Brokerages Set Vertex, Inc. (NASDAQ:VERX) Target Price at $30.45

Vertex, Inc. (NASDAQ:VERX) has been assigned an average rating of “Hold” from the twelve ratings firms that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $30.45.

Several brokerages recently weighed in on VERX. The Goldman Sachs Group cut shares of Vertex from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $24.00 to $18.00 in a research report on Thursday, June 3rd. Morgan Stanley decreased their price target on shares of Vertex from $18.00 to $16.00 and set an “underweight” rating for the company in a research note on Friday, May 14th.

In other Vertex news, CAO Lisa Butler sold 84,000 shares of the business’s stock in a transaction dated Wednesday, June 9th. The shares were sold at an average price of $18.82, for a total value of $1,580,880.00. Following the completion of the transaction, the chief accounting officer now directly owns 13,249 shares in the company, valued at $249,346.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric C. Andersen sold 21,317 shares of the business’s stock in a transaction on Monday, June 7th. The stock was sold at an average price of $18.35, for a total value of $391,166.95. Following the transaction, the director now owns 88,494 shares in the company, valued at $1,623,864.90. The disclosure for this sale can be found here. Company insiders own 67.26% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Citigroup Inc. raised its position in Vertex by 141.7% during the first quarter. Citigroup Inc. now owns 1,566 shares of the company’s stock valued at $34,000 after acquiring an additional 918 shares in the last quarter. US Bancorp DE boosted its holdings in Vertex by 2.2% during the first quarter. US Bancorp DE now owns 46,307 shares of the company’s stock worth $1,017,000 after buying an additional 999 shares in the last quarter. Select Equity Group L.P. grew its position in Vertex by 11.9% during the fourth quarter. Select Equity Group L.P. now owns 17,642 shares of the company’s stock valued at $615,000 after buying an additional 1,872 shares during the period. First Horizon Advisors Inc. purchased a new position in Vertex in the first quarter valued at $41,000. Finally, CIBC Private Wealth Group LLC raised its position in shares of Vertex by 24.9% in the first quarter. CIBC Private Wealth Group LLC now owns 14,220 shares of the company’s stock worth $313,000 after acquiring an additional 2,835 shares during the period. 17.51% of the stock is currently owned by hedge funds and other institutional investors.

Shares of VERX stock traded down $0.07 during trading hours on Thursday, hitting $19.08. The stock had a trading volume of 2,258 shares, compared to its average volume of 167,888. Vertex has a one year low of $16.06 and a one year high of $39.71. The business has a 50-day simple moving average of $19.59.

Vertex (NASDAQ:VERX) last released its quarterly earnings results on Thursday, May 13th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.02. The business had revenue of $98.20 million during the quarter, compared to analysts’ expectations of $95.55 million. Vertex had a negative return on equity of 64.84% and a negative net margin of 12.40%. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. As a group, research analysts forecast that Vertex will post 0.15 EPS for the current fiscal year.

Vertex Company Profile

Vertex, Inc provides tax technology solutions for corporations in retail, communication, leasing, and manufacturing industries in the United States and internationally. It offers tax determination, compliance and reporting, tax data management, document management, pre-built integration, and industry-specific solutions.

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Analyst Recommendations for Vertex (NASDAQ:VERX)

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