Vertex, Inc. (NASDAQ:VERX) CEO Sells $1,409,665.35 in Stock

Vertex, Inc. (NASDAQ:VERX) CEO David Destefano sold 25,607 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $55.05, for a total value of $1,409,665.35. Following the transaction, the chief executive officer now owns 221,932 shares in the company, valued at approximately $12,217,356.60. This trade represents a 10.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Monday, November 18th, David Destefano sold 22,275 shares of Vertex stock. The shares were sold at an average price of $49.55, for a total transaction of $1,103,726.25.
• On Thursday, November 14th, David Destefano sold 159,107 shares of Vertex stock. The stock was sold at an average price of $49.61, for a total transaction of $7,893,298.27.

Vertex Stock Performance

Shares of VERX stock opened at $54.25 on Friday. The firm’s 50 day moving average is $44.20 and its 200 day moving average is $38.66. The stock has a market capitalization of $8.46 billion, a P/E ratio of 301.39, a PEG ratio of 10.30 and a beta of 0.67. Vertex, Inc. has a 12 month low of $23.31 and a 12 month high of $55.52. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29.

Vertex (NASDAQ:VERX) last posted its earnings results on Wednesday, November 6th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.02. The firm had revenue of $170.40 million for the quarter, compared to the consensus estimate of $165.70 million. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The business’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.06 earnings per share. On average, sell-side analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Robert W. Baird boosted their target price on Vertex from $43.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. JMP Securities boosted their price objective on Vertex from $47.00 to $61.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Morgan Stanley raised their target price on Vertex from $50.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their price target on shares of Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Jefferies Financial Group upgraded shares of Vertex from a “hold” rating to a “buy” rating and raised their price objective for the stock from $35.00 to $50.00 in a report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Vertex presently has an average rating of “Moderate Buy” and an average price target of $52.30.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in VERX. Vanguard Group Inc. lifted its holdings in shares of Vertex by 4.2% in the first quarter. Vanguard Group Inc. now owns 5,791,215 shares of the company’s stock worth $183,929,000 after buying an additional 235,407 shares in the last quarter. FMR LLC increased its holdings in Vertex by 2.5% during the 3rd quarter. FMR LLC now owns 2,287,774 shares of the company’s stock worth $88,102,000 after acquiring an additional 54,985 shares during the period. Franklin Resources Inc. increased its holdings in Vertex by 17.6% during the 3rd quarter. Franklin Resources Inc. now owns 1,690,045 shares of the company’s stock worth $69,444,000 after acquiring an additional 253,263 shares during the period. Geneva Capital Management LLC lifted its stake in Vertex by 40.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company’s stock worth $55,863,000 after purchasing an additional 414,945 shares in the last quarter. Finally, State Street Corp boosted its holdings in Vertex by 36.4% in the 3rd quarter. State Street Corp now owns 1,361,901 shares of the company’s stock valued at $52,447,000 after purchasing an additional 363,595 shares during the period. Institutional investors own 59.10% of the company’s stock.

About Vertex

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.