Allspring Global Investments Holdings LLC Makes New $12.04 Million Investment in Vertex, Inc. (NASDAQ:VERX)

Allspring Global Investments Holdings LLC purchased a new stake in Vertex, Inc. (NASDAQ:VERX) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 379,180 shares of the company’s stock, valued at approximately $12,043,000. Allspring Global Investments Holdings LLC owned approximately 0.25% of Vertex at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in VERX. Legacy Advisors LLC boosted its holdings in Vertex by 1,517.0% in the 4th quarter. Legacy Advisors LLC now owns 3,244,871 shares of the company’s stock valued at $87,417,000 after purchasing an additional 3,044,193 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Vertex by 13.0% in the fourth quarter. Vanguard Group Inc. now owns 5,555,808 shares of the company’s stock valued at $149,673,000 after acquiring an additional 637,075 shares during the last quarter. Conestoga Capital Advisors LLC grew its position in Vertex by 19.0% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company’s stock worth $76,311,000 after acquiring an additional 452,840 shares during the period. Axiom Investors LLC DE purchased a new stake in Vertex in the fourth quarter valued at $9,253,000. Finally, Kornitzer Capital Management Inc. KS lifted its stake in shares of Vertex by 824.0% in the 4th quarter. Kornitzer Capital Management Inc. KS now owns 345,257 shares of the company’s stock valued at $9,301,000 after purchasing an additional 307,892 shares during the last quarter. Institutional investors and hedge funds own 59.10% of the company’s stock.

Insider Buying and Selling

In other Vertex news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $32.93, for a total value of $49,395,000.00. Following the sale, the insider now directly owns 2,554,641 shares in the company, valued at $84,124,328.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 45.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Citigroup upped their target price on shares of Vertex from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. JMP Securities reaffirmed a “market outperform” rating and set a $42.00 price objective on shares of Vertex in a research report on Tuesday, April 23rd. Needham & Company LLC reissued a “buy” rating and issued a $45.00 target price on shares of Vertex in a research report on Thursday, June 13th. Finally, Bank of America lowered their price target on Vertex from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.11.

Vertex Price Performance

Shares of NASDAQ VERX opened at $35.86 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market cap of $5.56 billion, a price-to-earnings ratio of 896.50, a price-to-earnings-growth ratio of 18.27 and a beta of 0.69. The stock’s 50-day moving average is $33.37 and its two-hundred day moving average is $29.75. Vertex, Inc. has a 1-year low of $17.59 and a 1-year high of $36.36.

Vertex (NASDAQ:VERX) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The company had revenue of $156.78 million for the quarter, compared to analyst estimates of $155.50 million. Vertex had a return on equity of 18.67% and a net margin of 1.29%. Analysts forecast that Vertex, Inc. will post 0.19 EPS for the current fiscal year.

Vertex Company 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.