Vertex, Inc. (NASDAQ:VERX) Receives $30.45 Consensus Target Price from Brokerages

Vertex, Inc. (NASDAQ:VERX) has been given a consensus recommendation of “Hold” by the twelve research firms that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, two have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $30.45.

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group lowered shares of Vertex from a “neutral” rating to a “sell” rating and cut their price target for the stock from $24.00 to $18.00 in a report on Thursday, June 3rd. Morgan Stanley lowered their price objective on Vertex from $18.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, May 14th.

In other news, Director Eric C. Andersen sold 21,317 shares of the business’s stock in a transaction that occurred 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 approximately $1,623,864.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Lisa Butler sold 84,000 shares of the stock in a transaction that occurred on 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 sale, the chief accounting officer now directly owns 13,249 shares of the company’s stock, valued at $249,346.18. The disclosure for this sale can be found here. Corporate insiders own 67.26% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of VERX. Citigroup Inc. grew its stake 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 stake in Vertex by 2.2% during the first quarter. US Bancorp DE now owns 46,307 shares of the company’s stock valued at $1,017,000 after buying an additional 999 shares during the period. Select Equity Group L.P. boosted its stake 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 during the first quarter worth about $41,000. Finally, CIBC Private Wealth Group LLC increased its stake in Vertex by 24.9% in the 1st 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 last quarter. 17.51% of the stock is currently owned by hedge funds and other institutional investors.

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

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Thursday, May 13th. The company reported $0.07 earnings per share (EPS) 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 firm’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, sell-side analysts predict that Vertex will post 0.15 EPS for the current year.

About Vertex

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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