Vertex (NASDAQ:VERX) Shares Gap Down on Insider Selling

Vertex, Inc. (NASDAQ:VERX) shares gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $27.70, but opened at $26.75. Vertex shares last traded at $26.66, with a volume of 268,566 shares changing hands.

Specifically, insider Item Second Irr. Trust Fbo Jac sold 50,318 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $26.35, for a total transaction of $1,325,879.30. Following the transaction, the insider now directly owns 2,089,000 shares of the company’s stock, valued at approximately $55,045,150. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Vertex news, insider Item Second Irr. Trust Fbo Jac sold 50,318 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $26.35, for a total transaction of $1,325,879.30. Following the sale, the insider now directly owns 2,089,000 shares of the company’s stock, valued at approximately $55,045,150. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Jeffery Westphal sold 1,899,025 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $26.06, for a total transaction of $49,488,591.50. Following the sale, the insider now directly owns 7,895 shares in the company, valued at $205,743.70. The disclosure for this sale can be found here. Insiders have sold a total of 3,984,570 shares of company stock valued at $97,943,654 in the last ninety days. 45.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on VERX shares. JMP Securities restated a “market outperform” rating and issued a $28.00 price target on shares of Vertex in a report on Monday, August 21st. Raymond James lifted their price objective on shares of Vertex from $24.00 to $29.00 and gave the company an “outperform” rating in a research note on Friday, November 10th. The Goldman Sachs Group lifted their price objective on shares of Vertex from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, November 10th. TheStreet raised shares of Vertex from a “d+” rating to a “c-” rating in a research report on Wednesday, September 27th. Finally, BMO Capital Markets raised their price target on shares of Vertex from $24.00 to $28.00 and gave the stock a “market perform” rating in a research report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.11.

Vertex Price Performance

The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.20. The stock has a 50 day moving average price of $23.22 and a two-hundred day moving average price of $21.44.

Hedge Funds Weigh In On Vertex

Several hedge funds have recently added to or reduced their stakes in VERX. Penserra Capital Management LLC bought a new position in Vertex during the third quarter worth about $126,000. Sei Investments Co. boosted its holdings in Vertex by 13.2% during the third quarter. Sei Investments Co. now owns 17,480 shares of the company’s stock worth $404,000 after buying an additional 2,036 shares during the last quarter. Kennedy Capital Management LLC bought a new position in Vertex during the third quarter worth about $6,868,000. Legal & General Group Plc boosted its holdings in Vertex by 11.7% during the third quarter. Legal & General Group Plc now owns 41,744 shares of the company’s stock worth $964,000 after buying an additional 4,360 shares during the last quarter. Finally, Glenmede Trust Co. NA lifted its holdings in shares of Vertex by 14.6% during the 3rd quarter. Glenmede Trust Co. NA now owns 16,896 shares of the company’s stock valued at $390,000 after purchasing an additional 2,156 shares in the last quarter. Institutional investors own 28.31% of the company’s stock.

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.