Vertex (NASDAQ:VERX) Hits New 52-Week High - What's Next?

Vertex, Inc. (NASDAQ:VERX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $60.71 and last traded at $58.96, with a volume of 105158 shares traded. The stock had previously closed at $58.16.

Analysts Set New Price Targets

A number of analysts have recently weighed in on VERX shares. JMP Securities reaffirmed a "market outperform" rating and issued a $61.00 target price on shares of Vertex in a research report on Monday, December 9th. Morgan Stanley lifted their target price on shares of Vertex from $50.00 to $62.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. DA Davidson initiated coverage on Vertex in a research note on Tuesday, December 31st. They issued a "buy" rating and a $62.00 price target on the stock. Citigroup boosted their target price on Vertex from $46.00 to $54.00 and gave the stock a "neutral" rating in a report on Monday, December 16th. Finally, Needham & Company LLC raised their price target on Vertex from $45.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Vertex has a consensus rating of "Moderate Buy" and an average price target of $55.36.

Vertex Price Performance

The firm has a fifty day moving average of $54.94 and a 200 day moving average of $46.02. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $8.74 billion, a P/E ratio of 311.22, a P/E/G ratio of 8.49 and a beta of 0.78.

Insider Transactions at Vertex

In other Vertex news, major shareholder Item Second Irr. Trust Fbo Kyl sold 53,843 shares of the firm's stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $56.48, for a total value of $3,041,052.64. Following the transaction, the insider now directly owns 1,229,257 shares of the company's stock, valued at approximately $69,428,435.36. This trade represents a 4.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Bryan T.R. Rowland sold 3,020 shares of the business's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $55.08, for a total value of $166,341.60. The disclosure for this sale can be found here. Insiders sold 1,111,932 shares of company stock worth $59,005,301 over the last three months. 44.58% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Vertex

Institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. increased its holdings in Vertex by 406.9% during the third quarter. Victory Capital Management Inc. now owns 34,386 shares of the company's stock valued at $1,324,000 after buying an additional 27,602 shares during the last quarter. DRW Securities LLC purchased a new stake in shares of Vertex in the 3rd quarter worth $840,000. Charles Schwab Investment Management Inc. raised its holdings in Vertex by 5.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 432,068 shares of the company's stock worth $16,639,000 after purchasing an additional 23,086 shares during the period. Geode Capital Management LLC lifted its position in Vertex by 3.0% during the third quarter. Geode Capital Management LLC now owns 1,275,283 shares of the company's stock valued at $49,121,000 after purchasing an additional 37,592 shares in the last quarter. Finally, Brown Capital Management LLC bought a new stake in Vertex during the third quarter valued at about $20,938,000. Institutional investors own 70.32% 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.