Vertex price target raised to $25 from $19 at Needham

Needham analyst Joshua Reilly raised the firm’s price target on Vertex (VERX) to $25 from $19 and keeps a Buy rating on the shares. The company’s Q4results were "solid" with a recurring revenue beat coming without any material benefit from customer overages, the analyst tells investors in a research note. The firm added that net direct customer additions fore Vertex were strong in the quarter as the broader partner ecosystem, including Workday (WDAY), Salesforce(CRM) and Microsoft (MSFT), are contributing solidly to net new customer growth.