Vertex, Inc. (NASDAQ:VERX) Major Shareholder Jeffery Westphal Sells 1,500,000 Shares of Stock

Vertex, Inc. (NASDAQ:VERXGet Rating) major shareholder Jeffery Westphal sold 1,500,000 shares of the company’s stock in a transaction on Thursday, November 17th. The stock was sold at an average price of $15.15, for a total value of $22,725,000.00. Following the sale, the insider now owns 9,050,000 shares of the company’s stock, valued at approximately $137,107,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Vertex Trading Down 1.6 %

Shares of Vertex stock opened at $14.95 on Tuesday. The company has a 50-day moving average of $15.60 and a two-hundred day moving average of $13.15. The stock has a market cap of $2.23 billion, a PE ratio of -299.00, a price-to-earnings-growth ratio of 20.58 and a beta of 0.58. Vertex, Inc. has a 12-month low of $9.44 and a 12-month high of $20.00. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.22.

Hedge Funds Weigh In On Vertex

A number of hedge funds have recently made changes to their positions in the stock. Palisade Capital Management LLC NJ increased its stake in Vertex by 47.7% during the 1st quarter. Palisade Capital Management LLC NJ now owns 780,038 shares of the company’s stock worth $11,966,000 after buying an additional 251,756 shares during the period. New York State Common Retirement Fund boosted its stake in Vertex by 57.9% during the 1st quarter. New York State Common Retirement Fund now owns 197,171 shares of the company’s stock valued at $3,025,000 after purchasing an additional 72,271 shares during the period. William Blair Investment Management LLC raised its position in shares of Vertex by 2.2% during the 1st quarter. William Blair Investment Management LLC now owns 875,051 shares of the company’s stock worth $13,423,000 after buying an additional 18,908 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Vertex by 9.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 92,035 shares of the company’s stock worth $1,412,000 after buying an additional 7,825 shares in the last quarter. Finally, M&T Bank Corp raised its holdings in shares of Vertex by 9.1% in the 1st quarter. M&T Bank Corp now owns 15,246 shares of the company’s stock worth $234,000 after purchasing an additional 1,266 shares in the last quarter. Institutional investors and hedge funds own 20.97% of the company’s stock.

Wall Street Analyst Weigh In

VERX has been the topic of a number of recent analyst reports. Citigroup upped their price target on Vertex to $16.00 in a research report on Thursday, October 27th. BMO Capital Markets upped their target price on Vertex from $14.00 to $15.00 and gave the company a “market perform” rating in a research report on Thursday, November 10th. William Blair reaffirmed an “outperform” rating on shares of Vertex in a research report on Tuesday, August 9th. TheStreet raised shares of Vertex from a “d” rating to a “c-” rating in a research note on Tuesday, October 25th. Finally, The Goldman Sachs Group started coverage on shares of Vertex in a research note on Friday, October 21st. They set a “buy” rating and a $20.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Vertex currently has a consensus rating of “Hold” and an average price target of $17.36.

About Vertex

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Vertex, Inc provides tax technology solutions for corporations in retail, communication, leasing, and manufacturing industries in the United States and internationally. It offers tax determination, compliance and reporting, tax data management, document management, pre-built integration, and industry-specific solutions.

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Insider Buying and Selling by Quarter for Vertex (NASDAQ:VERX)

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