In a report released today, Joshua Reilly from Needham maintained a Buy rating on Vertex (VERX – Research Report), with a price target of $60.00.
Joshua Reilly has given his Buy rating due to a combination of factors including Vertex’s strong first-quarter performance and promising growth prospects. The company reported a 15.1% increase in organic Annual Recurring Revenue (ARR), reflecting a robust demand environment and positive future outlook.
Additionally, Vertex’s business model appears resilient against current macroeconomic challenges, largely due to its low average selling price for enterprise customers and the essential nature of its solutions. The ongoing development of their e-invoicing pipeline, driven by upcoming mandates in large EU countries, is expected to further bolster their market position. This trend towards adopting packaged software solutions over custom-built ones is evidenced by recent customer wins, supporting the Buy recommendation.
Based on the recent corporate insider activity of 59 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VERX in relation to earlier this year.