Vertex (NASDAQ:VERX – Get Free Report) had its price target cut by equities research analysts at BMO Capital Markets from $23.00 to $22.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “market perform” rating on the stock. BMO Capital Markets’ price target would suggest a potential upside of 15.49% from the company’s previous close.
A number of other research firms also recently commented on VERX. Bank of America downgraded shares of Vertex from a “neutral” rating to an “underperform” rating in a report on Friday, May 26th. Citigroup lowered their price objective on shares of Vertex from $23.00 to $22.00 and set a “neutral” rating on the stock in a research report on Friday, July 21st. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Vertex in a research report on Thursday. Jefferies Financial Group boosted their target price on shares of Vertex from $18.00 to $20.00 in a research report on Wednesday, May 10th. Finally, Raymond James boosted their price objective on shares of Vertex from $22.00 to $24.00 in a research note on Thursday, May 11th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $21.78.
Check Out Our Latest Research Report on VERX
Vertex Stock Down 0.9 %
Vertex (NASDAQ:VERX – Get Free Report) last released its earnings results on Wednesday, May 10th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). Vertex had a positive return on equity of 12.72% and a negative net margin of 5.94%. The business had revenue of $132.75 million during the quarter, compared to the consensus estimate of $131.68 million. On average, analysts forecast that Vertex will post 0.18 earnings per share for the current fiscal year.
Insider Transactions at Vertex
In related news, major shareholder Jeffery Westphal sold 800,000 shares of the stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $18.26, for a total transaction of $14,608,000.00. Following the completion of the sale, the insider now owns 6,509,379 shares in the company, valued at approximately $118,861,260.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Jeffery Westphal sold 800,000 shares of the stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $18.26, for a total transaction of $14,608,000.00. Following the completion of the sale, the insider now owns 6,509,379 shares in the company, valued at approximately $118,861,260.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Lisa Butler sold 10,000 shares of the firm’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $18.71, for a total transaction of $187,100.00. Following the completion of the sale, the chief accounting officer now owns 250 shares of the company’s stock, valued at approximately $4,677.50. The disclosure for this sale can be found here. In the last three months, insiders sold 1,738,850 shares of company stock valued at $32,639,332. Company insiders own 45.00% of the company’s stock.
Institutional Investors Weigh In On Vertex
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Palisade Capital Management LP boosted its stake in Vertex by 2.3% during the 1st quarter. Palisade Capital Management LP now owns 1,080,300 shares of the company’s stock worth $22,351,000 after acquiring an additional 24,481 shares during the last quarter. Arcadia Investment Management Corp MI lifted its stake in Vertex by 196.2% in the first quarter. Arcadia Investment Management Corp MI now owns 3,898 shares of the company’s stock valued at $81,000 after buying an additional 2,582 shares in the last quarter. TimesSquare Capital Management LLC lifted its stake in Vertex by 6.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,740,955 shares of the company’s stock valued at $25,261,000 after buying an additional 108,770 shares in the last quarter. Conestoga Capital Advisors LLC lifted its stake in Vertex by 0.8% in the first quarter. Conestoga Capital Advisors LLC now owns 2,906,921 shares of the company’s stock valued at $60,144,000 after buying an additional 24,132 shares in the last quarter. Finally, Meridian Wealth Partners LLC bought a new position in Vertex in the first quarter valued at approximately $2,395,000. Institutional investors and hedge funds own 25.16% of the company’s stock.
Vertex Company Profile
Vertex, Inc provides tax technology solutions for retail, communication, leasing, retail trade, wholesale trade, technology, and manufacturing industries in the United States and internationally. It offers tax determination, compliance and reporting, tax data management, document management, analytics and insights, pre-built integration, and industry-specific solutions.
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