Vertex, Inc. (NASDAQ:VERX) Receives $55.36 Consensus PT from Brokerages

Shares of Vertex, Inc. (NASDAQ:VERX) have been given an average recommendation of “Moderate Buy” by the thirteen brokerages that are currently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $55.36.

VERX has been the topic of a number of research reports. Stifel Nicolaus lifted their price target on shares of Vertex from $52.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. JMP Securities reissued a “market outperform” rating and set a $61.00 price target on shares of Vertex in a report on Monday, December 9th. The Goldman Sachs Group raised their price target on Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Raymond James restated a “market perform” rating on shares of Vertex in a research note on Friday, January 3rd. Finally, DA Davidson initiated coverage on shares of Vertex in a research report on Tuesday, December 31st. They issued a “buy” rating and a $62.00 price target for the company.

Vertex Stock Down 1.4 %

Shares of NASDAQ:VERX opened at $56.02 on Tuesday. The company’s 50-day moving average price is $54.97 and its two-hundred day moving average price is $46.15. The firm has a market cap of $8.74 billion, a P/E ratio of 311.22, a P/E/G ratio of 8.49 and a beta of 0.78. Vertex has a 12 month low of $24.17 and a 12 month high of $60.71. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29.

Insider Buying and Selling

In other news, major shareholder Item Second Irr. Trust Fbo Kyl sold 40,966 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $52.16, for a total transaction of $2,136,786.56. Following the sale, the insider now directly owns 1,389,134 shares in the company, valued at $72,457,229.44. This trade represents a 2.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Destefano sold 159,107 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $49.61, for a total transaction of $7,893,298.27. Following the completion of the transaction, the chief executive officer now directly owns 332,290 shares in the company, valued at $16,484,906.90. This represents a 32.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,111,932 shares of company stock worth $59,005,301 in the last 90 days. 44.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Vertex

Several large investors have recently bought and sold shares of the stock. Brown Capital Management LLC acquired a new position in shares of Vertex in the third quarter valued at approximately $20,938,000. Principal Financial Group Inc. increased its stake in shares of Vertex by 1,100.4% during the 4th quarter. Principal Financial Group Inc. now owns 572,245 shares of the company’s stock valued at $30,530,000 after acquiring an additional 524,572 shares during the last quarter. Premier Fund Managers Ltd grew its position in Vertex by 787.0% during the third quarter. Premier Fund Managers Ltd now owns 524,775 shares of the company’s stock valued at $19,280,000 after acquiring an additional 465,610 shares during the period. abrdn plc raised its stake in shares of Vertex by 74.9% in the 4th quarter. abrdn plc now owns 1,029,177 shares of the company’s stock valued at $55,035,000 after acquiring an additional 440,832 shares during the period. Finally, Geneva Capital Management LLC lifted its position in Vertex by 40.1% during the 3rd quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company’s stock worth $55,863,000 after acquiring an additional 414,945 shares in the last quarter. Hedge funds and other institutional investors own 70.32% of the company’s stock.

Vertex Company Profile

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.