Vertex, Inc. (NASDAQ:VERX – Get Free Report)’s stock price gapped down prior to trading on Tuesday after Citigroup lowered their price target on the stock from $34.00 to $32.00. The stock had previously closed at $30.04, but opened at $27.99. Citigroup currently has a neutral rating on the stock. Vertex shares last traded at $28.00, with a volume of 839,358 shares changing hands.
Several other equities analysts have also weighed in on VERX. JMP Securities reissued a “market outperform” rating and issued a $42.00 target price on shares of Vertex in a research note on Tuesday. Needham & Company LLC raised their price target on Vertex from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Bank of America dropped their price target on Vertex from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Tuesday. The Goldman Sachs Group raised their price target on Vertex from $33.00 to $39.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Finally, BMO Capital Markets raised their price target on Vertex from $30.00 to $35.00 and gave the stock a “market perform” rating in a research report on Friday, March 1st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.67.
Insider Buying and Selling
In related news, major shareholder Jeffrey Westphal sold 791,133 shares of the stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $30.05, for a total transaction of $23,773,546.65. Following the completion of the transaction, the insider now directly owns 1,554,641 shares in the company, valued at $46,716,962.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Vertex news, CAO Lisa Butler sold 8,290 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $29.63, for a total value of $245,632.70. Following the completion of the transaction, the chief accounting officer now directly owns 250 shares in the company, valued at $7,407.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Jeffrey Westphal sold 791,133 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $30.05, for a total value of $23,773,546.65. Following the completion of the transaction, the insider now owns 1,554,641 shares of the company’s stock, valued at $46,716,962.05. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,161,048 shares of company stock worth $35,034,678. 45.00% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of VERX. Allspring Global Investments Holdings LLC bought a new position in Vertex in the third quarter valued at approximately $49,000. RiverPark Advisors LLC bought a new position in shares of Vertex during the 3rd quarter worth approximately $60,000. Arcadia Investment Management Corp MI boosted its stake in shares of Vertex by 22.4% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock worth $62,000 after acquiring an additional 488 shares during the period. Tower Research Capital LLC TRC bought a new position in shares of Vertex during the 4th quarter worth approximately $72,000. Finally, F M Investments LLC bought a new position in shares of Vertex during the 1st quarter worth approximately $209,000. 59.10% of the stock is currently owned by institutional investors.
Vertex Price Performance
The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.17. The company has a 50 day moving average price of $29.36 and a 200 day moving average price of $26.95. The company has a market capitalization of $4.31 billion, a P/E ratio of -279.50, a P/E/G ratio of 7.37 and a beta of 0.62.
Vertex (NASDAQ:VERX – Get Free Report) last issued its earnings results on Thursday, February 29th. The company reported $0.09 EPS for the quarter, topping the consensus estimate 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 company had revenue of $154.91 million during the quarter, compared to the consensus estimate of $146.44 million. On average, equities analysts predict that Vertex, Inc. will post 0.36 EPS for the current fiscal year.
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.