Vertex (NASDAQ:VERX) Sees Unusually-High Trading Volume

Vertex, Inc. (NASDAQ:VERX) saw unusually-high trading volume on Wednesday . Approximately 991,943 shares traded hands during mid-day trading, an increase of 72% from the previous session’s volume of 575,483 shares.The stock last traded at $29.35 and had previously closed at $27.94.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Bank of America decreased their price target on shares of Vertex from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday. Needham & Company LLC lifted their target price on shares of Vertex from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. The Goldman Sachs Group boosted their price objective on shares of Vertex from $33.00 to $39.00 and gave the company a “buy” rating in a report on Friday, March 1st. Citigroup cut their price objective on Vertex from $34.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $42.00 target price on shares of Vertex in a report on Tuesday. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.67.

Vertex Trading Up 1.7 %

The business has a 50 day moving average price of $29.47 and a 200 day moving average price of $27.00. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17.

Vertex (NASDAQ:VERX) last announced its quarterly earnings results on Thursday, February 29th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. Vertex had a positive return on equity of 16.15% and a negative net margin of 2.29%. The company had revenue of $154.91 million during the quarter, compared to the consensus estimate of $146.44 million. On average, research analysts predict that Vertex, Inc. will post 0.36 EPS for the current fiscal year.

Insider Activity at Vertex

In related news, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $33.62, for a total transaction of $894,594.58. Following the sale, the insider now owns 1,338,465 shares in the company, valued at $44,999,193.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $33.62, for a total value of $894,594.58. Following the completion of the transaction, the insider now owns 1,338,465 shares of the company’s stock, valued at approximately $44,999,193.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider 2020 Irrevocable Trust For Ben sold 47,522 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $30.09, for a total value of $1,429,936.98. Following the completion of the sale, the insider now directly owns 81,361 shares in the company, valued at $2,448,152.49. The disclosure for this sale can be found here. Insiders sold a total of 1,161,048 shares of company stock worth $35,034,678 in the last three months. Company insiders own 45.00% of the company’s stock.

Hedge Funds Weigh In On Vertex

A number of large investors have recently added to or reduced their stakes in VERX. Allspring Global Investments Holdings LLC acquired a new stake in shares of Vertex in the third quarter valued at about $49,000. RiverPark Advisors LLC purchased a new position in Vertex in the 3rd quarter valued at about $60,000. Arcadia Investment Management Corp MI boosted its holdings in Vertex by 22.4% in the 3rd quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock worth $62,000 after buying an additional 488 shares during the last quarter. Tower Research Capital LLC TRC purchased a new stake in Vertex during the 4th quarter worth approximately $72,000. Finally, F M Investments LLC acquired a new position in shares of Vertex during the first quarter valued at approximately $209,000. 59.10% of the stock is currently owned by institutional investors and hedge funds.

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.