Vertex (NASDAQ:VERX) Stock Price Expected to Rise, Piper Sandler Analyst Says

Vertex (NASDAQ:VERX) had its price objective lifted by stock analysts at Piper Sandler from $16.00 to $20.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler‘s price objective points to a potential upside of 17.10% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Robert W. Baird dropped 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 raised shares of Vertex from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. Wall Street Zen upgraded shares of Vertex from a “hold” rating to a “buy” rating in a report on Sunday, October 18th. BMO Capital Markets increased their price objective on shares of Vertex from $14.00 to $15.00 and gave the company a “market perform” rating in a research report on Tuesday, August 4th. Finally, DA Davidson cut their target price on shares of Vertex from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, August 4th. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Vertex has a consensus rating of “Hold” and an average target price of $18.79.

Vertex Stock Performance

NASDAQ:VERX traded down $0.51 during mid-day trading on Thursday, hitting $17.08. The stock had a trading volume of 1,635,907 shares, compared to its average volume of 1,294,428. Vertex has a twelve month low of $10.21 and a twelve month high of $20.85. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of -58.90 and a beta of 0.77. The company’s 50 day simple moving average is $13.41 and its 200 day simple moving average is $13.28. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.87 and a current ratio of 0.87.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $213.28 million during the quarter, compared to analysts’ expectations of $209.72 million. Vertex had a return on equity of 29.00% and a net margin of 0.45%. Vertex’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the company posted $0.17 earnings per share. On average, equities research analysts forecast that Vertex will post 0.58 earnings per share for the current year.

Institutional Trading of Vertex

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Vertex in the 1st quarter valued at about $37,796,000. Gagnon Securities LLC raised its position in shares of Vertex by 37.3% in the third quarter. Gagnon Securities LLC now owns 1,045,187 shares of the company’s stock valued at $12,312,000 after buying an additional 284,161 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Vertex by 1,906.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 935,668 shares of the company’s stock valued at $11,125,000 after buying an additional 889,042 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Vertex by 8.1% in the first quarter. Renaissance Technologies LLC now owns 290,500 shares of the company’s stock valued at $3,454,000 after buying an additional 21,700 shares during the period. Finally, North Star Asset Management Inc. acquired a new stake in Vertex during the second quarter worth approximately $2,899,000. Institutional investors and hedge funds own 70.32% of the company’s stock.

Key Vertex News

Here are the key news stories impacting Vertex this week:

• Positive Sentiment: Vertex earned $0.26 per share, topping the $0.22 consensus estimate and improving on $0.17 a year earlier. Revenue of $213.28 million also beat estimates of $209.72 million and increased 11% year over year. Vertex Q3 results and guidance
• Positive Sentiment: Needham raised its price target from $20 to $30 and maintained a Buy rating, signaling increased optimism about the shares. Needham price-target update
• Positive Sentiment: Piper Sandler lifted its target from $16 to $20, although it kept a Neutral rating. Piper Sandler recommendations
• Negative Sentiment: A Seeking Alpha analysis downgraded Vertex and advised investors to lock in gains after the rebound, presenting a counterpoint to the bullish target revisions. Vertex Software: Lock In Gains On This Rebound

Vertex Company Profile

Vertex, Inc is a tax technology company that provides software and services to help businesses manage tax determination, compliance and reporting. Its solutions are designed to support complex transaction tax requirements across sales and use tax, value-added tax, goods and services tax, communications tax, and other indirect taxes.

The company’s offerings include cloud-based and enterprise tax software, tax calculation engines, compliance and returns management tools, tax data management, and related professional services.