Vertex (NASDAQ:VERX) Sees Strong Trading Volume

Vertex, Inc. (NASDAQ:VERX) saw unusually-high trading volume on Wednesday . Approximately 991,943 shares traded hands during trading, an increase of 72% from the previous session’s volume of 575,483 shares.The stock last traded at $29.35 and had previously closed at $27.94.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VERX. The Goldman Sachs Group upped their target price on shares of Vertex from $33.00 to $39.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Bank of America decreased their price objective on Vertex from $40.00 to $34.00 and set a “neutral” rating on the stock in a report on Tuesday. JMP Securities reaffirmed a “market outperform” rating and issued a $42.00 target price on shares of Vertex in a research note on Tuesday. Needham & Company LLC lifted 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. Finally, BMO Capital Markets boosted their price objective on shares of Vertex from $30.00 to $35.00 and gave the stock a “market perform” rating in a report on Friday, March 1st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Vertex has an average rating of “Moderate Buy” and an average target price of $35.67.

Vertex Trading Up 1.7 %

The firm’s 50 day moving average is $29.47 and its 200 day moving average is $27.00. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17.

Vertex (NASDAQ:VERX) last announced its quarterly earnings results on Thursday, February 29th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The business had revenue of $154.91 million for the quarter, compared to analyst estimates of $146.44 million. Vertex had a negative net margin of 2.29% and a positive return on equity of 16.15%. On average, analysts anticipate that Vertex, Inc. will post 0.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Vertex

In related news, major shareholder Jeffrey Westphal sold 791,133 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $30.05, for a total transaction of $23,773,546.65. Following the completion of the transaction, the insider now owns 1,554,641 shares in the company, valued at $46,716,962.05. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Vertex news, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 1,338,465 shares in the company, valued at $44,999,193.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Jeffrey Westphal sold 791,133 shares of Vertex stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $30.05, for a total value of $23,773,546.65. Following the sale, the insider now directly owns 1,554,641 shares in the company, valued at $46,716,962.05. The disclosure for this sale can be found here. Insiders sold 1,161,048 shares of company stock valued at $35,034,678 in the last 90 days. Insiders own 45.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Arcadia Investment Management Corp MI grew its stake in Vertex by 22.4% in the third quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock worth $62,000 after purchasing an additional 488 shares during the period. Raymond James & Associates purchased a new stake in shares of Vertex in the 3rd quarter worth about $224,000. Bank of New York Mellon Corp grew its position in shares of Vertex by 2.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 34,526 shares of the company’s stock worth $798,000 after buying an additional 673 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Vertex in the 3rd quarter worth about $49,000. Finally, Kornitzer Capital Management Inc. KS purchased a new position in Vertex during the 3rd quarter valued at about $863,000. Institutional investors own 59.10% of the company’s stock.

About Vertex

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.