JMP Securities Reaffirms “Market Outperform” Rating for Vertex (NASDAQ:VERX)

JMP Securities reaffirmed their market outperform rating on shares of Vertex (NASDAQ:VERX) in a report released on Tuesday, Benzinga reports. JMP Securities currently has a $42.00 price objective on the stock.

VERX has been the topic of several other reports. The Goldman Sachs Group lifted their price target on shares of Vertex from $33.00 to $39.00 and gave the company a buy rating in a research note on Friday, March 1st. Bank of America decreased their price objective on shares of Vertex from $40.00 to $34.00 and set a neutral rating for the company in a research report on Tuesday. Jefferies Financial Group lifted their price objective on shares of Vertex from $27.00 to $35.00 and gave the company a hold rating in a research report on Friday, March 1st. BMO Capital Markets lifted their price objective on shares of Vertex from $30.00 to $35.00 and gave the company a market perform rating in a research report on Friday, March 1st. Finally, Citigroup decreased their price objective on shares of Vertex from $29.00 to $27.00 and set a neutral rating for the company in a research report on Friday, January 12th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $35.67.

Vertex Trading Up 1.7 %

Shares of NASDAQ:VERX opened at $29.41 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17. Vertex has a 12 month low of $17.59 and a 12 month high of $35.38. The company’s fifty day simple moving average is $29.47 and its 200 day simple moving average is $27.00. The firm has a market cap of $4.54 billion, a price-to-earnings ratio of -294.10, a PEG ratio of 7.20 and a beta of 0.62.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Thursday, February 29th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.02. Vertex had a negative net margin of 2.29% and a positive return on equity of 16.15%. The firm had revenue of $154.91 million for the quarter, compared to analyst estimates of $146.44 million. As a group, research analysts forecast that Vertex will post 0.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of Vertex stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $33.62, for a total transaction of $894,594.58. Following the completion of the sale, the insider now owns 1,338,465 shares of the company’s stock, valued at approximately $44,999,193.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Vertex news, Director John Richard Stamm sold 6,500 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $29.48, for a total value of $191,620.00. Following the completion of the sale, the director now owns 15,930 shares of the company’s stock, valued at approximately $469,616.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $33.62, for a total transaction of $894,594.58. Following the completion of the sale, the insider now directly owns 1,338,465 shares of the company’s stock, valued at approximately $44,999,193.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,161,048 shares of company stock valued at $35,034,678. Company insiders own 45.00% of the company’s stock.

Institutional Trading of Vertex

A number of institutional investors have recently bought and sold shares of the business. Arcadia Investment Management Corp MI boosted its holdings in Vertex by 22.4% in the 3rd quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock valued at $62,000 after purchasing an additional 488 shares during the period. Bank of New York Mellon Corp raised its position in shares of Vertex by 2.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 34,526 shares of the company’s stock valued at $798,000 after buying an additional 673 shares in the last quarter. RiverPark Advisors LLC raised its position in shares of Vertex by 28.4% in the 4th quarter. RiverPark Advisors LLC now owns 3,319 shares of the company’s stock valued at $89,000 after buying an additional 735 shares in the last quarter. Sterling Investment Advisors Ltd. raised its position in shares of Vertex by 2.6% in the 3rd quarter. Sterling Investment Advisors Ltd. now owns 33,067 shares of the company’s stock valued at $764,000 after buying an additional 852 shares in the last quarter. Finally, Arizona State Retirement System raised its position in shares of Vertex by 15.2% in the 3rd quarter. Arizona State Retirement System now owns 13,802 shares of the company’s stock valued at $319,000 after buying an additional 1,822 shares in the last quarter. Institutional investors own 59.10% 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.