Silvercrest Asset Management Group LLC Has $33.11 Million Stock Position in Vertex, Inc. (NASDAQ:VERX)

Silvercrest Asset Management Group LLC decreased its stake in Vertex, Inc. (NASDAQ:VERX) by 1.3% during the 4th quarter, HoldingsChannel reports. The fund owned 620,589 shares of the company’s stock after selling 8,100 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Vertex were worth $33,108,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Redwood Investments LLC acquired a new stake in shares of Vertex in the fourth quarter worth $1,784,000. ProShare Advisors LLC grew its stake in shares of Vertex by 48.9% in the fourth quarter. ProShare Advisors LLC now owns 15,271 shares of the company’s stock worth $815,000 after acquiring an additional 5,016 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Vertex by 5.0% in the fourth quarter. Nuveen Asset Management LLC now owns 153,985 shares of the company’s stock worth $8,215,000 after acquiring an additional 7,364 shares during the last quarter. Occudo Quantitative Strategies LP acquired a new stake in shares of Vertex in the fourth quarter worth $298,000. Finally, Millennium Management LLC grew its stake in shares of Vertex by 87.4% in the fourth quarter. Millennium Management LLC now owns 292,494 shares of the company’s stock worth $15,605,000 after acquiring an additional 136,423 shares during the last quarter. Institutional investors and hedge funds own 70.32% of the company’s stock.

Vertex Stock Up 1.7%

Shares of NASDAQ VERX opened at $38.15 on Friday. The stock has a market cap of $6.03 billion, a PE ratio of 211.94, a PEG ratio of 6.66 and a beta of 0.78. The business has a fifty day moving average of $37.32 and a two-hundred day moving average of $45.95. Vertex, Inc. has a 52-week low of $30.26 and a 52-week high of $60.71. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $177.06 million during the quarter, compared to analysts’ expectations of $176.99 million. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The business’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the business earned $0.15 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.

Insider Buying and Selling at Vertex

In other Vertex news, CEO David Destefano sold 109,415 shares of Vertex stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $37.70, for a total transaction of $4,124,945.50. Following the completion of the transaction, the chief executive officer now directly owns 1,066,587 shares of the company’s stock, valued at approximately $40,210,329.90. This trade represents a 9.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ryan J. Leib sold 5,755 shares of Vertex stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $38.00, for a total value of $218,690.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 158,398 shares of company stock valued at $5,898,979. 44.58% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group lowered their price objective on shares of Vertex from $64.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Vertex in a research note on Thursday, March 20th. Morgan Stanley reduced their target price on Vertex from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. BNP Paribas assumed coverage on Vertex in a research report on Tuesday, April 22nd. They issued an “outperform” rating and a $54.00 target price for the company. Finally, Jefferies Financial Group reduced their target price on Vertex from $62.00 to $48.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Vertex presently has a consensus rating of “Moderate Buy” and an average target price 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.