JMP Securities reaffirmed their market outperform rating on shares of Vertex (NASDAQ:VERX – Get Rating) in a report published on Thursday morning, Benzinga reports. JMP Securities currently has a $28.00 price objective on the stock.
Several other research analysts also recently commented on VERX. Jefferies Financial Group downgraded Vertex from a buy rating to a hold rating and raised their price objective for the stock from $13.50 to $15.00 in a research note on Thursday, January 5th. Bank of America raised shares of Vertex from an underperform rating to a neutral rating and lifted their price target for the company from $16.00 to $20.00 in a report on Wednesday. TheStreet cut shares of Vertex from a c- rating to a d+ rating in a research note on Wednesday, December 28th. Raymond James lifted 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. Finally, Morgan Stanley increased their price target on Vertex from $10.00 to $12.00 and gave the stock an underweight rating in a research note on Monday, December 19th. One 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's stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $20.11.
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Vertex Price Performance
Shares of Vertex stock opened at $17.88 on Thursday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.22. The stock's fifty day moving average is $14.29 and its 200 day moving average is $14.94. Vertex has a one year low of $9.44 and a one year high of $19.31.
Insider Transactions at Vertex
In related news, major shareholder Jeffery Westphal sold 50,000 shares of the stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $15.66, for a total transaction of $783,000.00. Following the sale, the insider now owns 8,916,693 shares in the company, valued at approximately $139,635,412.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Vertex news, major shareholder Jeffery Westphal sold 50,000 shares of Vertex stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $15.66, for a total transaction of $783,000.00. Following the completion of the transaction, the insider now directly owns 8,916,693 shares of the company's stock, valued at $139,635,412.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Lisa Butler sold 22,894 shares of the firm's stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $16.42, for a total transaction of $375,919.48. Following the completion of the sale, the chief accounting officer now owns 250 shares of the company's stock, valued at approximately $4,105. The disclosure for this sale can be found here. In the last 90 days, insiders sold 280,591 shares of company stock worth $4,682,831. 46.12% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of VERX. Altshuler Shaham Ltd bought a new stake in shares of Vertex during the 3rd quarter worth approximately $27,000. Great West Life Assurance Co. Can bought a new position in Vertex in the 3rd quarter valued at $27,000. Ensign Peak Advisors Inc bought a new stake in shares of Vertex during the first quarter worth $33,000. Deutsche Bank AG purchased a new stake in shares of Vertex during the fourth quarter valued at $41,000. Finally, Lazard Asset Management LLC bought a new position in shares of Vertex in the fourth quarter worth about $46,000. Institutional investors 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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