Vertex (NASDAQ:VERX) Price Target Raised to $36.00

Vertex (NASDAQ:VERX) had its target price hoisted by Citigroup from $32.00 to $36.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

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

Vertex Stock Up 0.7 %

NASDAQ:VERX opened at $36.05 on Friday. The stock’s fifty day moving average price is $32.59 and its two-hundred day moving average price is $29.38. Vertex has a 52-week low of $17.59 and a 52-week high of $36.36. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.60 and a current ratio of 0.60. The company has a market cap of $5.59 billion, a price-to-earnings ratio of 901.25, a P/E/G ratio of 18.35 and a beta of 0.68.

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

Insiders Place Their Bets

In other Vertex news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $32.93, for a total transaction of $49,395,000.00. Following the completion of the transaction, the insider now owns 2,554,641 shares in the company, valued at approximately $84,124,328.13. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 45.00% of the company’s stock.

Hedge Funds Weigh In On Vertex

A number of large investors have recently added to or reduced their stakes in the company. Cetera Advisors LLC bought a new position in shares of Vertex in the 1st quarter valued at about $239,000. Comerica Bank grew its holdings in shares of Vertex by 12.1% in the 1st quarter. Comerica Bank now owns 230,848 shares of the company’s stock valued at $7,332,000 after acquiring an additional 24,851 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Vertex by 6.3% in the 1st quarter. California State Teachers Retirement System now owns 46,115 shares of the company’s stock valued at $1,465,000 after acquiring an additional 2,719 shares in the last quarter. Bayesian Capital Management LP bought a new position in shares of Vertex in the 1st quarter valued at about $321,000. Finally, Silvercrest Asset Management Group LLC grew its holdings in shares of Vertex by 13.6% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 712,926 shares of the company’s stock valued at $22,643,000 after acquiring an additional 85,237 shares in the last quarter. Institutional investors own 59.10% of the company’s stock.

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.