Vertex (NASDAQ:VERX) Lowered to “Hold” Rating by Stifel Nicolaus

Stifel Nicolaus downgraded shares of Vertex (NASDAQ:VERX) from a buy rating to a hold rating in a report published on Friday, Marketbeat reports. Stifel Nicolaus currently has $31.00 price target on the stock, down from their previous price target of $58.00.

Several other equities research analysts have also commented on VERX. Needham & Company LLC raised their price target on shares of Vertex from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Citigroup increased their price objective on shares of Vertex from $46.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, December 16th. The Goldman Sachs Group increased their price objective on shares of Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Raymond James reiterated a “market perform” rating on shares of Vertex in a report on Friday, January 3rd. Finally, DA Davidson began coverage on shares of Vertex in a report on Tuesday, December 31st. They issued a “buy” rating and a $62.00 price objective for the company. 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’s stock. According to data from MarketBeat, Vertex presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

Vertex Price Performance

Shares of NASDAQ:VERX opened at $32.29 on Friday. The firm’s 50 day moving average is $52.52 and its two-hundred day moving average is $46.74. Vertex has a 52 week low of $27.22 and a 52 week high of $60.71. The firm has a market capitalization of $5.04 billion, a P/E ratio of 179.39, a PEG ratio of 6.66 and a beta of 0.78. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29.

Vertex (NASDAQ:VERX) last announced its quarterly earnings results on Thursday, February 27th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.03). Vertex had a net margin of 4.73% and a return on equity of 24.92%. The firm had revenue of $178.46 million during the quarter, compared to analyst estimates of $176.90 million. Analysts anticipate that Vertex will post 0.38 earnings per share for the current year.

Insider Activity at Vertex

In related news, major shareholder Item Second Irr. Trust Fbo Kyl sold 13,346 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $55.13, for a total value of $735,764.98. Following the completion of the sale, the insider now owns 1,344,754 shares in the company, valued at approximately $74,136,288.02. This represents a 0.98 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Destefano sold 216,268 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $55.04, for a total transaction of $11,903,390.72. Following the completion of the sale, the chief executive officer now owns 293,345 shares of the company’s stock, valued at approximately $16,145,708.80. This trade represents a 42.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 858,457 shares of company stock worth $46,160,958. 44.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Vertex

Several hedge funds have recently made changes to their positions in VERX. Advisors Asset Management Inc. lifted its position in Vertex by 126.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 968 shares of the company’s stock worth $37,000 after buying an additional 540 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Vertex in the 4th quarter worth approximately $38,000. Mark Sheptoff Financial Planning LLC purchased a new stake in Vertex in the 4th quarter worth approximately $40,000. Plato Investment Management Ltd purchased a new stake in Vertex in the 4th quarter worth approximately $41,000. Finally, Armstrong Advisory Group Inc. purchased a new stake in Vertex in the 4th quarter worth approximately $50,000. Hedge funds and other institutional investors own 70.32% of the company’s stock.

Vertex Company Profile

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.