Vertex (NASDAQ:VERX) Sees Unusually-High Trading Volume

Vertex, Inc. (NASDAQ:VERX) saw strong trading volume on Wednesday . 991,943 shares changed hands during trading, an increase of 72% from the previous session’s volume of 575,483 shares.The stock last traded at $29.35 and had previously closed at $27.94.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group raised their price objective on Vertex from $33.00 to $39.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Needham & Company LLC increased their price target on shares of Vertex from $35.00 to $45.00 and gave the company a “buy” rating in a report on Friday, March 1st. Jefferies Financial Group increased their price target on shares of Vertex from $27.00 to $35.00 and gave the company a “hold” rating in a report on Friday, March 1st. Citigroup decreased their price objective on shares of Vertex from $34.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, JMP Securities reissued a “market outperform” rating and issued a $42.00 price objective on shares of Vertex in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.67.

Vertex Stock Performance

The stock’s 50-day moving average price is $29.36 and its 200 day moving average price is $26.95. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.60 and a current ratio of 0.60.

Vertex (NASDAQ:VERX) last issued its earnings results on Thursday, February 29th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The business had revenue of $154.91 million for the quarter, compared to analyst estimates of $146.44 million. Vertex had a negative net margin of 2.29% and a positive return on equity of 16.15%. Sell-side analysts anticipate that Vertex, Inc. will post 0.36 earnings per share for the current year.

Insider Activity at Vertex

In related news, CAO Lisa Butler sold 8,290 shares of Vertex stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $29.63, for a total transaction of $245,632.70. Following the transaction, the chief accounting officer now directly owns 250 shares of the company’s stock, valued at $7,407.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Lisa Butler sold 8,290 shares of Vertex stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $29.63, for a total transaction of $245,632.70. Following the transaction, the chief accounting officer now directly owns 250 shares of the company’s stock, valued at $7,407.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of Vertex stock in a transaction on Friday, March 1st. The stock was sold at an average price of $33.62, for a total transaction of $894,594.58. Following the completion of the transaction, the insider now directly owns 1,338,465 shares in the company, valued at $44,999,193.30. The disclosure for this sale can be found here. Insiders have sold a total of 1,161,048 shares of company stock valued at $35,034,678 over the last ninety days. 45.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Vertex

Several institutional investors and hedge funds have recently bought and sold shares of the company. F M Investments LLC purchased a new position in Vertex in the first quarter worth $209,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Vertex during the first quarter worth $12,043,000. Cannon Global Investment Management LLC acquired a new stake in shares of Vertex during the first quarter worth $673,000. Toth Financial Advisory Corp acquired a new position in Vertex during the first quarter valued at $628,000. Finally, Capital CS Group LLC acquired a new position in shares of Vertex in the first quarter worth about $616,000. 59.10% of the stock is owned by hedge funds and other institutional investors.

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.