Vertex (NASDAQ:VERX – Free Report) had its price objective increased by Citigroup from $46.00 to $54.00 in a research report released on Monday,Benzinga reports. They currently have a neutral rating on the stock.
Other analysts have also recently issued research reports about the company. JMP Securities reissued a “market outperform” rating and set a $61.00 price objective on shares of Vertex in a report on Monday, December 9th. Robert W. Baird upped their price target on Vertex from $43.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their price objective on shares of Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley upped their target price on shares of Vertex from $50.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Jefferies Financial Group upgraded shares of Vertex from a “hold” rating to a “buy” rating and increased their target price for the stock from $35.00 to $50.00 in a research note on Monday, November 4th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.10.
View Our Latest Stock Analysis on Vertex
Vertex Price Performance
Vertex (NASDAQ:VERX – Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.14 by $0.02. Vertex had a net margin of 4.73% and a return on equity of 24.92%. The company had revenue of $170.40 million during the quarter, compared to the consensus estimate of $165.70 million. During the same period last year, the firm earned $0.06 EPS. Vertex’s revenue for the quarter was up 17.5% on a year-over-year basis. Equities analysts expect that Vertex will post 0.38 EPS for the current year.
Insiders Place Their Bets
In other Vertex news, insider Jeffrey Westphal sold 575,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $53.01, for a total transaction of $30,480,750.00. Following the sale, the insider now owns 7,895 shares in the company, valued at $418,513.95. This trade represents a 98.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Item Second Irr. Trust Fbo Kyl sold 13,346 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $55.13, for a total value of $735,764.98. Following the completion of the transaction, the insider now owns 1,344,754 shares of the company’s stock, valued at $74,136,288.02. The trade was a 0.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,007,563 shares of company stock valued at $235,917,246 in the last quarter. Corporate insiders own 44.58% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of VERX. Blue Trust Inc. purchased a new stake in shares of Vertex in the 2nd quarter valued at $28,000. Quest Partners LLC bought a new stake in Vertex in the second quarter worth $37,000. Advisors Asset Management Inc. boosted its position in Vertex by 126.2% during the third quarter. Advisors Asset Management Inc. now owns 968 shares of the company’s stock valued at $37,000 after buying an additional 540 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of Vertex during the second quarter valued at about $40,000. Finally, Amalgamated Bank bought a new position in shares of Vertex during the second quarter valued at about $68,000. 70.32% of the stock is currently owned by institutional investors.
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.
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