Vertex (NASDAQ:VERX) CAO Sells 6,963 Shares of Stock

Vertex, Inc. (NASDAQ:VERX) CAO Ryan Leib sold 6,963 shares of Vertex stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $17.39, for a total transaction of $121,086.57. Following the sale, the chief accounting officer directly owned 810 shares in the company, valued at approximately $14,085.90. The trade was a 89.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Vertex Trading Down 0.4%

VERX traded down $0.08 during trading hours on Thursday, reaching $17.75. The company’s stock had a trading volume of 1,435,798 shares, compared to its average volume of 1,825,341. Vertex, Inc. has a fifty-two week low of $10.21 and a fifty-two week high of $20.82. The stock has a market cap of $2.88 billion, a PE ratio of -61.21 and a beta of 0.77. The business’s 50-day moving average is $13.63 and its 200-day moving average is $13.25. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.75 and a quick ratio of 0.75.

Vertex (NASDAQ:VERX) last posted its earnings results on Wednesday, November 4th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. Vertex had a positive return on equity of 36.83% and a negative net margin of 5.83%. The company had revenue of $213.28 million during the quarter, compared to analysts’ expectations of $209.72 million. During the same quarter last year, the firm earned $0.17 earnings per share. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. As a group, equities research analysts predict that Vertex, Inc. will post 0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vertex

Several large investors have recently bought and sold shares of VERX. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Vertex in the first quarter valued at $37,796,000. Arrowstreet Capital Limited Partnership lifted its holdings in Vertex by 1,906.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 935,668 shares of the company’s stock worth $11,125,000 after buying an additional 889,042 shares during the last quarter. Gagnon Securities LLC boosted its position in shares of Vertex by 37.3% during the 3rd quarter. Gagnon Securities LLC now owns 1,045,187 shares of the company’s stock worth $12,312,000 after acquiring an additional 284,161 shares in the last quarter. North Star Asset Management Inc. purchased a new stake in shares of Vertex during the 2nd quarter worth approximately $2,899,000. Finally, Aberdeen Group plc acquired a new position in shares of Vertex in the 3rd quarter valued at $2,820,000. Hedge funds and other institutional investors own 70.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on VERX. TD Cowen cut their price objective on Vertex from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, October 13th. Wall Street Zen upgraded Vertex from a “hold” rating to a “buy” rating in a research note on Sunday, October 18th. Morgan Stanley downgraded Vertex from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $19.00 to $15.00 in a report on Tuesday, July 21st. Needham & Company LLC increased their price target on Vertex from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 5th. Finally, Stephens decreased their price objective on Vertex from $20.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Vertex presently has an average rating of “Hold” and a consensus target price of $18.79.

About Vertex

Vertex, Inc. provides tax technology and related services to businesses. Founded in 1978 and headquartered in King of Prussia, Pennsylvania, the company develops software that helps organizations manage the complexities of transaction taxes. Its products support tax determination and calculation, compliance and reporting, tax data management, and exemption certificate management. Vertex solutions are designed to integrate with business systems such as enterprise resource planning and e-commerce platforms, helping companies automate tax processes across their operations.