Vertex, Inc. VERX reported better-than-expected third-quarter financial results and raised its FY24 revenue guidance on Wednesday.

Vertex posted adjusted earnings of 16 cents per share, beating market estimates of 14 cents per share. The company's quarterly sales came in at $170.435 million versus expectations of $165.705 million.

"The third quarter of 2024 was another great quarter for Vertex", stated David DeStefano, Vertex's President, Chief Executive Officer and Chairperson of the Board. "Revenue was above the high end of our quarterly guidance, with mid-teens organic revenue growth. We were once again GAAP earnings positive with strong Adjusted EBITDA. And we delivered significant cash flow from operating activities as well as free cash flow, demonstrating our high-quality earnings."

Vertex said it now sees FY24 revenue of $663.3 million to $666.3 million, versus previous forecast of $654 million to $660 million.

Vertex shares gained 3.4% to trade at $51.45 on Thursday.

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

Needham analyst Joshua Reilly maintained Vertex with a Buy and raised the price target from $45 to $60. Goldman Sachs analyst Adam Hotchkiss maintained the stock with a Buy and raised the price target from $42 to $59. Baird analyst Rob Oliver maintained the stock with an Outperform and boosted the price target from $43 to $57.

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