Intech Investment Management LLC Makes New $448,000 Investment in Vertex, Inc. (NASDAQ:VERX)

Intech Investment Management LLC acquired a new position in Vertex, Inc. (NASDAQ:VERX) during the 3rd quarter, HoldingsChannel reports. The fund acquired 11,643 shares of the company’s stock, valued at approximately $448,000.

Several other large investors have also bought and sold shares of VERX. Victory Capital Management Inc. grew its position in shares of Vertex by 406.9% during the 3rd quarter. Victory Capital Management Inc. now owns 34,386 shares of the company’s stock worth $1,324,000 after buying an additional 27,602 shares during the period. Driehaus Capital Management LLC purchased a new stake in shares of Vertex in the second quarter worth approximately $22,173,000. Envestnet Asset Management Inc. boosted its position in shares of Vertex by 10.0% during the second quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company’s stock valued at $8,940,000 after buying an additional 22,514 shares during the last quarter. Federated Hermes Inc. purchased a new stake in Vertex in the 2nd quarter valued at $1,824,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Vertex by 269.4% during the second quarter. The Manufacturers Life Insurance Company now owns 34,378 shares of the company’s stock worth $1,239,000 after purchasing an additional 25,072 shares during the last quarter. 59.10% of the stock is owned by institutional investors.

Vertex Stock Performance

NASDAQ VERX opened at $54.64 on Tuesday. The stock has a 50-day moving average of $45.20 and a two-hundred day moving average of $39.19. The company has a market cap of $8.52 billion, a P/E ratio of 303.56, a P/E/G ratio of 10.18 and a beta of 0.67. 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, Inc. has a 1-year low of $23.31 and a 1-year high of $55.52.

Vertex (NASDAQ:VERX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. Vertex had a net margin of 4.73% and a return on equity of 24.92%. The company had revenue of $170.40 million during the quarter, compared to the consensus estimate of $165.70 million. During the same quarter in the prior year, the firm earned $0.06 EPS. Vertex’s quarterly revenue was up 17.5% on a year-over-year basis. As a group, analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Stifel Nicolaus increased their target price on shares of Vertex from $41.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. BMO Capital Markets raised their price target on Vertex from $42.00 to $52.00 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Needham & Company LLC increased their price objective on Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. JMP Securities increased their price target on shares of Vertex from $47.00 to $61.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Finally, Robert W. Baird upped their target price on shares of Vertex from $43.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.30.

Insider Transactions at Vertex

In other news, CEO David Destefano sold 25,607 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $55.05, for a total transaction of $1,409,665.35. Following the completion of the transaction, the chief executive officer now directly owns 221,932 shares in the company, valued at approximately $12,217,356.60. The trade was a 10.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Bryan T.R. Rowland sold 3,020 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $55.08, for a total value of $166,341.60. The disclosure for this sale can be found here. Insiders sold a total of 4,202,949 shares of company stock worth $192,797,340 over the last ninety days. 44.58% of the stock is currently owned by corporate insiders.

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.