Vertex, Inc. (NASDAQ:VERX) Receives Consensus Rating of “Hold” from Analysts

Posted by Defense World Staff on Aug 29th, 2023

Vertex, Inc. (NASDAQ:VERX – Get Free Report) has received an average recommendation of “Hold” from the nine research firms that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $21.78.

A number of research firms recently commented on VERX. Bank of America downgraded Vertex from a “neutral” rating to an “underperform” rating in a research report on Friday, May 26th. Raymond James upped their target price on Vertex from $22.00 to $24.00 in a research note on Thursday, May 11th. BMO Capital Markets cut their target price on Vertex from $23.00 to $22.00 and set a “market perform” rating on the stock in a research note on Thursday, August 10th. Citigroup cut their target price on Vertex from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, August 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of Vertex in a research note on Thursday, August 10th.

View Our Latest Research Report on Vertex

Vertex Price Performance

NASDAQ:VERX opened at $22.20 on Tuesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $3.38 billion, a P/E ratio of -100.90, a P/E/G ratio of 9.97 and a beta of 0.52. Vertex has a 12 month low of $11.92 and a 12 month high of $23.77. The business’s 50-day moving average is $19.68 and its 200 day moving average is $19.63.

Insiders Place Their Bets

In other Vertex news, CEO David Destefano sold 100,000 shares of the stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $20.43, for a total transaction of $2,043,000.00. Following the sale, the chief executive officer now directly owns 259,074 shares of the company’s stock, valued at approximately $5,292,881.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Lisa Butler sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $20.89, for a total transaction of $208,900.00. Following the sale, the chief accounting officer now directly owns 250 shares in the company, valued at approximately $5,222.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David Destefano sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $20.43, for a total value of $2,043,000.00. Following the sale, the chief executive officer now owns 259,074 shares in the company, valued at $5,292,881.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,713,971 shares of company stock valued at $32,150,292. Company insiders own 45.00% of the company’s stock.

Institutional Investors Weigh In On Vertex

A number of institutional investors have recently modified their holdings of the business. Swiss National Bank lifted its stake in Vertex by 9.6% in the 1st quarter. Swiss National Bank now owns 67,500 shares of the company’s stock valued at $1,035,000 after buying an additional 5,900 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Vertex by 7.3% in the 1st quarter. Bank of New York Mellon Corp now owns 45,735 shares of the company’s stock valued at $701,000 after buying an additional 3,103 shares in the last quarter. US Bancorp DE lifted its stake in Vertex by 547.0% in the 1st quarter. US Bancorp DE now owns 6,910 shares of the company’s stock valued at $106,000 after buying an additional 5,842 shares in the last quarter. Natixis Advisors L.P. purchased a new position in Vertex in the 1st quarter valued at about $267,000. Finally, Dimensional Fund Advisors LP lifted its stake in Vertex by 267.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 77,060 shares of the company’s stock valued at $1,182,000 after buying an additional 56,090 shares in the last quarter. 28.31% of the stock is currently owned by institutional investors and hedge funds.

About Vertex

(Get Free Report

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.