FY2024 Earnings Forecast for Vertex Issued By DA Davidson

Vertex, Inc. (NASDAQ:VERX) – Equities researchers at DA Davidson issued their FY2024 earnings per share (EPS) estimates for Vertex in a report released on Tuesday, December 31st. DA Davidson analyst W. Jellison anticipates that the company will earn $0.38 per share for the year. DA Davidson currently has a “Buy” rating and a $62.00 target price on the stock. The consensus estimate for Vertex’s current full-year earnings is $0.38 per share. DA Davidson also issued estimates for Vertex’s Q4 2024 earnings at $0.09 EPS and FY2025 earnings at $0.49 EPS.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.16 earnings per share (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 for the quarter, compared to the consensus estimate of $165.70 million. During the same period last year, the firm posted $0.06 EPS. Vertex’s revenue for the quarter was up 17.5% on a year-over-year basis.

Other equities analysts have also issued reports about the stock. Needham & Company LLC lifted their price objective on shares of Vertex from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Citigroup lifted their target price on shares of Vertex from $46.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Robert W. Baird increased their price target on shares of Vertex from $43.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. BMO Capital Markets raised their price objective on shares of Vertex from $42.00 to $52.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group increased their target price on Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Vertex presently has an average rating of “Moderate Buy” and an average target price of $55.36.

Vertex Stock Performance

Shares of VERX stock opened at $53.20 on Friday. The stock has a market capitalization of $8.30 billion, a PE ratio of 295.56, a price-to-earnings-growth ratio of 9.83 and a beta of 0.77. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29. The stock’s 50-day moving average price is $51.45 and its 200 day moving average price is $42.37. Vertex has a 52-week low of $23.31 and a 52-week high of $57.74.

Institutional Investors Weigh In On Vertex

Hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. grew its holdings in Vertex by 406.9% in the third quarter. Victory Capital Management Inc. now owns 34,386 shares of the company’s stock valued at $1,324,000 after purchasing an additional 27,602 shares during the period. Driehaus Capital Management LLC acquired a new position in shares of Vertex in the 2nd quarter valued at $22,173,000. DRW Securities LLC purchased a new stake in shares of Vertex during the 3rd quarter valued at $840,000. Charles Schwab Investment Management Inc. grew its stake in shares of Vertex by 5.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 432,068 shares of the company’s stock valued at $16,639,000 after buying an additional 23,086 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Vertex by 10.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company’s stock worth $8,940,000 after buying an additional 22,514 shares during the last quarter. Hedge funds and other institutional investors own 70.32% of the company’s stock.

Insider Buying and Selling at Vertex

In other Vertex news, CEO David Destefano sold 159,107 shares of Vertex stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $49.61, for a total value of $7,893,298.27. Following the completion of the sale, the chief executive officer now directly owns 332,290 shares of the company’s stock, valued at approximately $16,484,906.90. The trade was a 32.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey Westphal sold 575,000 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $53.01, for a total value of $30,480,750.00. Following the transaction, the insider now directly owns 7,895 shares in the company, valued at approximately $418,513.95. This represents a 98.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,782,563 shares of company stock valued at $187,627,746. Insiders own 44.58% 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.