Vertex (NASDAQ:VERX) Stock Bumped Up to Buy by Wall Street Zen

Wall Street Zen upgraded shares of Vertex (NASDAQ:VERX) from a hold rating to a buy rating in a research note released on Sunday morning,Wall Street Zen reports.

A number of other research analysts have also weighed in on the company. Robert W. Baird reduced their price target on Vertex from $19.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 4th. Weiss Ratings upgraded Vertex from a “sell (e+)” rating to a “sell (d)” rating in a report on Wednesday, August 5th. BMO Capital Markets lifted their price objective on Vertex from $14.00 to $15.00 and gave the company a “market perform” rating in a research report on Tuesday, August 4th. DA Davidson lowered their price objective on Vertex from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Finally, Stephens dropped their target price on Vertex from $20.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Vertex currently has an average rating of “Hold” and a consensus target price of $17.50.

Vertex Stock Performance

NASDAQ:VERX opened at $13.37 on Friday. The firm has a 50 day simple moving average of $12.76 and a 200-day simple moving average of $12.57. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $2.17 billion, a PE ratio of 668.83 and a beta of 0.83. Vertex has a 1-year low of $10.21 and a 1-year high of $26.54.

Vertex (NASDAQ:VERX) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.01. Vertex had a net margin of 0.45% and a return on equity of 29.00%. The business had revenue of $203.97 million for the quarter, compared to the consensus estimate of $202.21 million. During the same quarter in the prior year, the firm posted $0.15 earnings per share. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. On average, equities analysts expect that Vertex will post 0.54 EPS for the current year.

Hedge Funds Weigh In On Vertex

A number of large investors have recently bought and sold shares of VERX. Whetstone Capital Advisors LLC purchased a new position in shares of Vertex in the 2nd quarter worth $1,563,000. Engineers Gate Manager LP boosted its holdings in Vertex by 152.3% in the second quarter. Engineers Gate Manager LP now owns 88,318 shares of the company’s stock valued at $1,014,000 after acquiring an additional 53,319 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Vertex during the second quarter valued at about $938,000. Allianz Asset Management GmbH purchased a new stake in Vertex during the second quarter valued at about $2,182,000. Finally, Corient Private Wealth LP purchased a new stake in Vertex during the second quarter valued at about $1,766,000. Hedge funds and other institutional investors own 70.32% of the company’s stock.

Vertex Company Profile

Vertex, Inc (NASDAQ:VERX) is a provider of tax technology solutions designed to help businesses manage transaction tax compliance. Its software supports the calculation, collection, reporting and remittance of taxes such as sales and use tax, value-added tax, goods and services tax, and communications tax.

The company offers cloud-based and enterprise tax solutions that integrate with accounting, enterprise resource planning, e-commerce and other business systems. Its products are designed to automate tax determination, tax returns and compliance workflows, manage tax data and support tax content across complex business operations.

Founded in 1978, Vertex is headquartered in King of Prussia, Pennsylvania, and serves organizations in the United States and international markets.