Vertex (NASDAQ:VERX) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Vertex (NASDAQ:VERX - Free Report) had its price objective increased by The Goldman Sachs Group from $42.00 to $59.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently commented on VERX. JMP Securities boosted their price target on shares of Vertex from $42.00 to $47.00 and gave the stock a "market outperform" rating in a research note on Wednesday, July 31st. Baird R W upgraded Vertex to a "strong-buy" rating in a report on Tuesday, July 23rd. Robert W. Baird assumed coverage on Vertex in a research note on Tuesday, July 23rd. They issued an "outperform" rating and a $43.00 price objective for the company. Jefferies Financial Group raised Vertex from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $35.00 to $50.00 in a research report on Monday. Finally, Needham & Company LLC raised their target price on shares of Vertex from $45.00 to $60.00 and gave the company a "buy" rating in a report on Thursday. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.27.

Vertex Trading Up 3.2 %

Vertex stock traded up $1.57 during midday trading on Thursday, reaching $51.33. 1,943,342 shares of the stock traded hands, compared to its average volume of 770,598. The firm has a market cap of $7.98 billion, a PE ratio of 427.75, a price-to-earnings-growth ratio of 12.07 and a beta of 0.67. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 1.43. The company has a 50-day simple moving average of $39.88 and a two-hundred day simple moving average of $36.45. Vertex has a 12-month low of $22.31 and a 12-month high of $51.95.

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

Insider Buying and Selling at Vertex

In other news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the business's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $37.27, for a total value of $5,922,203.00. Following the completion of the sale, the insider now directly owns 1,430,100 shares of the company's stock, valued at approximately $53,299,827. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director John Richard Stamm sold 16,000 shares of the stock in a transaction dated Thursday, August 22nd. The shares were 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 owns 21,635 shares in the company, valued at approximately $777,778.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the business's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $37.27, for a total value of $5,922,203.00. Following the completion of the transaction, the insider now owns 1,430,100 shares in the company, valued at $53,299,827. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,629,244 shares of company stock worth $64,039,589 over the last 90 days. Corporate insiders own 44.58% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of VERX. Blue Trust Inc. acquired a new stake in shares of Vertex during the second quarter worth $28,000. Quest Partners LLC purchased a new position in Vertex during the 2nd quarter worth $37,000. Canada Pension Plan Investment Board acquired a new stake in shares of Vertex in the 2nd quarter worth $40,000. Amalgamated Bank acquired a new stake in shares of Vertex in the 2nd quarter worth $68,000. Finally, KBC Group NV boosted its holdings in shares of Vertex by 46.1% in the third quarter. KBC Group NV now owns 2,099 shares of the company's stock valued at $81,000 after acquiring an additional 662 shares in the last quarter. 59.10% of the stock is currently owned by hedge funds and other institutional investors.

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.