Vertex, Inc. (NASDAQ:VERX) Major Shareholder Sells $24,409,161.00 in Stock

Posted by MarketBeat News on Mar 18th, 2023

Vertex, Inc. (NASDAQ:VERX – Get Rating) major shareholder Jeffery Westphal sold 1,375,164 shares of the stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $17.75, for a total value of $24,409,161.00. Following the completion of the sale, the insider now directly owns 7,309,379 shares of the company’s stock, valued at $129,741,477.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Jeffery Westphal also recently made the following trade(s):

On Tuesday, March 14th, Jeffery Westphal sold 23,884 shares of Vertex stock. The shares were sold at an average price of $18.67, for a total value of $445,914.28.
On Wednesday, March 8th, Jeffery Westphal sold 62,857 shares of Vertex stock. The shares were sold at an average price of $18.63, for a total value of $1,171,025.91.
On Thursday, March 2nd, Jeffery Westphal sold 50,000 shares of Vertex stock. The stock was sold at an average price of $15.66, for a total value of $783,000.00.
On Tuesday, February 28th, Jeffery Westphal sold 44,391 shares of Vertex stock. The stock was sold at an average price of $15.82, for a total value of $702,265.62.

Vertex Trading Down 0.7 %

Shares of VERX stock opened at $18.48 on Friday. Vertex, Inc. has a fifty-two week low of $9.44 and a fifty-two week high of $19.31. The stock has a market cap of $2.77 billion, a P/E ratio of -205.33, a P/E/G ratio of 14.24 and a beta of 0.51. The business has a fifty day simple moving average of $14.75 and a 200-day simple moving average of $15.10. The company has a quick ratio of 0.59, a current ratio of 0.60 and a debt-to-equity ratio of 0.20.

Wall Street Analyst Weigh In

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Several equities research analysts have recently commented on the company. BMO Capital Markets upped their price target on Vertex from $16.00 to $19.00 and gave the stock a “market perform” rating in a research note on Thursday, March 9th. Morgan Stanley upped their price target on Vertex from $10.00 to $12.00 and gave the stock an “underweight” rating in a research note on Monday, December 19th. The Goldman Sachs Group upped their price target on Vertex from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, March 9th. TheStreet cut Vertex from a “c-” rating to a “d+” rating in a research note on Wednesday, December 28th. Finally, Bank of America upgraded Vertex from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $16.00 to $20.00 in a research report on Wednesday, March 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $20.11.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Tensile Capital Management LP increased its position in shares of Vertex by 624.8% in the third quarter. Tensile Capital Management LP now owns 5,220,258 shares of the company’s stock valued at $71,361,000 after buying an additional 4,500,000 shares in the last quarter. Neuberger Berman Group LLC increased its position in shares of Vertex by 7.8% in the fourth quarter. Neuberger Berman Group LLC now owns 3,914,467 shares of the company’s stock valued at $56,799,000 after buying an additional 281,617 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Vertex by 25.9% in the third quarter. Vanguard Group Inc. now owns 3,494,699 shares of the company’s stock valued at $47,772,000 after buying an additional 717,947 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Vertex by 0.5% in the second quarter. JPMorgan Chase & Co. now owns 2,621,994 shares of the company’s stock valued at $29,706,000 after buying an additional 14,320 shares in the last quarter. Finally, TimesSquare Capital Management LLC increased its position in shares of Vertex by 6.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,740,955 shares of the company’s stock valued at $25,261,000 after buying an additional 108,770 shares in the last quarter. Hedge funds and other institutional investors own 21.53% of the company’s stock.

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.