Vertex (NASDAQ:VERX) Stock Rating Upgraded by Baird R W

Vertex (NASDAQ:VERX) was upgraded by analysts at Baird R W to a “strong-buy” rating in a report issued on Tuesday, Zacks.com reports.

VERX has been the subject of a number of other reports. Needham & Company LLC reissued a “buy” rating and issued a $45.00 price objective on shares of Vertex in a research report on Thursday, June 13th. Robert W. Baird initiated coverage on shares of Vertex in a research note on Tuesday. They set an “outperform” rating and a $43.00 price objective on the stock. Bank of America dropped their price target on shares of Vertex from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Citigroup raised their price target on shares of Vertex from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Finally, JMP Securities reiterated a “market outperform” rating and set a $42.00 price objective on shares of Vertex in a research note on Tuesday, April 23rd. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.80.

Vertex Trading Down 5.7 %

VERX stock opened at $37.73 on Tuesday. The company has a market cap of $5.85 billion, a price-to-earnings ratio of 960.00, a PEG ratio of 19.55 and a beta of 0.69. 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 business has a fifty day simple moving average of $34.97 and a 200-day simple moving average of $30.60. Vertex has a 52 week low of $17.59 and a 52 week high of $40.04.

Vertex (NASDAQ:VERX) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). Vertex had a return on equity of 18.67% and a net margin of 1.29%. The business had revenue of $156.78 million for the quarter, compared to analysts’ expectations of $155.50 million. On average, equities research analysts expect that Vertex will post 0.19 EPS for the current year.

Insider Buying and Selling at Vertex

In other news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $32.93, for a total transaction of $49,395,000.00. Following the completion of the sale, the insider now owns 2,554,641 shares in the company, valued at approximately $84,124,328.13. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 45.00% of the company’s stock.

Institutional Trading of Vertex

Several hedge funds have recently added to or reduced their stakes in VERX. Legacy Advisors LLC raised its holdings in Vertex by 1,517.0% in the 4th quarter. Legacy Advisors LLC now owns 3,244,871 shares of the company’s stock valued at $87,417,000 after acquiring an additional 3,044,193 shares in the last quarter. Pembroke Management LTD raised its holdings in Vertex by 255.3% in the 1st quarter. Pembroke Management LTD now owns 927,129 shares of the company’s stock valued at $29,446,000 after acquiring an additional 666,223 shares in the last quarter. Vanguard Group Inc. raised its holdings in Vertex by 13.0% in the 4th quarter. Vanguard Group Inc. now owns 5,555,808 shares of the company’s stock valued at $149,673,000 after acquiring an additional 637,075 shares in the last quarter. Conestoga Capital Advisors LLC raised its holdings in Vertex by 19.0% in the 4th quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company’s stock valued at $76,311,000 after acquiring an additional 452,840 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Vertex in the 1st quarter valued at approximately $12,043,000. Institutional investors own 59.10% 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.