Insider Selling: Vertex, Inc. (NASDAQ:VERX) Major Shareholder Sells 40,966 Shares of Stock

Vertex, Inc. (NASDAQ:VERX) major shareholder Item Second Irr. Trust Fbo Kyl sold 40,966 shares of Vertex stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $52.16, for a total transaction of $2,136,786.56. Following the completion of the sale, the insider now owns 1,389,134 shares in the company, valued at $72,457,229.44. This trade represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Item Second Irr. Trust Fbo Kyl also recently made the following trade(s):

• On Monday, August 26th, Item Second Irr. Trust Fbo Kyl sold 158,900 shares of Vertex stock. The shares were sold at an average price of $37.27, for a total transaction of $5,922,203.00.

Vertex Trading Up 2.1 %

NASDAQ VERX traded up $1.11 during trading hours on Thursday, hitting $53.42. 704,481 shares of the company’s stock were exchanged, compared to its average volume of 788,067. The firm has a market cap of $8.33 billion, a price-to-earnings ratio of 296.72, a PEG ratio of 9.61 and a beta of 0.67. The stock has a 50-day simple moving average of $42.38 and a 200 day simple moving average of $37.83. 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, Inc. has a 1-year low of $23.31 and a 1-year high of $53.77.

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

Institutional Investors Weigh In On Vertex

A number of hedge funds have recently added to or reduced their stakes in the company. Silvercrest Asset Management Group LLC lifted its holdings in shares of Vertex by 13.6% in 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 in the last quarter. Driehaus Capital Management LLC bought a new position in shares of Vertex in the second quarter valued at $22,173,000. Quadrature Capital Ltd grew its holdings in shares of Vertex by 24.7% during the first quarter. Quadrature Capital Ltd now owns 92,167 shares of the company’s stock valued at $2,927,000 after buying an additional 18,258 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Vertex by 10.0% during the second quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company’s stock worth $8,940,000 after acquiring an additional 22,514 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new stake in shares of Vertex in the 2nd quarter worth about $1,824,000. Institutional investors and hedge funds own 59.10% of the company’s stock.

Analyst Upgrades and Downgrades

VERX has been the topic of a number of research reports. Stifel Nicolaus upped their price objective on Vertex from $41.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group boosted their target price on shares of Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. BMO Capital Markets raised their price objective on Vertex from $42.00 to $52.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. Jefferies Financial Group upgraded Vertex from a “hold” rating to a “buy” rating and increased their target price for the company from $35.00 to $50.00 in a research report on Monday, November 4th. Finally, Morgan Stanley boosted their price target on Vertex from $50.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.30.

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.