Vertex (NASDAQ:VERX) Stock Rating Reaffirmed by Needham & Company LLC

Vertex (NASDAQ:VERX)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a note issued to investors on Monday, Benzinga reports. They currently have a $45.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 49.25% from the company’s previous close.

Several other research firms have also weighed in on VERX. The Goldman Sachs Group boosted their target price on shares of Vertex from $33.00 to $39.00 and gave the company a “buy” rating in a research note on Friday, March 1st. BMO Capital Markets upped their target price on Vertex from $30.00 to $35.00 and gave the company a “market perform” rating in a report on Friday, March 1st. Citigroup cut their price target on Vertex from $34.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. JMP Securities reaffirmed a “market outperform” rating and issued a $42.00 target price on shares of Vertex in a research report on Tuesday, April 23rd. Finally, Bank of America reduced their price target on shares of Vertex from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.67.

Vertex Trading Down 0.5 %

VERX opened at $30.15 on Monday. The stock has a market capitalization of $4.65 billion, a PE ratio of -301.50, a P/E/G ratio of 7.54 and a beta of 0.65. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.60. Vertex has a 12-month low of $17.59 and a 12-month high of $35.38. The firm’s fifty day moving average price is $30.26 and its 200 day moving average price is $27.39.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Thursday, February 29th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $154.91 million during the quarter, compared to the consensus estimate of $146.44 million. As a group, research analysts expect that Vertex will post 0.36 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Jeffrey Westphal sold 791,133 shares of the stock in a transaction on Friday, April 5th. The stock was sold at an average price of $30.05, for a total transaction of $23,773,546.65. Following the completion of the sale, the insider now owns 1,554,641 shares in the company, valued at approximately $46,716,962.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Vertex news, Director John Richard Stamm sold 6,500 shares of Vertex 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 transaction, the director now directly owns 15,930 shares in the company, valued at approximately $469,616.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Jeffrey Westphal sold 791,133 shares of the stock in a transaction on 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 owns 1,554,641 shares of the company’s stock, valued at approximately $46,716,962.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,161,048 shares of company stock worth $35,034,678. Corporate insiders own 45.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Legacy Advisors LLC grew its stake in Vertex by 1,517.0% during the 4th quarter. Legacy Advisors LLC now owns 3,244,871 shares of the company’s stock valued at $87,417,000 after acquiring an additional 3,044,193 shares in the last quarter. Vanguard Group Inc. increased its stake in Vertex by 13.0% in the 4th quarter. Vanguard Group Inc. now owns 5,555,808 shares of the company’s stock valued at $149,673,000 after buying an additional 637,075 shares during the period. Conestoga Capital Advisors LLC boosted its stake in shares of Vertex by 19.0% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company’s stock valued at $76,311,000 after buying an additional 452,840 shares during the period. Fred Alger Management LLC grew its holdings in shares of Vertex by 9.5% during the 3rd quarter. Fred Alger Management LLC now owns 4,651,701 shares of the company’s stock valued at $107,454,000 after acquiring an additional 404,550 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Vertex during the 1st quarter valued at $12,043,000. 59.10% of the stock is owned by institutional investors and hedge funds.

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.