Vertex (NASDAQ:VERX) Price Target Cut to $55.00 by Analysts at DA Davidson

Vertex (NASDAQ:VERX) had its target price reduced by DA Davidson from $62.00 to $55.00 in a research report report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock. DA Davidson also issued estimates for Vertex’s FY2025 earnings at $0.42 EPS.

Other research analysts also recently issued reports about the company. Raymond James reiterated a “market perform” rating on shares of Vertex in a report on Friday, January 3rd. Stifel Nicolaus downgraded shares of Vertex from a “buy” rating to a “hold” rating and lowered their price objective for the company from $58.00 to $31.00 in a report on Friday. Jefferies Financial Group cut their price objective on shares of Vertex from $62.00 to $48.00 and set a “buy” rating on the stock in a research report on Friday. Needham & Company LLC raised their target price on shares of Vertex from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, JMP Securities reissued a “market outperform” rating and set a $61.00 price target on shares of Vertex in a research report on Monday, December 9th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.00.

Vertex Stock Performance

Shares of NASDAQ:VERX opened at $32.29 on Friday. The firm’s 50 day simple moving average is $52.09 and its 200 day simple moving average is $46.79. Vertex has a fifty-two week low of $27.22 and a fifty-two week high of $60.71. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of 179.39, a P/E/G ratio of 6.66 and a beta of 0.78. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04.

Vertex (NASDAQ:VERX) last released its quarterly earnings results on Thursday, February 27th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.03). Vertex had a return on equity of 24.92% and a net margin of 4.73%. The business had revenue of $178.46 million for the quarter, compared to analyst estimates of $176.90 million. As a group, sell-side analysts forecast that Vertex will post 0.38 earnings per share for the current year.

Insider Transactions at Vertex

In other news, CEO David Destefano sold 216,268 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $55.04, for a total value of $11,903,390.72. Following the completion of the sale, the chief executive officer now directly owns 293,345 shares of the company’s stock, valued at $16,145,708.80. This trade represents a 42.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Item Second Irr. Trust Fbo Kyl sold 13,346 shares of Vertex stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $55.13, for a total value of $735,764.98. Following the transaction, the insider now owns 1,344,754 shares of the company’s stock, valued at $74,136,288.02. This represents a 0.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 858,457 shares of company stock worth $46,160,958 in the last ninety days. Insiders own 44.58% of the company’s stock.

Institutional Investors Weigh In On Vertex

Several hedge funds have recently added to or reduced their stakes in the business. New York State Common Retirement Fund boosted its holdings in shares of Vertex by 22.1% during the 3rd quarter. New York State Common Retirement Fund now owns 509,517 shares of the company’s stock worth $19,621,000 after buying an additional 92,137 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in shares of Vertex by 13.5% during the third quarter. Harbor Capital Advisors Inc. now owns 9,788 shares of the company’s stock worth $377,000 after acquiring an additional 1,168 shares during the period. Cannon Global Investment Management LLC acquired a new position in shares of Vertex in the third quarter valued at approximately $693,000. Verdence Capital Advisors LLC increased its stake in shares of Vertex by 6.1% during the third quarter. Verdence Capital Advisors LLC now owns 8,313 shares of the company’s stock worth $320,000 after purchasing an additional 477 shares during the period. Finally, Sigma Planning Corp bought a new position in shares of Vertex during the third quarter worth approximately $365,000. Institutional investors and hedge funds 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.