Vertex (NASDAQ:VERX – Get Rating)'s stock had its "market outperform" rating reiterated by research analysts at JMP Securities in a note issued to investors on Thursday, Benzinga reports. They presently have a $28.00 price objective on the stock. JMP Securities' price objective indicates a potential upside of 56.60% from the company's current price.
Several other equities research analysts also recently commented on the stock. BMO Capital Markets boosted their target price on shares of Vertex from $16.00 to $19.00 and gave the company a "market perform" rating in a research note on Thursday. Raymond James boosted their target price on shares of Vertex from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Thursday. Jefferies Financial Group downgraded shares of Vertex from a "buy" rating to a "hold" rating and boosted their target price for the company from $13.50 to $15.00 in a research note on Thursday, January 5th. Needham & Company LLC boosted their target price on shares of Vertex from $19.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Morgan Stanley boosted their target price on shares of Vertex from $10.00 to $12.00 and gave the company an "underweight" rating in a research note on Monday, December 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $20.11.
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Vertex Stock Down 0.9 %
VERX opened at $17.88 on Thursday. Vertex has a fifty-two week low of $9.44 and a fifty-two week high of $19.31. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.59 and a quick ratio of 0.59. The firm's fifty day moving average price is $14.29 and its two-hundred day moving average price is $14.93. The company has a market capitalization of $2.68 billion, a P/E ratio of -198.67, a P/E/G ratio of 14.47 and a beta of 0.51.
Insiders Place Their Bets
In other news, CEO David Destefano sold 9,089 shares of the business's stock in a transaction dated Wednesday, December 14th. The stock was sold at an average price of $16.14, for a total transaction of $146,696.46. Following the completion of the transaction, the chief executive officer now directly owns 267,660 shares in the company, valued at approximately $4,320,032.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Lisa Butler sold 22,894 shares of the business's stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $16.42, for a total value of $375,919.48. Following the completion of the transaction, the chief accounting officer now directly owns 250 shares in the company, valued at approximately $4,105. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Destefano sold 9,089 shares of the company's stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $16.14, for a total value of $146,696.46. Following the transaction, the chief executive officer now directly owns 267,660 shares of the company's stock, valued at approximately $4,320,032.40. The disclosure for this sale can be found here. In the last three months, insiders sold 280,591 shares of company stock valued at $4,682,831. 46.12% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Vertex
Large investors have recently bought and sold shares of the company. Tensile Capital Management LP raised its stake in shares of Vertex by 624.8% during the 3rd quarter. Tensile Capital Management LP now owns 5,220,258 shares of the company's stock worth $71,361,000 after purchasing an additional 4,500,000 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Vertex by 25.9% during the 3rd quarter. Vanguard Group Inc. now owns 3,494,699 shares of the company's stock worth $47,772,000 after purchasing an additional 717,947 shares in the last quarter. Neuberger Berman Group LLC raised its stake in shares of Vertex by 10.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 3,632,850 shares of the company's stock worth $49,661,000 after purchasing an additional 345,005 shares in the last quarter. William Blair Investment Management LLC raised its stake in shares of Vertex by 33.4% during the 2nd quarter. William Blair Investment Management LLC now owns 1,167,106 shares of the company's stock worth $13,223,000 after purchasing an additional 292,055 shares in the last quarter. Finally, Putnam Investments LLC raised its stake in shares of Vertex by 926.6% during the 4th quarter. Putnam Investments LLC now owns 310,310 shares of the company's stock worth $4,503,000 after purchasing an additional 280,082 shares in the last quarter. Institutional investors and hedge funds own 21.53% of the company's stock.
About Vertex
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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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