Vertex (NASDAQ:VERX) Given New $34.00 Price Target at Bank of America

Vertex (NASDAQ:VERX) had its price objective lowered by Bank of America from $40.00 to $34.00 in a report released on Tuesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the stock. JMP Securities increased their price objective on shares of Vertex from $31.00 to $42.00 and gave the stock a market outperform rating in a research report on Friday, March 1st. The Goldman Sachs Group increased their price objective on shares of Vertex from $33.00 to $39.00 and gave the stock a buy rating in a research report on Friday, March 1st. Citigroup cut their price objective on shares of Vertex from $29.00 to $27.00 and set a neutral rating on the stock in a research report on Friday, January 12th. Jefferies Financial Group raised their price target on shares of Vertex from $27.00 to $35.00 and gave the company a hold rating in a research report on Friday, March 1st. Finally, Needham & Company LLC raised their price target on shares of Vertex from $35.00 to $45.00 and gave the company a buy rating in a research report on Friday, March 1st. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Vertex currently has an average rating of Moderate Buy and an average target price of $35.67.

Vertex Stock Performance

NASDAQ VERX opened at $27.94 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17. The stock has a fifty day simple moving average of $29.36 and a 200 day simple moving average of $26.95. Vertex has a twelve month low of $17.59 and a twelve month high of $35.38. The company has a market capitalization of $4.31 billion, a price-to-earnings ratio of -279.50, a PEG ratio of 7.37 and a beta of 0.62.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Thursday, February 29th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Vertex had a positive return on equity of 16.15% and a negative net margin of 2.29%. The firm had revenue of $154.91 million during the quarter, compared to the consensus estimate of $146.44 million. Sell-side analysts expect that Vertex will post 0.36 EPS for the current year.

Insider Transactions at Vertex

In other news, insider 2020 Irrevocable Trust For Ben sold 47,522 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $30.09, for a total transaction of $1,429,936.98. Following the completion of the sale, the insider now owns 81,361 shares in the company, valued at approximately $2,448,152.49. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Item Second Irr. Trust Fbo Ann sold 173,391 shares of Vertex stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $30.34, for a total value of $5,260,682.94. Following the completion of the transaction, the insider now directly owns 1,165,074 shares in the company, valued at approximately $35,348,345.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider 2020 Irrevocable Trust For Ben sold 47,522 shares of Vertex stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $30.09, for a total transaction of $1,429,936.98. Following the completion of the transaction, the insider now owns 81,361 shares of the company’s stock, valued at $2,448,152.49. The disclosure for this sale can be found here. Insiders sold a total of 1,161,048 shares of company stock worth $35,034,678 in the last quarter. Insiders own 45.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Arcadia Investment Management Corp MI grew its stake in Vertex by 22.4% in the 3rd quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock valued at $62,000 after buying an additional 488 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Vertex by 2.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 34,526 shares of the company’s stock valued at $798,000 after purchasing an additional 673 shares during the period. RiverPark Advisors LLC boosted its holdings in Vertex by 28.4% in the 4th quarter. RiverPark Advisors LLC now owns 3,319 shares of the company’s stock valued at $89,000 after purchasing an additional 735 shares during the period. Sterling Investment Advisors Ltd. boosted its holdings in Vertex by 2.6% in the 3rd quarter. Sterling Investment Advisors Ltd. now owns 33,067 shares of the company’s stock valued at $764,000 after purchasing an additional 852 shares during the period. Finally, Arizona State Retirement System boosted its holdings in Vertex by 15.2% in the 3rd quarter. Arizona State Retirement System now owns 13,802 shares of the company’s stock valued at $319,000 after purchasing an additional 1,822 shares during the period. 59.10% of the stock is currently owned by hedge funds and other institutional investors.

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.