Vertex (NASDAQ:VERX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Vertex (NASDAQ:VERX) from a hold rating to a buy rating in a research report report published on Sunday morning,Wall Street Zen reports.

Other research analysts have also recently issued reports about the stock. DA Davidson lowered their target price on shares of Vertex from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. TD Cowen cut their price target on Vertex from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, October 13th. Weiss Ratings upgraded Vertex from a “sell (e+)” rating to a “sell (d)” rating in a research note on Wednesday, August 5th. Robert W. Baird reduced their price target on Vertex from $19.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 4th. Finally, BMO Capital Markets raised their price objective on Vertex from $14.00 to $15.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 4th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $17.50.

Vertex Trading Up 5.8%

Shares of Vertex stock opened at $14.32 on Friday. The firm has a 50-day moving average of $12.83 and a 200-day moving average of $12.60. The stock has a market cap of $2.32 billion, a PE ratio of 31.47 and a beta of 0.83. Vertex has a 52-week low of $10.21 and a 52-week high of $26.54. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.87 and a current ratio of 0.87.

Vertex (NASDAQ:VERX) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.19 by $0.01. Vertex had a net margin of 0.45% and a return on equity of 29.00%. The business had revenue of $203.97 million for the quarter, compared to the consensus estimate of $202.21 million. During the same period in the prior year, the company posted $0.15 earnings per share. Vertex’s revenue was up 10.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Vertex will post 0.58 EPS for the current year.

Institutional Investors Weigh In On Vertex

A number of large investors have recently bought and sold shares of VERX. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Vertex during the first quarter worth $37,796,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Vertex by 1,906.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 935,668 shares of the company’s stock valued at $11,125,000 after purchasing an additional 889,042 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of Vertex during the 1st quarter worth $4,836,000. Renaissance Technologies LLC raised its holdings in shares of Vertex by 8.1% during the 1st quarter. Renaissance Technologies LLC now owns 290,500 shares of the company’s stock worth $3,454,000 after buying an additional 21,700 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd raised its holdings in shares of Vertex by 35.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 256,289 shares of the company’s stock worth $3,047,000 after buying an additional 67,270 shares in the last quarter. 70.32% of the stock is currently owned by institutional investors and hedge funds.

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.