Vertex (NASDAQ:VERX) Stock Price Target Raised at Needham & Company LLC

Vertex (NASDAQ:VERX) had its price objective increased by research analysts at Needham & Company LLC from $20.00 to $30.00 in a research note issued on Thursday, MarketBeat.com reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC‘s price target suggests a potential upside of 88.44% from the company’s previous close.

Other research analysts have also issued reports about the company. BMO Capital Markets upped their target price on Vertex from $14.00 to $15.00 and gave the company a “market perform” rating in a research note on Tuesday, August 4th. Wall Street Zen upgraded Vertex from a “hold” rating to a “buy” rating in a research note on Sunday, October 18th. Stephens dropped their target price on Vertex from $20.00 to $18.00 and set an “overweight” rating for the company in a report on Tuesday, August 4th. Weiss Ratings upgraded Vertex from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. Finally, Morgan Stanley lowered Vertex from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $19.00 to $15.00 in a research note on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.50.

Vertex Stock Up 4.3%

VERX stock opened at $15.92 on Thursday. Vertex has a twelve month low of $10.21 and a twelve month high of $20.85. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.40. The company has a market cap of $2.58 billion, a PE ratio of 796.40 and a beta of 0.77. The business’s 50-day simple moving average is $13.28 and its 200 day simple moving average is $13.30.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. Vertex had a return on equity of 29.00% and a net margin of 0.45%. The firm had revenue of $213.28 million during the quarter, compared to analysts’ expectations of $209.72 million. During the same quarter in the prior year, the firm posted $0.17 EPS. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, research analysts anticipate that Vertex will post 0.58 earnings per share for the current year.

Hedge Funds Weigh In On Vertex

A number of institutional investors and hedge funds have recently bought and sold shares of VERX. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Vertex during the first quarter valued at approximately $37,796,000. Arrowstreet Capital Limited Partnership lifted its holdings in Vertex by 1,906.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 935,668 shares of the company’s stock valued at $11,125,000 after buying an additional 889,042 shares during the period. Renaissance Technologies LLC boosted its stake in Vertex by 8.1% in the first quarter. Renaissance Technologies LLC now owns 290,500 shares of the company’s stock valued at $3,454,000 after acquiring an additional 21,700 shares during the last quarter. North Star Asset Management Inc. acquired a new stake in Vertex during the 2nd quarter worth $2,899,000. Finally, Allianz Asset Management GmbH acquired a new stake in Vertex during the 2nd quarter worth $2,182,000. Institutional investors and hedge funds own 70.32% of the company’s stock.

Vertex Company Profile

Vertex, Inc is a tax technology company that provides software and services to help businesses manage tax determination, compliance and reporting. Its solutions are designed to support complex transaction tax requirements across sales and use tax, value-added tax, goods and services tax, communications tax, and other indirect taxes.

The company’s offerings include cloud-based and enterprise tax software, tax calculation engines, compliance and returns management tools, tax data management, and related professional services.