David Destefano Sells 22,275 Shares of Vertex, Inc. (NASDAQ:VERX) Stock

Vertex, Inc. (NASDAQ:VERX) CEO David Destefano sold 22,275 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $49.55, for a total transaction of $1,103,726.25. Following the completion of the sale, the chief executive officer now directly owns 293,246 shares in the company, valued at $14,530,339.30. This trade represents a 7.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

David Destefano also recently made the following trade(s):

• On Thursday, November 14th, David Destefano sold 159,107 shares of Vertex stock. The shares were sold at an average price of $49.61, for a total transaction of $7,893,298.27.

Vertex Stock Performance

VERX opened at $49.38 on Tuesday. The firm’s fifty day simple moving average is $41.46 and its two-hundred day simple moving average is $37.43. Vertex, Inc. has a 52-week low of $23.31 and a 52-week high of $52.93. The company has a market cap of $7.70 billion, a price-to-earnings ratio of 274.33, a PEG ratio of 9.22 and a beta of 0.67. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. Vertex had a net margin of 4.73% and a return on equity of 24.92%. The firm had revenue of $170.40 million for the quarter, compared to analyst estimates of $165.70 million. During the same period last year, the company posted $0.06 EPS. Vertex’s quarterly revenue was up 17.5% compared to the same quarter last year. Equities analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on VERX. BMO Capital Markets lifted their price objective on Vertex from $42.00 to $52.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Needham & Company LLC lifted their price target on Vertex from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Jefferies Financial Group upgraded Vertex from a “hold” rating to a “buy” rating and upped their price objective for the stock from $35.00 to $50.00 in a research report on Monday, November 4th. The Goldman Sachs Group lifted their target price on shares of Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, JMP Securities increased their price target on shares of Vertex from $47.00 to $61.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.30.

Institutional Trading of Vertex

A number of institutional investors have recently made changes to their positions in the company. Silvercrest Asset Management Group LLC boosted its stake in Vertex by 13.6% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 712,926 shares of the company’s stock worth $22,643,000 after purchasing an additional 85,237 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in Vertex during the 2nd quarter valued at about $22,173,000. Quadrature Capital Ltd raised its holdings in Vertex by 24.7% in the 1st quarter. Quadrature Capital Ltd now owns 92,167 shares of the company’s stock valued at $2,927,000 after acquiring an additional 18,258 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Vertex by 10.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company’s stock worth $8,940,000 after purchasing an additional 22,514 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new position in shares of Vertex during the 2nd quarter worth approximately $1,824,000. 59.10% of the stock is owned by institutional investors and hedge funds.

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.