Vertex Analysts Lower Their Forecasts Following Q2 Results

Vertex Inc (NASDAQ: VERX ) reported upbeat earnings for the second quarter on Monday.

The company posted quarterly earnings of 20 cents per share which beat the analyst consensus estimate of 19 cents per share.

The company reported quarterly sales of $203.970 million which beat the analyst consensus estimate of $202.296 million.

Vertex said it sees third-quarter sales of $208.000 million-$211.000 million, versus market estimates of $211.696 million. “Vertex delivered solid second-quarter results, with revenue at the high end of our guidance and adjusted EBITDA exceeding our expectations,” said Christopher Young, President and Chief Executive Officer. “The quarter demonstrated the durability of our business and the earnings leverage we can generate through greater operating focus and discipline.

Customer retention remained stable, and e-invoicing momentum improved as enterprises prepare for expanding global mandates and seek more comprehensive compliance solutions.” Vertex shares fell 2% to $13.13 in pre-market trading.

These analysts made changes to their price targets on Vertex following earnings announcement.

Baird analyst Rob Oliver maintained the stock with an Outperform rating and lowered the price target from $19 to $17.

Stephens & Co. analyst Brett Huff maintained the stock with an Overweight rating and cut the price target from $20 to $18.

Canaccord Genuity analyst Michael Graham maintained the stock with a Buy and lowered the price target from $28 to $24.

BTIG analyst Clark Lampen downgraded the stock from Buy to Neutral.

Considering buying VERX stock? Here’s what analysts think: Photo via Shutterstock