Vertex (NASDAQ:VERX) Price Target Raised to $57.00

Vertex (NASDAQ:VERX - Get Free Report) had its price target upped by Robert W. Baird from $43.00 to $57.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's price target suggests a potential upside of 10.70% from the company's previous close.

A number of other research analysts have also commented on VERX. BMO Capital Markets boosted their price target on shares of Vertex from $42.00 to $52.00 and gave the company a "market perform" rating in a research report on Thursday. The Goldman Sachs Group raised their price target on Vertex from $42.00 to $59.00 and gave the stock a "buy" rating in a research report on Thursday. Needham & Company LLC upped their price target on Vertex from $45.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday. Baird R W upgraded shares of Vertex to a "strong-buy" rating in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group upgraded shares of Vertex from a "hold" rating to a "buy" rating and boosted their target price for the company from $35.00 to $50.00 in a report on Monday. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Vertex currently has an average rating of "Moderate Buy" and an average price target of $46.80.

Vertex Stock Performance

NASDAQ:VERX traded up $1.73 on Thursday, reaching $51.49. 1,220,958 shares of the company's stock were exchanged, compared to its average volume of 767,254. The firm has a market cap of $8.01 billion, a price-to-earnings ratio of 427.00, a P/E/G ratio of 12.07 and a beta of 0.67. 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 stock has a fifty day simple moving average of $39.61 and a 200-day simple moving average of $36.35. Vertex has a 52 week low of $22.31 and a 52 week high of $51.95.

Vertex (NASDAQ:VERX - Get Free Report) last issued its earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.13 by $0.02. The business had revenue of $161.10 million for the quarter, compared to analysts' expectations 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 in the previous year, the firm posted $0.04 EPS. As a group, sell-side analysts predict that Vertex will post 0.34 earnings per share for the current year.

Insider Buying and Selling at Vertex

In other Vertex news, CFO John R. Schwab sold 25,000 shares of the business's stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $35.81, for a total transaction of $895,250.00. Following the completion of the sale, the chief financial officer now owns 53,104 shares of the company's stock, valued at approximately $1,901,654.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the company's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $37.27, for a total transaction of $5,922,203.00. Following the sale, the insider now directly owns 1,430,100 shares in the company, valued at approximately $53,299,827. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John R. Schwab sold 25,000 shares of Vertex stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $35.81, for a total transaction of $895,250.00. Following the transaction, the chief financial officer now directly owns 53,104 shares of the company's stock, valued at $1,901,654.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,629,244 shares of company stock worth $64,039,589. Insiders own 44.58% of the company's stock.

Institutional Trading of Vertex

Several institutional investors and hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Vertex by 13.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,036 shares of the company's stock valued at $2,161,000 after purchasing an additional 8,309 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Vertex during the 1st quarter valued at about $166,000. Oppenheimer Asset Management Inc. lifted its holdings in Vertex by 1.2% in the first quarter. Oppenheimer Asset Management Inc. now owns 51,624 shares of the company's stock valued at $1,640,000 after acquiring an additional 589 shares during the period. TimesSquare Capital Management LLC boosted its holdings in Vertex by 2.3% during the first quarter. TimesSquare Capital Management LLC now owns 1,386,848 shares of the company's stock worth $44,046,000 after buying an additional 30,523 shares in the last quarter. Finally, Swiss National Bank increased its stake in shares of Vertex by 5.4% in the 1st quarter. Swiss National Bank now owns 101,200 shares of the company's stock valued at $3,214,000 after purchasing an additional 5,200 shares in the last quarter. 59.10% of the stock is currently owned by 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.

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