Glenmede Trust Co. NA Sells 1,635 Shares of Vertex, Inc. (NASDAQ:VERX)

Glenmede Trust Co. NA lowered its position in shares of Vertex, Inc. (NASDAQ:VERX) by 7.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,752 shares of the company’s stock after selling 1,635 shares during the period. Glenmede Trust Co. NA’s holdings in Vertex were worth $761,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. purchased a new position in shares of Vertex in the second quarter worth approximately $28,000. Quest Partners LLC bought a new position in Vertex in the second quarter worth approximately $37,000. Advisors Asset Management Inc. boosted its stake in shares of Vertex by 126.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 968 shares of the company’s stock worth $37,000 after acquiring an additional 540 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Vertex during the 2nd quarter valued at $40,000. Finally, Amalgamated Bank purchased a new stake in shares of Vertex in the 2nd quarter worth $68,000. 59.10% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Stock Performance

Shares of Vertex stock opened at $56.92 on Wednesday. The company has a 50 day moving average price of $45.59 and a 200 day moving average price of $39.36. The firm has a market capitalization of $8.88 billion, a P/E ratio of 316.22, a PEG ratio of 10.26 and a beta of 0.77. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29. Vertex, Inc. has a 52 week low of $23.31 and a 52 week high of $57.74.

Vertex (NASDAQ:VERX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.16 earnings per share for the quarter, beating 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 business had revenue of $170.40 million for the quarter, compared to analyst estimates of $165.70 million. During the same period in the prior year, the company earned $0.06 earnings per share. The company’s revenue was up 17.5% on a year-over-year basis. Sell-side analysts expect that Vertex, Inc. will post 0.38 EPS for the current year.

Wall Street Analyst Weigh In

VERX has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price objective on Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC upped their price target on shares of Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Robert W. Baird raised their price objective on shares of Vertex from $43.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Stifel Nicolaus upped their target price on shares of Vertex from $41.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, JMP Securities raised their price target on Vertex from $47.00 to $61.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Three 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.30.

Insider Buying and Selling at Vertex

In other Vertex news, major shareholder Jeffrey Westphal sold 1,225,000 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $39.42, for a total transaction of $48,289,500.00. Following the completion of the transaction, the insider now directly owns 7,895 shares in the company, valued at approximately $311,220.90. This represents a 99.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Bryan T.R. Rowland sold 3,020 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $55.08, for a total transaction of $166,341.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,202,949 shares of company stock valued at $192,797,340. 44.58% of the stock is owned by company insiders.

About Vertex

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.