Vertex, Inc. (NASDAQ:VERX) Receives $21.50 Consensus PT from Analysts

Posted by Defense World Staff on Jun 18th, 2023

Shares of Vertex, Inc. (NASDAQ:VERX – Get Rating) have been given a consensus recommendation of “Hold” by the ten research firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $21.33.

A number of analysts recently weighed in on VERX shares. BMO Capital Markets upped their target price on shares of Vertex from $21.00 to $23.00 in a research note on Thursday, May 11th. The Goldman Sachs Group upped their target price on shares of Vertex from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, March 9th. JMP Securities restated a “market outperform” rating and set a $28.00 target price on shares of Vertex in a research note on Thursday, March 9th. Needham & Company LLC upped their target price on shares of Vertex from $19.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, March 9th. Finally, Bank of America lowered shares of Vertex from a “neutral” rating to an “underperform” rating in a research note on Friday, May 26th.

Insider Transactions at Vertex

In other news, insider Item Second Irr. Trust Fbo Ann sold 10,533 shares of the firm’s stock in a transaction that occurred on Wednesday, March 22nd. The shares were sold at an average price of $18.23, for a total transaction of $192,016.59. Following the transaction, the insider now directly owns 300,000 shares in the company, valued at $5,469,000. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Tensile Capital Management Lp sold 44,313 shares of the stock in a transaction on Wednesday, April 19th. The stock was sold at an average price of $22.61, for a total transaction of $1,001,916.93. Following the completion of the sale, the insider now directly owns 5,925,945 shares of the company’s stock, valued at $133,985,616.45. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Item Second Irr. Trust Fbo Ann sold 10,533 shares of the stock in a transaction on Wednesday, March 22nd. The stock was sold at an average price of $18.23, for a total value of $192,016.59. Following the sale, the insider now directly owns 300,000 shares of the company’s stock, valued at $5,469,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 198,982 shares of company stock worth $4,158,459. Insiders own 45.00% of the company’s stock.

Institutional Investors Weigh In On Vertex

Several hedge funds have recently modified their holdings of the stock. Tensile Capital Management LP lifted its holdings in shares of Vertex by 624.8% during the third quarter. Tensile Capital Management LP now owns 5,220,258 shares of the company’s stock worth $71,361,000 after purchasing an additional 4,500,000 shares during the period. Neuberger Berman Group LLC lifted its holdings in shares of Vertex by 7.8% during the fourth quarter. Neuberger Berman Group LLC now owns 3,914,467 shares of the company’s stock worth $56,799,000 after purchasing an additional 281,617 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Vertex by 25.9% during the third quarter. Vanguard Group Inc. now owns 3,494,699 shares of the company’s stock worth $47,772,000 after purchasing an additional 717,947 shares during the period. Conestoga Capital Advisors LLC lifted its holdings in shares of Vertex by 0.8% during the first quarter. Conestoga Capital Advisors LLC now owns 2,906,921 shares of the company’s stock worth $60,144,000 after purchasing an additional 24,132 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Vertex by 1.0% during the fourth quarter. JPMorgan Chase & Co. now owns 2,569,098 shares of the company’s stock worth $37,277,000 after purchasing an additional 24,892 shares during the period. 21.53% of the stock is owned by institutional investors and hedge funds.

Vertex Stock Up 1.9 %

Shares of VERX opened at $20.55 on Thursday. The stock has a market capitalization of $3.11 billion, a PE ratio of -97.85, a P/E/G ratio of 10.26 and a beta of 0.59. Vertex has a 1 year low of $9.62 and a 1 year high of $23.77. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.55 and a current ratio of 0.55. The company’s 50-day simple moving average is $21.37 and its 200-day simple moving average is $17.70.

Vertex (NASDAQ:VERX – Get Rating) last released its earnings results on Wednesday, May 10th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). Vertex had a positive return on equity of 12.20% and a negative net margin of 5.91%. The firm had revenue of $132.75 million for the quarter, compared to analysts’ expectations of $131.68 million. Analysts forecast that Vertex will post 0.18 earnings per share for the current fiscal year.

Vertex Company Profile

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Vertex, Inc provides tax technology solutions for corporations in retail, communication, leasing, and manufacturing industries in the United States and internationally. It offers tax determination, compliance and reporting, tax data management, document management, pre-built integration, and industry-specific solutions.