The Goldman Sachs Group Raises Vertex (NASDAQ:VERX) Price Target to $59.00

Vertex (NASDAQ:VERX) had its price target boosted by The Goldman Sachs Group from $42.00 to $59.00 in a research note released on Thursday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

A number of other research firms have also recently commented on VERX. Baird R W upgraded Vertex to a “strong-buy” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group upgraded shares of Vertex from a “hold” rating to a “buy” rating and boosted their target price for the company from $35.00 to $50.00 in a research note on Monday, November 4th. JMP Securities raised their price target on shares of Vertex from $42.00 to $47.00 and gave the stock a “market outperform” rating in a research note on Wednesday, July 31st. Needham & Company LLC upped their price objective on Vertex from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Robert W. Baird assumed coverage on Vertex in a report on Tuesday, July 23rd. They set an “outperform” rating and a $43.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Vertex presently has a consensus rating of “Moderate Buy” and an average price target of $47.27.

Vertex Trading Up 1.3 %

NASDAQ:VERX opened at $51.99 on Thursday. Vertex has a 52 week low of $22.63 and a 52 week high of $52.93. The firm has a 50-day moving average price of $40.15 and a two-hundred day moving average price of $36.66. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a market cap of $8.09 billion, a price-to-earnings ratio of 288.83, a price-to-earnings-growth ratio of 14.22 and a beta of 0.67.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. Vertex had a return on equity of 25.27% and a net margin of 4.73%. The company had revenue of $161.10 million during the quarter, compared to the consensus estimate of $160.66 million. During the same period last year, the business posted $0.04 earnings per share. Vertex’s revenue was up 15.3% on a year-over-year basis. On average, equities analysts expect that Vertex will post 0.34 earnings per share for the current fiscal year.

Insider Activity at Vertex

In other Vertex news, CFO John R. Schwab sold 25,000 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $35.81, for a total value of $895,250.00. Following the sale, the chief financial officer now directly owns 53,104 shares in the company, valued at $1,901,654.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO John R. Schwab sold 25,000 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $35.81, for a total value of $895,250.00. Following the transaction, the chief financial officer now owns 53,104 shares of the company’s stock, valued at approximately $1,901,654.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Richard Stamm sold 16,000 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $35.95, for a total value of $575,200.00. Following the completion of the sale, the director now owns 21,635 shares in the company, valued at $777,778.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,629,244 shares of company stock valued at $64,039,589. Corporate insiders own 44.58% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of VERX. Verdence Capital Advisors LLC raised its stake in Vertex by 6.1% in the third quarter. Verdence Capital Advisors LLC now owns 8,313 shares of the company’s stock valued at $320,000 after purchasing an additional 477 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Vertex by 126.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 968 shares of the company’s stock valued at $37,000 after buying an additional 540 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of Vertex by 1.2% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 51,624 shares of the company’s stock worth $1,640,000 after acquiring an additional 589 shares during the last quarter. KBC Group NV lifted its holdings in shares of Vertex by 46.1% during the 3rd quarter. KBC Group NV now owns 2,099 shares of the company’s stock worth $81,000 after acquiring an additional 662 shares during the last quarter. Finally, Ellsworth Advisors LLC grew its position in Vertex by 4.4% in the third quarter. Ellsworth Advisors LLC now owns 16,707 shares of the company’s stock worth $643,000 after acquiring an additional 697 shares in the last quarter. Hedge funds and other institutional investors 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.