America

Vertex (NASDAQ:VERX) had its price target cut by Bank of America from $40.00 to $34.00 in a report published on Tuesday, Benzinga reports. They currently have a neutral rating on the stock.

VERX has been the subject of several other research reports. The Goldman Sachs Group boosted their price target on shares of Vertex from $33.00 to $39.00 and gave the stock a buy rating in a report on Friday, March 1st. Needham & Company LLC upped 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. BMO Capital Markets upped 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. Jefferies Financial Group upped their target price on shares of Vertex from $27.00 to $35.00 and gave the company a hold rating in a report on Friday, March 1st. Finally, JMP Securities upped their target price on shares of Vertex from $31.00 to $42.00 and gave the company a market outperform rating in a report on Friday, March 1st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $35.67.

Vertex Trading Up 0.4 %

NASDAQ VERX opened at $29.53 on Tuesday. 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. The stock has a market capitalization of $4.56 billion, a PE ratio of -295.30, a price-to-earnings-growth ratio of 7.45 and a beta of 0.62. The firm has a 50 day moving average of $29.54 and a two-hundred day moving average of $27.01.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Thursday, February 29th. The company reported $0.09 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $146.44 million. As a group, research analysts expect that Vertex will post 0.36 EPS for the current fiscal year.

Insider Activity at Vertex

In related news, CAO Lisa Butler sold 8,290 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $29.63, for a total value of $245,632.70. Following the completion of the sale, the chief accounting officer now owns 250 shares in the company, valued at approximately $7,407.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Lisa Butler sold 8,290 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $29.63, for a total value of $245,632.70. Following the completion of the sale, the chief accounting officer now owns 250 shares in the company, valued at approximately $7,407.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John Richard Stamm sold 6,500 shares of the company’s stock in a transaction 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 approximately $469,616.40. The disclosure for this sale can be found here. Insiders sold a total of 1,161,048 shares of company stock worth $35,034,678 in the last 90 days. 45.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Vertex

Large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in Vertex during the 3rd quarter worth $49,000. RiverPark Advisors LLC purchased a new position in Vertex during the 3rd quarter worth $60,000. Arcadia Investment Management Corp MI raised its position in Vertex by 22.4% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock worth $62,000 after buying an additional 488 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in Vertex during the 4th quarter worth $72,000. Finally, F M Investments LLC acquired a new position in shares of Vertex during the 1st quarter worth $209,000. Hedge funds and other institutional investors own 59.10% of the company’s stock.

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.