Vertex, Inc. (NASDAQ:VERX) Position Boosted by KBC Group NV

KBC Group NV lifted its holdings in Vertex, Inc. (NASDAQ:VERX) by 46.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,099 shares of the company’s stock after purchasing an additional 662 shares during the period. KBC Group NV’s holdings in Vertex were worth $81,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in VERX. Blue Trust Inc. acquired a new position in Vertex in the second quarter worth approximately $28,000. Quest Partners LLC acquired a new position in shares of Vertex in the 2nd quarter worth $37,000. Canada Pension Plan Investment Board acquired a new position in shares of Vertex in the 2nd quarter worth $40,000. Amalgamated Bank acquired a new stake in shares of Vertex during the second quarter worth $68,000. Finally, Sandia Investment Management LP purchased a new stake in shares of Vertex during the first quarter valued at $159,000. 59.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Vertex Stock Up 0.7 %

VERX stock opened at $53.83 on Friday. The company has a 50 day moving average of $42.74 and a two-hundred day moving average of $37.94. The company has a market cap of $8.40 billion, a price-to-earnings ratio of 299.06, a PEG ratio of 9.61 and a beta of 0.67. Vertex, Inc. has a 12-month low of $23.31 and a 12-month high of $54.50. 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 (NASDAQ:VERX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $165.70 million. During the same period last year, the company earned $0.06 earnings per share. Vertex’s quarterly revenue was up 17.5% compared to the same quarter last year. On average, equities analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO David Destefano sold 159,107 shares of Vertex stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $49.61, for a total value of $7,893,298.27. Following the completion of the sale, the chief executive officer now owns 332,290 shares of the company’s stock, valued at approximately $16,484,906.90. The trade was a 32.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Item Second Irr. Trust Fbo Jac sold 52,713 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $41.02, for a total transaction of $2,162,287.26. Following the transaction, the insider now directly owns 1,144,993 shares in the company, valued at $46,967,612.86. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,330,722 shares of company stock worth $197,009,011 in the last three months. 44.58% of the stock is owned by 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.