Vertex (NASDAQ:VERX) Price Target Increased to $57.00

Vertex (NASDAQ:VERX) recently saw an increase in its price target set by Robert W. Baird, raised from $43.00 to $57.00. This update was shared in a report published on Thursday, in which the brokerage firm also assigned an "outperform" rating for the stock.

The new price target indicates a potential upside of approximately 10.7% from Vertex's previous closing price.

Analyst Recommendations

Other investment firms have also adjusted their price targets for Vertex. BMO Capital Markets has raised its target from $42.00 to $52.00, while maintaining a "market perform" rating. The Goldman Sachs Group has upped their target from $42.00 to $59.00, giving a "buy" rating in their latest report. Similarly, Needham & Company LLC has increased its price target from $45.00 to $60.00, also issuing a "buy" rating. Earlier, Baird R W had upgraded Vertex to a "strong buy" rating. Jefferies Financial Group also revised its rating, moving from "hold" to "buy" and raising its price target from $35.00 to $50.00 in a report released on Monday.

A total of three analysts have recommended holding the stock, while eight have issued a buy rating, and one has given a strong buy rating. According to MarketBeat, Vertex currently holds an average rating of "Moderate Buy" along with an average price target set at $46.80.

Recent Stock Performance

On Thursday, Vertex's stock traded up by $1.73, reaching $51.49. The trading volume hit 1,220,958 shares, which is more than its average volume of 767,254. Vertex has a market capitalization of $8.01 billion, a price-to-earnings (P/E) ratio of 427.00, and a P/E/G ratio of 12.07. The stock's beta stands at 0.67, indicating low volatility compared to the market.

The company's financials show a debt-to-equity ratio of 1.43, a current ratio of 1.17, and a quick ratio of 1.17. Vertex's stock has registered a low of $22.31 and a high of $51.95 over the past 52 weeks. On August 7th, Vertex announced its earnings results, reporting earnings per share (EPS) of $0.15 for the quarter, surpassing the analysts' expectation of $0.13 by $0.02. The total revenue for the quarter was $161.10 million, slightly above predictions of $160.66 million. Year-over-year, the revenue has grown by 15.3%.

Insider Trading Activity

In recent insider trading news, CFO John R. Schwab sold 25,000 shares of Vertex on August 22nd at an average price of $35.81, totaling around $895,250. Following the sale, Schwab holds 53,104 shares valued at approximately $1,901,654.24. Similarly, a major shareholder, Item Second Irr. Trust Fbo Kyl, sold 158,900 shares on August 26th at an average price of $37.27, amounting to about $5,922,203. After the sale, the insider owns 1,430,100 shares valued at roughly $53,299,827. In total, insiders have sold 1,629,244 shares in the last ninety days, amounting to $64,039,589, and insiders collectively own 44.58% of the stock.

Institutional Investor Activity

Various institutional investors have been adjusting their stakes in Vertex. Mirae Asset Global Investments Co., Ltd. increased its stake by 13.9%, holding 68,036 shares valued at $2,161,000 after acquiring an additional 8,309 shares. SG Americas Securities LLC also entered a new position during the first quarter, valued around $166,000. Additionally, Oppenheimer Asset Management Inc. lifted its holdings by 1.2%, possessing 51,624 shares worth $1,640,000 after adding 589 shares. TimesSquare Capital Management LLC raised its holdings by 2.3%, now owning 1,386,848 shares valued at $44,046,000. Lastly, the Swiss National Bank increased its stake by 5.4%, holding 101,200 shares valued at $3,214,000. Currently, 59.10% of the shares are owned by institutional investors.

About Vertex

Vertex, Inc. provides enterprise tax technology solutions, catering to the retail, wholesale, and manufacturing sectors both in the United States and internationally. Their offerings include tax determination, compliance and reporting, tax data management, document management, as well as analytics and insights. Vertex also provides industry-specific solutions and technology-specific tools for various platforms.

Vertex, Stock, Investment