Rhumbline Advisers Acquires 3,900 Shares of Vertex, Inc. (NASDAQ:VERX)

Rhumbline Advisers lifted its position in shares of Vertex, Inc. (NASDAQ:VERX) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 79,675 shares of the company’s stock after acquiring an additional 3,900 shares during the period. Rhumbline Advisers owned approximately 0.05% of Vertex worth $4,251,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Fairman Group LLC acquired a new position in shares of Vertex in the fourth quarter worth approximately $327,000. Empowered Funds LLC purchased a new position in Vertex during the 4th quarter worth $3,363,000. Triasima Portfolio Management inc. purchased a new position in shares of Vertex in the 4th quarter worth approximately $3,135,000. abrdn plc raised its stake in shares of Vertex by 74.9% during the 4th quarter. abrdn plc now owns 1,029,177 shares of the company’s stock worth $55,035,000 after purchasing an additional 440,832 shares during the period. Finally, Precision Wealth Strategies LLC bought a new position in shares of Vertex during the 4th quarter valued at approximately $536,000. Institutional investors and hedge funds own 70.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on VERX. BMO Capital Markets boosted their price objective on Vertex from $42.00 to $52.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Stifel Nicolaus cut shares of Vertex from a “buy” rating to a “hold” rating and decreased their target price for the stock from $58.00 to $31.00 in a research report on Friday. The Goldman Sachs Group increased their target price on shares of Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Morgan Stanley increased their price target on shares of Vertex from $50.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Needham & Company LLC boosted their target price on Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.00.

Vertex Trading Down 6.5 %

Shares of NASDAQ:VERX opened at $32.29 on Friday. The firm has a market capitalization of $5.04 billion, a price-to-earnings ratio of 179.39, a price-to-earnings-growth ratio of 6.66 and a beta of 0.78. Vertex, Inc. has a 1 year low of $27.22 and a 1 year high of $60.71. The business’s 50 day moving average price is $52.52 and its 200-day moving average price is $46.74. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04.

Vertex (NASDAQ:VERX) last announced its quarterly earnings data on Thursday, February 27th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.03). Vertex had a net margin of 4.73% and a return on equity of 24.92%. The firm had revenue of $178.46 million during the quarter, compared to analysts’ expectations of $176.90 million. On average, equities research analysts forecast that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Vertex news, CEO David Destefano sold 216,268 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $55.04, for a total transaction of $11,903,390.72. Following the completion of the sale, the chief executive officer now directly owns 293,345 shares of the company’s stock, valued at $16,145,708.80. This represents a 42.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Item Second Irr. Trust Fbo Kyl sold 53,843 shares of Vertex stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $56.48, for a total transaction of $3,041,052.64. Following the completion of the transaction, the insider now owns 1,229,257 shares in the company, valued at approximately $69,428,435.36. This trade represents a 4.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 858,457 shares of company stock worth $46,160,958 over the last 90 days. Corporate insiders own 44.58% of the company’s stock.

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.