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

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

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

• 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 value of $7,893,298.27.

Vertex Trading Up 0.6 %

Shares of VERX stock traded up $0.28 during mid-day trading on Monday, hitting $49.38. The company’s stock had a trading volume of 635,634 shares, compared to its average volume of 787,738. Vertex, Inc. has a 52 week low of $23.31 and a 52 week high of $52.93. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04. The company’s fifty day simple moving average is $41.46 and its 200-day simple moving average is $37.43. The company has a market cap of $7.70 billion, a PE ratio of 274.33, a P/E/G ratio of 9.22 and a beta of 0.67.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.16 earnings per share (EPS) 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 return on equity of 24.92% and a net margin of 4.73%. The company’s revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.06 earnings per share. As a group, equities research analysts expect that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on VERX. The Goldman Sachs Group raised their price objective on shares of Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Stifel Nicolaus raised their price target on shares of Vertex from $41.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Robert W. Baird boosted their price objective on shares of Vertex from $43.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Needham & Company LLC raised their target price on Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley lifted their target price on Vertex from $50.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $52.30.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Neo Ivy Capital Management acquired a new position in shares of Vertex during the third quarter valued at about $2,354,000. Geode Capital Management LLC increased its position in Vertex by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,275,283 shares of the company’s stock valued at $49,121,000 after buying an additional 37,592 shares in the last quarter. Barclays PLC raised its stake in Vertex by 5.4% during the 3rd quarter. Barclays PLC now owns 582,273 shares of the company’s stock worth $22,424,000 after buying an additional 29,700 shares during the period. Pier Capital LLC boosted its holdings in Vertex by 1.8% in the third quarter. Pier Capital LLC now owns 231,390 shares of the company’s stock worth $8,911,000 after acquiring an additional 4,195 shares in the last quarter. Finally, State Street Corp grew its stake in Vertex by 36.4% in the third quarter. State Street Corp now owns 1,361,901 shares of the company’s stock valued at $52,447,000 after acquiring an additional 363,595 shares during the period. 59.10% of the stock is owned by institutional investors.

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.