Vertex, Inc. (NASDAQ:VERX) CEO Sells $1,103,726.25 in Stock

Vertex, Inc. (NASDAQ:VERX) CEO David Destefano sold 22,275 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $49.55, for a total value of $1,103,726.25. Following the transaction, the chief executive officer now directly owns 293,246 shares of the company’s stock, valued at approximately $14,530,339.30. The trade was a 7.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

David Destefano also recently made the following trade(s):

• On Thursday, November 14th, David Destefano sold 159,107 shares of Vertex stock. The stock was sold at an average price of $49.61, for a total value of $7,893,298.27.

Vertex Price Performance

Vertex stock opened at $52.31 on Thursday. The stock has a market capitalization of $8.16 billion, a price-to-earnings ratio of 290.61, a PEG ratio of 9.22 and a beta of 0.67. Vertex, Inc. has a 52-week low of $23.31 and a 52-week high of $52.93. The stock’s 50 day moving average price is $42.38 and its two-hundred day moving average price is $37.83. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04.

Vertex (NASDAQ:VERX) last issued its earnings results on Wednesday, November 6th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The company had revenue of $170.40 million for the quarter, compared to analysts’ expectations of $165.70 million. During the same period last year, the business earned $0.06 EPS. Vertex’s quarterly revenue was up 17.5% compared to the same quarter last year. On average, equities analysts predict that Vertex, Inc. will post 0.38 earnings per share for the current year.

Hedge Funds Weigh In On Vertex

A number of large investors have recently modified their holdings of the company. Silvercrest Asset Management Group LLC raised its position in Vertex by 13.6% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 712,926 shares of the company’s stock valued at $22,643,000 after buying an additional 85,237 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in Vertex in the 2nd quarter valued at $22,173,000. Quadrature Capital Ltd raised its position in Vertex by 24.7% in the 1st quarter. Quadrature Capital Ltd now owns 92,167 shares of the company’s stock valued at $2,927,000 after buying an additional 18,258 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Vertex by 10.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company’s stock valued at $8,940,000 after purchasing an additional 22,514 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new stake in shares of Vertex during the 2nd quarter valued at $1,824,000. 59.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. JMP Securities upped their price objective on Vertex from $47.00 to $61.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Morgan Stanley upped their price objective on Vertex from $50.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group upped their price objective on Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Jefferies Financial Group raised Vertex from a “hold” rating to a “buy” rating and upped their price objective for the company from $35.00 to $50.00 in a research note on Monday, November 4th. Finally, Needham & Company LLC upped their price objective on Vertex from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Three 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.com, Vertex has an average rating of “Moderate Buy” and a consensus price target of $52.30.

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.