Sheets Smith Wealth Management lifted its stake in Vertex, Inc. (NASDAQ:VERX – Free Report) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,099 shares of the company’s stock after purchasing an additional 324 shares during the quarter. Sheets Smith Wealth Management’s holdings in Vertex were worth $806,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of VERX. Victory Capital Management Inc. bought a new stake in shares of Vertex in the 2nd quarter worth $245,000. Envestnet Asset Management Inc. raised its position in Vertex by 10.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company’s stock worth $8,940,000 after buying an additional 22,514 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Vertex by 6.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 668,178 shares of the company’s stock valued at $24,088,000 after acquiring an additional 40,593 shares during the period. Amalgamated Bank purchased a new stake in shares of Vertex during the 2nd quarter valued at about $68,000. Finally, Public Employees Retirement Association of Colorado bought a new stake in shares of Vertex in the second quarter worth approximately $230,000. 70.32% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities research analysts have commented on VERX shares. The Goldman Sachs Group lifted their target price on shares of Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Raymond James reaffirmed a “market perform” rating on shares of Vertex in a research report on Friday, January 3rd. Jefferies Financial Group raised 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. Citigroup upped their target price on shares of Vertex from $46.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Morgan Stanley lifted their price target on shares of Vertex from $50.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.36.
Insider Buying and Selling
In other Vertex news, CEO David Destefano sold 216,268 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $55.04, for a total transaction of $11,903,390.72. Following the transaction, the chief executive officer now owns 293,345 shares in the company, valued at $16,145,708.80. The trade was a 42.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jeffrey Westphal sold 575,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $53.01, for a total transaction of $30,480,750.00. Following the completion of the sale, the insider now owns 7,895 shares of the company’s stock, valued at $418,513.95. This trade represents a 98.65 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,578,219 shares of company stock worth $179,270,309. Corporate insiders own 44.58% of the company’s stock.
Vertex Stock Up 1.1 %
Shares of VERX opened at $57.00 on Wednesday. Vertex, Inc. has a 12-month low of $24.17 and a 12-month high of $57.74. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $8.89 billion, a PE ratio of 316.67, a price-to-earnings-growth ratio of 8.27 and a beta of 0.77. The business’s 50 day moving average is $53.62 and its 200 day moving average is $44.18.
Vertex (NASDAQ:VERX – Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. The firm had revenue of $170.40 million during 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%. Vertex’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.06 earnings per share. Research analysts expect that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.
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.
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