David Destefano Sells 25,607 Shares of Vertex, Inc. (NASDAQ:VERX) Stock

Vertex, Inc. (NASDAQ:VERX) CEO David Destefano sold 25,607 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $55.05, for a total transaction of $1,409,665.35. Following the completion of the sale, the chief executive officer now owns 221,932 shares in the company, valued at $12,217,356.60. This represents a 10.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Monday, November 18th, David Destefano sold 22,275 shares of Vertex stock. The stock was sold at an average price of $49.55, for a total value of $1,103,726.25.
• On Thursday, November 14th, David Destefano sold 159,107 shares of Vertex stock. The shares were sold at an average price of $49.61, for a total value of $7,893,298.27.

Vertex Stock Down 1.5 %

NASDAQ:VERX traded down $0.84 during midday trading on Wednesday, reaching $54.31. 406,381 shares of the stock traded hands, compared to its average volume of 788,735. The business has a 50-day moving average of $43.84 and a two-hundred day moving average of $38.55. 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, Inc. has a 12-month low of $23.31 and a 12-month high of $55.52. The stock has a market capitalization of $8.47 billion, a PE ratio of 306.39, a price-to-earnings-growth ratio of 10.30 and a beta of 0.67.

Vertex (NASDAQ:VERX) last announced its earnings results on Wednesday, November 6th. The company reported $0.16 earnings per share (EPS) for the quarter, beating 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 company 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 posted $0.06 EPS. The firm’s quarterly revenue was up 17.5% compared to the same quarter last year. On average, equities analysts forecast that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

VERX has been the subject of a number of research reports. The Goldman Sachs Group upped their target price on shares of Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley increased their price objective on shares of Vertex from $50.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Jefferies Financial Group upgraded shares of Vertex from a “hold” rating to a “buy” rating and upped their target price for the company from $35.00 to $50.00 in a research report on Monday, November 4th. Needham & Company LLC lifted their price target on Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, JMP Securities lifted their price target on shares of Vertex from $47.00 to $61.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.30.

Hedge Funds Weigh In On Vertex

Several hedge funds have recently made changes to their positions in the company. Banque Pictet & Cie SA lifted its position in Vertex by 551.9% during the 2nd quarter. Banque Pictet & Cie SA now owns 949,540 shares of the company’s stock worth $34,231,000 after acquiring an additional 803,881 shares during the period. Driehaus Capital Management LLC acquired a new stake in shares of Vertex during the second quarter worth about $22,173,000. Brown Capital Management LLC purchased a new stake in Vertex in the third quarter valued at approximately $20,938,000. Premier Fund Managers Ltd increased its holdings in Vertex by 787.0% in the 3rd quarter. Premier Fund Managers Ltd now owns 524,775 shares of the company’s stock worth $19,280,000 after buying an additional 465,610 shares during the period. Finally, Geneva Capital Management LLC lifted its position in Vertex by 40.1% during the third quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company’s stock valued at $55,863,000 after purchasing an additional 414,945 shares during the period. 59.10% of the stock is owned by institutional investors and hedge funds.

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.