Mirae Asset Global Investments Co. Ltd. Decreases Stake in Vertex, Inc. (NASDAQ:VERX)

Mirae Asset Global Investments Co. Ltd. decreased its position in Vertex, Inc. (NASDAQ:VERX) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 59,727 shares of the company’s stock after selling 1,728 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Vertex were worth $1,609,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VERX. Ensign Peak Advisors Inc purchased a new stake in Vertex in the 1st quarter valued at about $33,000. Wells Fargo & Company MN increased its stake in Vertex by 124.1% in the 2nd quarter. Wells Fargo & Company MN now owns 2,024 shares of the company’s stock valued at $39,000 after buying an additional 1,121 shares during the last quarter. Deutsche Bank AG purchased a new stake in Vertex in the 4th quarter valued at about $41,000. Lazard Asset Management LLC purchased a new stake in Vertex in the 4th quarter valued at about $46,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Vertex during the 3rd quarter worth approximately $49,000. Hedge funds and other institutional investors own 59.10% of the company’s stock.

Vertex Stock Down 1.5 %

VERX opened at $28.61 on Friday. The company has a 50 day moving average of $29.28 and a 200 day moving average of $26.88. The company has a market cap of $4.42 billion, a PE ratio of -286.10, a price-to-earnings-growth ratio of 7.49 and a beta of 0.62. Vertex, Inc. has a 12 month low of $17.59 and a 12 month high of $35.38. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.17.

Vertex (NASDAQ:VERX) last released its quarterly earnings data on Thursday, February 29th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.07 by $0.02. Vertex had a negative net margin of 2.29% and a positive return on equity of 16.15%. The company had revenue of $154.91 million during the quarter, compared to the consensus estimate of $146.44 million. On average, sell-side analysts expect that Vertex, Inc. will post 0.36 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VERX. The Goldman Sachs Group raised their price target on shares of Vertex from $33.00 to $39.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Needham & Company LLC raised their price target on shares of Vertex from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Bank of America upgraded shares of Vertex from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $23.00 to $40.00 in a research note on Friday, March 1st. Jefferies Financial Group raised their price target on shares of Vertex from $27.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. Finally, JMP Securities raised their price target on shares of Vertex from $31.00 to $42.00 and gave the stock a “market outperform” rating in a research note on Friday, March 1st. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Vertex currently has a consensus rating of “Moderate Buy” and an average target price of $35.78.

Insider Buying and Selling at Vertex

In other Vertex news, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $33.62, for a total value of $894,594.58. Following the completion of the transaction, the insider now directly owns 1,338,465 shares of the company’s stock, valued at approximately $44,999,193.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Vertex news, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $33.62, for a total value of $894,594.58. Following the completion of the transaction, the insider now directly owns 1,338,465 shares of the company’s stock, valued at approximately $44,999,193.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John Richard Stamm sold 6,500 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $29.48, for a total transaction of $191,620.00. Following the completion of the transaction, the director now directly owns 15,930 shares of the company’s stock, valued at $469,616.40. The disclosure for this sale can be found here. Insiders sold a total of 1,161,048 shares of company stock valued at $35,034,678 in the last three months. Company insiders own 45.00% of the company’s stock.

Vertex 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.