XTX Topco Ltd Takes Position in Vertex, Inc. (NASDAQ:VERX)

XTX Topco Ltd bought a new position in shares of Vertex, Inc. (NASDAQ:VERX) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 15,761 shares of the company’s stock, valued at approximately $552,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Premier Fund Managers Ltd grew its stake in Vertex by 38.5% during the 1st quarter. Premier Fund Managers Ltd now owns 720,073 shares of the company’s stock worth $25,616,000 after buying an additional 200,284 shares during the last quarter. Fiera Capital Corp purchased a new position in Vertex during the 1st quarter worth $27,399,000. Summit Creek Advisors LLC purchased a new position in Vertex during the 1st quarter worth $3,308,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Vertex by 22.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,082 shares of the company’s stock worth $668,000 after buying an additional 3,531 shares during the last quarter. Finally, TD Asset Management Inc grew its stake in Vertex by 57.4% during the 1st quarter. TD Asset Management Inc now owns 61,668 shares of the company’s stock worth $2,159,000 after buying an additional 22,494 shares during the last quarter. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on VERX. DA Davidson upgraded Vertex to a “strong-buy” rating in a research note on Tuesday, July 22nd. Needham & Company LLC lowered their price target on Vertex from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday. Morgan Stanley lowered their price target on Vertex from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Citigroup lifted their price target on Vertex from $39.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. Finally, BNP Paribas began coverage on Vertex in a research report on Tuesday, April 22nd. They set an “outperform” rating and a $54.00 price target for the company. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.67.

Insider Buying and Selling

In other news, CAO Ryan J. Leib sold 5,755 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $38.00, for a total value of $218,690.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Destefano sold 109,415 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $37.70, for a total value of $4,124,945.50. Following the completion of the transaction, the chief executive officer directly owned 1,066,587 shares of the company’s stock, valued at $40,210,329.90. The trade was a 9.30% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,520,170 shares of company stock worth $134,479,744. Corporate insiders own 43.25% of the company’s stock.

Vertex Stock Performance

Shares of VERX stock opened at $27.10 on Thursday. The stock has a market cap of $4.30 billion, a PE ratio of -93.45, a price-to-earnings-growth ratio of 4.05 and a beta of 0.70. The business has a 50-day simple moving average of $35.87 and a 200-day simple moving average of $39.55. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.67. Vertex, Inc. has a 52-week low of $25.11 and a 52-week high of $60.71.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01. The business had revenue of $184.56 million during the quarter, compared to analysts’ expectations of $184.60 million. Vertex had a positive return on equity of 28.14% and a negative net margin of 6.45%. The company’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 EPS. On average, equities analysts expect that Vertex, Inc. will post 0.38 EPS for the current year.

Vertex Company Profile

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.