Driehaus Capital Management LLC Makes New Investment in Vertex, Inc. (NASDAQ:VERX)

Driehaus Capital Management LLC purchased a new position in shares of Vertex, Inc. (NASDAQ:VERX) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 615,061 shares of the company’s stock, valued at approximately $22,173,000.

A number of other large investors have also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. boosted its position in Vertex by 1.2% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 51,624 shares of the company’s stock worth $1,640,000 after acquiring an additional 589 shares during the last quarter. Blue Trust Inc. acquired a new position in Vertex during the 2nd quarter worth approximately $28,000. Ellsworth Advisors LLC boosted its position in Vertex by 6.6% during the 2nd quarter. Ellsworth Advisors LLC now owns 16,010 shares of the company’s stock worth $577,000 after acquiring an additional 992 shares during the last quarter. Quest Partners LLC acquired a new position in Vertex during the 2nd quarter worth approximately $37,000. Finally, Canada Pension Plan Investment Board acquired a new position in Vertex during the 2nd quarter worth approximately $40,000. Institutional investors and hedge funds own 59.10% of the company’s stock.

Vertex Stock Down 0.7 %

VERX stock opened at $36.73 on Friday. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of 918.25, a PEG ratio of 10.68 and a beta of 0.69. The business’s fifty day moving average price is $36.93 and its two-hundred day moving average price is $34.12. Vertex, Inc. has a fifty-two week low of $21.50 and a fifty-two week high of $40.05.

Vertex (NASDAQ:VERX) last posted 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 for 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 quarter last year, the business earned $0.04 EPS. On average, equities analysts anticipate that Vertex, Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling

In related 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 transaction, the insider now owns 1,054,641 shares in the company, valued at $39,875,976.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 1,430,100 shares in the company, valued at $53,299,827. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the insider now owns 1,054,641 shares in the company, valued at approximately $39,875,976.21. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,699,900 shares of company stock worth $64,107,653. Company insiders own 45.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Baird R W raised Vertex to a “strong-buy” rating in a report on Tuesday, July 23rd. Robert W. Baird assumed coverage on Vertex in a report on Tuesday, July 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. JMP Securities increased their price objective on Vertex from $42.00 to $47.00 and gave the company a “market outperform” rating in a report on Wednesday, July 31st. Needham & Company LLC reissued a “buy” rating and issued a $45.00 price objective on shares of Vertex in a report on Thursday, June 13th. Finally, Citigroup increased their price objective on Vertex from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Friday, June 28th. Four 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, Vertex 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.