Driehaus Capital Management LLC Acquires Shares of 615,061 Vertex, Inc. (NASDAQ:VERX)

Driehaus Capital Management LLC acquired a new stake in shares of Vertex, Inc. (NASDAQ:VERX) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 615,061 shares of the company’s stock, valued at approximately $22,173,000. Driehaus Capital Management LLC owned 0.40% of Vertex as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Silvercrest Asset Management Group LLC lifted its holdings in shares of Vertex by 13.6% during the first quarter. Silvercrest Asset Management Group LLC now owns 712,926 shares of the company’s stock valued at $22,643,000 after acquiring an additional 85,237 shares during the period. Cannon Global Investment Management LLC bought a new position in shares of Vertex during the first quarter valued at $673,000. Allspring Global Investments Holdings LLC bought a new position in shares of Vertex during the first quarter valued at $12,043,000. Quadrature Capital Ltd lifted its holdings in shares of Vertex by 24.7% during the first quarter. Quadrature Capital Ltd now owns 92,167 shares of the company’s stock valued at $2,927,000 after acquiring an additional 18,258 shares during the period. Finally, Granahan Investment Management LLC lifted its holdings in shares of Vertex by 49.4% during the fourth quarter. Granahan Investment Management LLC now owns 663,606 shares of the company’s stock valued at $17,878,000 after acquiring an additional 219,301 shares during the period. 59.10% of the stock is owned by institutional investors.

Insider Activity

In other news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $37.27, for a total value of $5,922,203.00. Following the completion of the sale, the insider now directly owns 1,430,100 shares of the company’s stock, valued at approximately $53,299,827. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $37.27, for a total value of $5,922,203.00. Following the completion of the sale, the insider now directly owns 1,430,100 shares of the company’s stock, valued at approximately $53,299,827. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John Richard Stamm sold 16,000 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $35.95, for a total value of $575,200.00. Following the sale, the director now directly owns 21,635 shares of the company’s stock, valued at $777,778.25. The disclosure for this sale can be found here. Insiders sold a total of 1,699,900 shares of company stock valued at $64,107,653 in the last ninety days. 45.00% of the stock is owned by insiders.

Vertex Stock Performance

Shares of NASDAQ:VERX opened at $36.73 on Friday. The stock has a market capitalization of $5.70 billion, a P/E ratio of 918.25, a P/E/G ratio of 10.68 and a beta of 0.69. Vertex, Inc. has a 1-year low of $21.50 and a 1-year high of $40.05. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 1.43. The business has a 50-day moving average price of $36.93 and a two-hundred day moving average price of $34.12.

Vertex (NASDAQ:VERX) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. The firm had revenue of $161.10 million during the quarter, compared to analysts’ expectations of $160.66 million. Vertex had a return on equity of 22.32% and a net margin of 3.20%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.04 EPS. Equities analysts predict that Vertex, Inc. will post 0.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on VERX shares. Baird R W upgraded shares of Vertex to a “strong-buy” rating in a research report on Tuesday, July 23rd. JMP Securities upped their price target on shares of Vertex from $42.00 to $47.00 and gave the stock a “market outperform” rating in a research report on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and set a $45.00 price target on shares of Vertex in a research report on Thursday, June 13th. Robert W. Baird started coverage on shares of Vertex in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $43.00 price target on the stock. Finally, Citigroup upped their price target on shares of Vertex from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Vertex has an average rating of “Moderate Buy” and a consensus target price of $37.30.

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.