Jeffrey Westphal Sells 3,000,000 Shares of Vertex, Inc. (NASDAQ:VERX) Stock

Vertex, Inc. (NASDAQ:VERX) insider Jeffrey Westphal sold 3,000,000 shares of Vertex stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $38.45, for a total value of $115,350,000.00. Following the completion of the sale, the insider now owns 7,895 shares of the company’s stock, valued at approximately $303,562.75. The trade was a 99.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Vertex Stock Up 0.4%

Shares of NASDAQ:VERX opened at $36.92 on Friday. The stock has a market cap of $5.85 billion, a price-to-earnings ratio of 205.11, a PEG ratio of 6.66 and a beta of 0.75. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29. Vertex, Inc. has a 12-month low of $30.26 and a 12-month high of $60.71. The business’s 50 day moving average is $38.89 and its 200 day moving average is $44.58.

Vertex (NASDAQ:VERX) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The business had revenue of $177.06 million for the quarter, compared to analysts’ expectations of $176.99 million. During the same quarter in the previous year, the firm earned $0.15 earnings per share. The business’s revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts forecast that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of VERX. Invesco Ltd. boosted its position in Vertex by 342.5% in the fourth quarter. Invesco Ltd. now owns 1,513,660 shares of the company’s stock worth $80,754,000 after purchasing an additional 1,171,576 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Vertex in the fourth quarter worth $61,825,000. T. Rowe Price Investment Management Inc. boosted its position in Vertex by 63.0% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,429,416 shares of the company’s stock worth $85,054,000 after purchasing an additional 939,031 shares during the last quarter. Fiera Capital Corp purchased a new position in Vertex in the first quarter worth $27,399,000. Finally, Conestoga Capital Advisors LLC boosted its position in Vertex by 30.3% in the first quarter. Conestoga Capital Advisors LLC now owns 2,947,740 shares of the company’s stock worth $103,200,000 after purchasing an additional 686,145 shares during the last quarter. Hedge funds and other institutional investors own 70.32% of the company’s stock.

Wall Street Analysts Forecast Growth

VERX has been the subject of a number of research analyst reports. DA Davidson lowered their target price on Vertex from $55.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Stifel Nicolaus downgraded Vertex from a “buy” rating to a “hold” rating and decreased their price objective for the company from $58.00 to $31.00 in a report on Friday, February 28th. The Goldman Sachs Group decreased their price objective on Vertex from $64.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Morgan Stanley decreased their price objective on Vertex from $60.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Robert W. Baird decreased their price objective on Vertex from $62.00 to $45.00 and set an “outperform” rating for the company in a report on Friday, February 28th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.73.

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.