Vertex (NASDAQ:VERX) Shares Up 4.1%

Shares of Vertex, Inc. (NASDAQ:VERX) shot up 4.1% during mid-day trading on Monday . The company traded as high as $21.78 and last traded at $21.54. 25,907 shares were traded during trading, a decline of 92% from the average session volume of 313,573 shares. The stock had previously closed at $20.69.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on VERX. JMP Securities reiterated a “market outperform” rating and set a $28.00 price target on shares of Vertex in a research note on Monday, August 21st. Morgan Stanley began coverage on shares of Vertex in a research note on Monday. They set an “overweight” rating and a $25.00 price target on the stock. Citigroup decreased their price target on shares of Vertex from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, August 10th. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of Vertex in a research note on Thursday, August 10th. Finally, BMO Capital Markets decreased their price target on shares of Vertex from $23.00 to $22.00 and set a “market perform” rating on the stock in a research note on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $23.22.

Vertex Trading Up 2.3 %

The company’s 50-day moving average is $20.52 and its 200-day moving average is $20.35. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of -94.04, a P/E/G ratio of 9.38 and a beta of 0.49. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.54 and a current ratio of 0.54.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Wednesday, August 9th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $139.70 million for the quarter, compared to the consensus estimate of $135.91 million. Vertex had a negative net margin of 5.94% and a positive return on equity of 12.68%. On average, research analysts predict that Vertex, Inc. will post 0.2 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Jeffery Westphal sold 800,000 shares of the company’s stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $18.26, for a total transaction of $14,608,000.00. Following the transaction, the insider now owns 6,509,379 shares in the company, valued at approximately $118,861,260.54. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Vertex news, CAO Lisa Butler sold 10,000 shares of the business’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $18.71, for a total transaction of $187,100.00. Following the completion of the sale, the chief accounting officer now directly owns 250 shares of the company’s stock, valued at approximately $4,677.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Jeffery Westphal sold 800,000 shares of the company’s stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $18.26, for a total value of $14,608,000.00. Following the completion of the sale, the insider now directly owns 6,509,379 shares of the company’s stock, valued at $118,861,260.54. The disclosure for this sale can be found here. Insiders have sold a total of 1,614,662 shares of company stock worth $30,137,977 in the last 90 days. Corporate insiders own 45.00% of the company’s stock.

Institutional Trading of Vertex

Institutional investors and hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System increased its stake in Vertex by 1.8% during the 1st quarter. California State Teachers Retirement System now owns 42,811 shares of the company’s stock worth $886,000 after purchasing an additional 751 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Vertex by 1.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 72,406 shares of the company’s stock worth $820,000 after acquiring an additional 762 shares during the last quarter. Sei Investments Co. boosted its position in Vertex by 5.7% during the 4th quarter. Sei Investments Co. now owns 14,524 shares of the company’s stock worth $211,000 after acquiring an additional 785 shares during the last quarter. Veritable L.P. boosted its position in Vertex by 7.2% during the 1st quarter. Veritable L.P. now owns 14,905 shares of the company’s stock worth $308,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in Vertex by 124.1% during the 2nd quarter. Wells Fargo & Company MN now owns 2,024 shares of the company’s stock worth $39,000 after acquiring an additional 1,121 shares during the last quarter. 28.31% of the stock is owned by institutional investors.

About Vertex

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