Vertex (NASDAQ:VERX) PT Raised to $36.00 at Citigroup

Vertex (NASDAQ:VERX) had its target price lifted by Citigroup from $32.00 to $36.00 in a research note published on Friday morning, Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other research firms also recently weighed in on VERX. Jefferies Financial Group lifted their target price on Vertex from $27.00 to $35.00 and gave the company a hold rating in a research report on Friday, March 1st. BMO Capital Markets lifted their price objective on Vertex from $30.00 to $35.00 and gave the company a market perform rating in a research note on Friday, March 1st. The Goldman Sachs Group lifted their price objective on Vertex from $33.00 to $39.00 and gave the company a buy rating in a research note on Friday, March 1st. Bank of America decreased their target price on Vertex from $40.00 to $34.00 and set a neutral rating for the company in a research note on Tuesday, April 23rd. Finally, Needham & Company LLC restated a buy rating and set a $45.00 target price on shares of Vertex in a research note on Thursday, June 13th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Vertex presently has an average rating of Moderate Buy and a consensus price target of $36.11.

Vertex Stock Performance

NASDAQ VERX opened at $36.05 on Friday. The company has a market cap of $5.59 billion, a P/E ratio of 901.25, a P/E/G ratio of 18.22 and a beta of 0.68. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.60. The stock has a 50-day moving average of $32.59 and a two-hundred day moving average of $29.36. Vertex has a 1-year low of $17.59 and a 1-year high of $36.36.

Vertex (NASDAQ:VERX) last released its earnings results on Wednesday, May 8th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.01). The firm had revenue of $156.78 million during the quarter, compared to analyst estimates of $155.50 million. Vertex had a net margin of 1.29% and a return on equity of 18.67%. As a group, analysts anticipate that Vertex will post 0.19 EPS for the current year.

Insider Buying and Selling at Vertex

In other Vertex news, major shareholder Jeffrey Westphal sold 791,133 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was 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 in the company, valued at $46,716,962.05. The sale was disclosed in a document filed with the SEC, which is available through this link. 45.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC acquired a new position in shares of Vertex in the fourth quarter valued at approximately $72,000. RiverPark Advisors LLC increased its holdings in shares of Vertex by 28.4% in the fourth quarter. RiverPark Advisors LLC now owns 3,319 shares of the company’s stock valued at $89,000 after purchasing an additional 735 shares during the period. Sandia Investment Management LP acquired a new position in shares of Vertex in the first quarter valued at approximately $159,000. SG Americas Securities LLC acquired a new position in Vertex during the first quarter worth $166,000. Finally, Lazard Asset Management LLC acquired a new position in Vertex during the first quarter worth $192,000. Institutional investors and hedge funds own 59.10% of the company’s stock.

About Vertex

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.