Vertex (NASDAQ:VERX) Shares Up 6.8% – Time to Buy?

Vertex, Inc. (NASDAQ:VERX)’s stock price traded up 6.8% on Monday . The stock traded as high as $12.99 and last traded at $13.0990. Approximately 192,264 shares traded hands during trading, a decline of 90% from the average daily volume of 1,895,982 shares. The stock had previously closed at $12.26.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Morgan Stanley reiterated an “equal weight” rating and set a $15.00 price target (down from $19.00) on shares of Vertex in a report on Tuesday, July 21st. Wall Street Zen upgraded shares of Vertex from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Stephens dropped their target price on shares of Vertex from $20.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 4th. BMO Capital Markets upped their target price on shares of Vertex from $14.00 to $15.00 and gave the company a “market perform” rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings upgraded shares of Vertex from a “sell (e+)” rating to a “sell (d)” rating in a research note on Wednesday, August 5th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Vertex currently has a consensus rating of “Hold” and a consensus target price of $17.43.

Vertex Price Performance

The stock has a 50-day simple moving average of $12.87 and a 200 day simple moving average of $12.79. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $2.16 billion, a P/E ratio of 664.03 and a beta of 0.83.

Vertex (NASDAQ:VERX) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The business had revenue of $203.97 million for the quarter, compared to analysts’ expectations of $202.21 million. Vertex had a return on equity of 29.00% and a net margin of 0.45%.Vertex’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 earnings per share. On average, equities analysts expect that Vertex, Inc. will post 0.54 EPS for the current year.

Hedge Funds Weigh In On Vertex

A number of hedge funds have recently made changes to their positions in the business. Whetstone Capital Advisors LLC acquired a new stake in Vertex during the second quarter valued at approximately $1,563,000. Engineers Gate Manager LP raised its holdings in shares of Vertex by 152.3% in the 2nd quarter. Engineers Gate Manager LP now owns 88,318 shares of the company’s stock worth $1,014,000 after buying an additional 53,319 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Vertex during the 2nd quarter worth approximately $938,000. Allianz Asset Management GmbH bought a new position in shares of Vertex during the 2nd quarter worth approximately $2,182,000. Finally, Corient Private Wealth LP acquired a new stake in Vertex in the 2nd quarter valued at $1,766,000. Institutional investors and hedge funds own 70.32% of the company’s stock.

Vertex Company Profile

Vertex, Inc (NASDAQ:VERX) is a provider of tax technology solutions for businesses. The company develops cloud-based software designed to help organizations calculate, manage and comply with transaction tax obligations across complex jurisdictions and regulatory environments.

Vertex’s product portfolio includes solutions for indirect tax determination and compliance, including sales and use tax, value-added tax and other transaction taxes. Its offerings also support tax data management, tax returns, exemption certificate management, tax reporting and related workflows.