Vertex (NASDAQ:VERX) Research Coverage Started at Stephens

Stephens began coverage on shares of Vertex (NASDAQ:VERX) in a research report report published on Friday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $30.00 price target on the stock.

Several other brokerages have also weighed in on VERX. Bank of America decreased their price objective on Vertex from $42.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 8th. Piper Sandler began coverage on Vertex in a report on Monday, June 16th. They issued an “overweight” rating and a $48.00 price objective for the company. JMP Securities set a $50.00 target price on Vertex and gave the company a “market outperform” rating in a report on Thursday, August 7th. DA Davidson lowered Vertex from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 7th. Finally, Citigroup raised Vertex from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.71.

Vertex Trading Up 1.5%

NASDAQ VERX opened at $24.97 on Friday. The stock has a market capitalization of $3.98 billion, a price-to-earnings ratio of -75.66, a PEG ratio of 5.18 and a beta of 0.68. Vertex has a one year low of $23.13 and a one year high of $60.71. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.99 and a quick ratio of 0.99. The business’s fifty day moving average is $27.36 and its 200-day moving average is $33.81.

Vertex (NASDAQ:VERX) last released its earnings results on Wednesday, August 6th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Vertex had a positive return on equity of 27.16% and a negative net margin of 7.09%.The company had revenue of $184.56 million for the quarter, compared to analysts’ expectations of $184.60 million. During the same period in the previous year, the business posted $0.15 EPS. The business’s revenue for the quarter was up 14.6% compared to the same quarter last year. Equities research analysts predict that Vertex will post 0.38 EPS for the current year.

Institutional Trading of Vertex

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. boosted its stake in Vertex by 108.8% in the second quarter. Osaic Holdings Inc. now owns 5,781 shares of the company’s stock worth $204,000 after buying an additional 3,012 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Vertex by 39.1% in the second quarter. CANADA LIFE ASSURANCE Co now owns 7,311 shares of the company’s stock worth $259,000 after buying an additional 2,055 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Vertex by 363.3% in the second quarter. Tower Research Capital LLC TRC now owns 8,070 shares of the company’s stock worth $285,000 after buying an additional 6,328 shares in the last quarter. Vident Advisory LLC boosted its stake in Vertex by 19.9% in the second quarter. Vident Advisory LLC now owns 12,236 shares of the company’s stock worth $432,000 after buying an additional 2,031 shares in the last quarter. Finally, Wasatch Advisors LP purchased a new stake in Vertex in the second quarter worth approximately $88,293,000. Hedge funds and other institutional investors own 70.32% of the company’s stock.

About Vertex

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.