Vertex, Inc. (NASDAQ:VERX) Position Boosted by Rhumbline Advisers

Rhumbline Advisers boosted its holdings in Vertex, Inc. (NASDAQ:VERX) by 5,910.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 73,210 shares of the company’s stock after acquiring an additional 71,992 shares during the quarter. Rhumbline Advisers’ holdings in Vertex were worth $2,639,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in VERX. Legacy Advisors LLC grew its stake in shares of Vertex by 1,517.0% in the fourth quarter. Legacy Advisors LLC now owns 3,244,871 shares of the company’s stock worth $87,417,000 after purchasing an additional 3,044,193 shares in the last quarter. Banque Pictet & Cie SA lifted its holdings in Vertex by 551.9% in the second quarter. Banque Pictet & Cie SA now owns 949,540 shares of the company’s stock worth $34,231,000 after purchasing an additional 803,881 shares during the period. Pembroke Management LTD lifted its holdings in Vertex by 255.3% in the first quarter. Pembroke Management LTD now owns 927,129 shares of the company’s stock worth $29,446,000 after purchasing an additional 666,223 shares during the period. Vanguard Group Inc. grew its position in Vertex by 13.0% in the 4th quarter. Vanguard Group Inc. now owns 5,555,808 shares of the company’s stock valued at $149,673,000 after buying an additional 637,075 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Vertex during the 1st quarter valued at about $12,043,000. Institutional investors own 59.10% of the company’s stock.

Vertex Trading Up 0.7 %

NASDAQ:VERX opened at $36.38 on Thursday. The stock has a fifty day simple moving average of $36.94 and a 200 day simple moving average of $33.79. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 1.43. The firm has a market capitalization of $5.66 billion, a price-to-earnings ratio of 909.50, a price-to-earnings-growth ratio of 10.40 and a beta of 0.69. Vertex, Inc. has a 1-year low of $20.62 and a 1-year high of $40.05.

Vertex (NASDAQ:VERX) last released its earnings results 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 business had revenue of $161.10 million for the quarter, compared to the consensus estimate of $160.66 million. Vertex had a net margin of 3.20% and a return on equity of 22.32%. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period last year, the firm posted $0.04 earnings per share. Sell-side analysts forecast that Vertex, Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling at Vertex

In other news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $37.81, for a total value of $56,715,000.00. Following the completion of the sale, the insider now owns 1,054,641 shares of the company’s stock, valued at $39,875,976.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $37.81, for a total transaction of $56,715,000.00. Following the completion of the sale, the insider now directly owns 1,054,641 shares in the company, valued at $39,875,976.21. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Richard Stamm sold 16,000 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $35.95, for a total transaction of $575,200.00. Following the completion of the transaction, the director now owns 21,635 shares in the company, valued at approximately $777,778.25. The disclosure for this sale can be found here. Insiders have sold a total of 1,699,900 shares of company stock valued at $64,107,653 in the last three months. 45.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on VERX shares. 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 note on Friday, June 28th. JMP Securities increased their price target on Vertex from $42.00 to $47.00 and gave the company a “market outperform” rating in a research note 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. Baird R W upgraded Vertex to a “strong-buy” rating in a report on Tuesday, July 23rd. Finally, Robert W. Baird assumed coverage on Vertex in a report on Tuesday, July 23rd. They set an “outperform” rating and a $43.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.