Vertex (NASDAQ:VERX) Hits New 12-Month High - Here's What Happened

Vertex, Inc. (NASDAQ:VERX - Get Free Report)'s share price reached a new 52-week high on Monday . The stock traded as high as $44.29 and last traded at $44.29, with a volume of 2031 shares changing hands. The stock had previously closed at $42.17.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group raised shares of Vertex from a "hold" rating to a "buy" rating and increased their price objective for the stock from $35.00 to $50.00 in a research report on Monday. Baird R W raised Vertex to a "strong-buy" rating in a research report on Tuesday, July 23rd. JMP Securities lifted their target price on Vertex from $42.00 to $47.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 31st. Finally, Robert W. Baird began coverage on Vertex in a research report on Tuesday, July 23rd. They set an "outperform" rating and a $43.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $38.80.

Vertex Stock Up 0.1 %

The company has a debt-to-equity ratio of 1.43, a current ratio of 1.17 and a quick ratio of 1.17. The firm's 50 day moving average is $39.16 and its two-hundred day moving average is $36.05. The firm has a market capitalization of $6.57 billion, a P/E ratio of 351.42, a PEG ratio of 11.86 and a beta of 0.67.

Vertex (NASDAQ:VERX - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. Vertex had a net margin of 3.20% and a return on equity of 22.32%. The company had revenue of $161.10 million for the quarter, compared to analyst estimates of $160.66 million. During the same period in the previous year, the business earned $0.04 EPS. Vertex's revenue for the quarter was up 15.3% compared to the same quarter last year. Research analysts predict that Vertex, Inc. will post 0.34 EPS for the current year.

Insider Activity

In related news, major shareholder Jeffrey Westphal sold 1,225,000 shares of the business's stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $39.42, for a total transaction of $48,289,500.00. Following the transaction, the insider now directly owns 7,895 shares of the company's stock, valued at approximately $311,220.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director John Richard Stamm sold 16,000 shares of Vertex stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $35.95, for a total transaction of $575,200.00. Following the completion of the sale, the director now directly owns 21,635 shares of the company's stock, valued at approximately $777,778.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Jeffrey Westphal sold 1,225,000 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $39.42, for a total value of $48,289,500.00. Following the transaction, the insider now owns 7,895 shares in the company, valued at $311,220.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,629,244 shares of company stock valued at $64,039,589 over the last three months. Insiders own 44.58% of the company's stock.

Institutional Trading of Vertex

Several hedge funds and other institutional investors have recently bought and sold shares of VERX. Blue Trust Inc. bought a new position in shares of Vertex during the second quarter worth approximately $28,000. Quest Partners LLC bought a new position in Vertex during the 2nd quarter worth $37,000. Canada Pension Plan Investment Board acquired a new position in Vertex in the 2nd quarter valued at $40,000. Amalgamated Bank bought a new stake in shares of Vertex during the 2nd quarter valued at $68,000. Finally, Sandia Investment Management LP acquired a new stake in shares of Vertex during the 1st quarter worth $159,000. 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.