Vertex (NASDAQ:VERX) Shares Down 2.6% – Should You Sell?

Vertex, Inc. (NASDAQ:VERX) shares dropped 2.6% on Friday . The company traded as low as $40.50 and last traded at $40.52. Approximately 243,321 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 771,646 shares. The stock had previously closed at $41.60.

Wall Street Analysts Forecast Growth

VERX has been the topic of a number of analyst reports. JMP Securities lifted their price target on Vertex from $42.00 to $47.00 and gave the stock a “market outperform” rating in a research note on Wednesday, July 31st. Robert W. Baird began coverage on Vertex in a research note on Tuesday, July 23rd. They set an “outperform” rating and a $43.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 target price on shares of Vertex in a research note on Thursday, June 13th. Citigroup lifted their target price on Vertex from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Finally, Baird R W raised Vertex to a “strong-buy” rating in a research note on Tuesday, July 23rd. Four 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. According to data from MarketBeat.com, Vertex currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.30.

Vertex Trading Down 2.7 %

The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of 1,012.00, a price-to-earnings-growth ratio of 11.75 and a beta of 0.68. 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 company has a fifty day moving average price of $37.10 and a 200-day moving average price of $34.52.

Vertex (NASDAQ:VERX) last posted 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. Vertex had a return on equity of 22.32% and a net margin of 3.20%. The firm had revenue of $161.10 million during the quarter, compared to analyst estimates of $160.66 million. During the same period in the previous year, the company earned $0.04 EPS. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. On average, equities research analysts predict that Vertex, Inc. will post 0.34 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $53,299,827. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $37.27, for a total transaction of $5,922,203.00. Following the completion of the transaction, the insider now directly owns 1,430,100 shares in the company, valued at $53,299,827. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John R. Schwab sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $35.81, for a total value of $895,250.00. Following the transaction, the chief financial officer now owns 53,104 shares of the company’s stock, valued at approximately $1,901,654.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,699,900 shares of company stock worth $64,107,653. 45.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. 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 worth $22,643,000 after buying an additional 85,237 shares during the last quarter. Cannon Global Investment Management LLC bought a new stake in shares of Vertex during the first quarter valued at approximately $673,000. Driehaus Capital Management LLC bought a new stake in shares of Vertex during the second quarter valued at approximately $22,173,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Vertex during the first quarter valued at approximately $12,043,000. Finally, Quadrature Capital Ltd increased its position 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 purchasing an additional 18,258 shares during the period. 59.10% of the stock is currently owned by institutional investors and hedge funds.

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.