Citigroup Trims Vertex (NASDAQ:VERX) Target Price to $32.00

Vertex (NASDAQ:VERX) had its price objective decreased by Citigroup from $34.00 to $32.00 in a research note issued to investors on Tuesday morning, Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other equities research analysts have also recently issued reports on the company. Jefferies Financial Group raised their target price on Vertex from $27.00 to $35.00 and gave the stock a hold rating in a research note on Friday, March 1st. Needham & Company LLC boosted their target price on Vertex from $35.00 to $45.00 and gave the stock a buy rating in a research note on Friday, March 1st. The Goldman Sachs Group lifted their price target on Vertex from $33.00 to $39.00 and gave the stock a buy rating in a report on Friday, March 1st. JMP Securities reaffirmed a market outperform rating and set a $42.00 price target on shares of Vertex in a report on Tuesday. Finally, Bank of America decreased their price target on Vertex from $40.00 to $34.00 and set a neutral rating for the company in a report on Tuesday. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Vertex currently has an average rating of Moderate Buy and a consensus target price of $35.67.

Vertex Stock Performance

NASDAQ VERX opened at $29.41 on Tuesday. Vertex has a 1-year low of $17.59 and a 1-year high of $35.38. The company has a market cap of $4.54 billion, a PE ratio of -294.10, a price-to-earnings-growth ratio of 7.20 and a beta of 0.62. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.60. The stock’s 50 day simple moving average is $29.47 and its 200-day simple moving average is $27.00.

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

Insider Activity at Vertex

In related news, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $33.62, for a total value of $894,594.58. Following the transaction, the insider now owns 1,338,465 shares in the company, 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 hyperlink. In other Vertex news, CFO John R. Schwab sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now owns 53,104 shares in the company, valued at approximately $1,593,120. 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 that occurred on Friday, March 1st. The stock was sold at an average price of $33.62, for a total value of $894,594.58. Following the transaction, the insider now owns 1,338,465 shares in the company, valued at approximately $44,999,193.30. The disclosure for this sale can be found here. Insiders have sold 1,161,048 shares of company stock worth $35,034,678 in the last quarter. Company insiders own 45.00% of the company’s stock.

Hedge Funds Weigh In On Vertex

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new position in Vertex during the 3rd quarter worth approximately $49,000. RiverPark Advisors LLC acquired a new stake in shares of Vertex in the 3rd quarter worth approximately $60,000. Arcadia Investment Management Corp MI grew its holdings in shares of Vertex by 22.4% in the 3rd quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock worth $62,000 after acquiring an additional 488 shares during the period. Tower Research Capital LLC TRC acquired a new stake in shares of Vertex in the 4th quarter worth approximately $72,000. Finally, F M Investments LLC acquired a new stake in shares of Vertex in the 1st quarter worth approximately $209,000. Institutional investors and hedge funds own 59.10% 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.