Kornitzer Capital Management Inc. KS Sells 230,731 Shares of Vertex, Inc. $VERX

Kornitzer Capital Management Inc. KS reduced its stake in Vertex, Inc. (NASDAQ:VERX) by 86.6% during the third quarter, Holdings Channel.com reports. The firm owned 35,708 shares of the company’s stock after selling 230,731 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Vertex were worth $421,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of VERX. CenterBook Partners LP grew its holdings in Vertex by 257.1% during the third quarter. CenterBook Partners LP now owns 75,419 shares of the company’s stock valued at $888,000 after purchasing an additional 54,301 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Vertex in the third quarter worth about $68,000. Vise Technologies Inc. bought a new position in shares of Vertex in the third quarter worth about $243,000. Verdence Capital Advisors LLC bought a new position in shares of Vertex in the third quarter worth about $128,000. Finally, Radnor Capital Management LLC purchased a new position in shares of Vertex during the 3rd quarter valued at about $209,000. 70.32% of the stock is owned by institutional investors.

Analysts Set New Price Targets

VERX has been the subject of a number of recent research reports. Needham & Company LLC boosted their price objective on Vertex from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 5th. DA Davidson set a $16.00 target price on shares of Vertex in a research note on Thursday, November 5th. Piper Sandler raised their target price on shares of Vertex from $16.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, November 5th. Weiss Ratings downgraded shares of Vertex from a “sell (d+)” rating to a “sell (e+)” rating in a report on Monday. Finally, Stephens dropped their price target on shares of Vertex from $20.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, August 4th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $18.79.

Vertex Trading Up 3.1%

Shares of VERX stock opened at $17.84 on Wednesday. Vertex, Inc. has a 52-week low of $10.21 and a 52-week high of $20.85. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $2.89 billion, a PE ratio of -61.52 and a beta of 0.77. The stock has a fifty day simple moving average of $13.55 and a two-hundred day simple moving average of $13.26.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. Vertex had a positive return on equity of 36.83% and a negative net margin of 5.83%. The business had revenue of $213.28 million for the quarter, compared to analysts’ expectations of $209.72 million. During the same period last year, the firm earned $0.17 earnings per share. The business’s quarterly revenue was up 11.0% on a year-over-year basis. On average, analysts predict that Vertex, Inc. will post 0.58 EPS for the current fiscal year.

Vertex Profile

Vertex, Inc. provides tax technology and related services to businesses. Founded in 1978 and headquartered in King of Prussia, Pennsylvania, the company develops software that helps organizations manage the complexities of transaction taxes. Its products support tax determination and calculation, compliance and reporting, tax data management, and exemption certificate management. Vertex solutions are designed to integrate with business systems such as enterprise resource planning and e-commerce platforms, helping companies automate tax processes across their operations.