Insider Selling: Vertex, Inc. (NASDAQ:VERX) CEO Sells 25,607 Shares of Stock

Vertex, Inc. (NASDAQ:VERX) CEO David Destefano sold 25,607 shares of the stock in a transaction 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 approximately $12,217,356.60. This trade represents a 10.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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

• On Monday, November 18th, David Destefano sold 22,275 shares of Vertex stock. The shares were 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 stock was sold at an average price of $49.61, for a total transaction of $7,893,298.27.

Vertex Trading Down 1.5 %

Shares of VERX stock traded down $0.84 during mid-day trading on Wednesday, reaching $54.31. 406,381 shares of the stock traded hands, compared to its average volume of 788,735. The stock’s fifty day simple moving average is $43.84 and its two-hundred day simple moving average is $38.55. The company has a market cap of $8.47 billion, a price-to-earnings ratio of 306.39, a price-to-earnings-growth ratio of 10.30 and a beta of 0.67. Vertex, Inc. has a 1-year low of $23.31 and a 1-year high of $55.52. 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 released its earnings results 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. The business had revenue of $170.40 million during the quarter, compared to the consensus estimate of $165.70 million. Vertex had a net margin of 4.73% and a return on equity of 24.92%. During the same quarter in the prior year, the firm posted $0.06 EPS. The company’s revenue for the quarter was up 17.5% compared to the same quarter last year. On average, research analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Institutional Trading of Vertex

Several hedge funds have recently modified their holdings of the stock. Driehaus Capital Management LLC bought a new stake in shares of Vertex during the second quarter worth about $22,173,000. Victory Capital Management Inc. raised its holdings in Vertex by 406.9% during the 3rd quarter. Victory Capital Management Inc. now owns 34,386 shares of the company’s stock valued at $1,324,000 after acquiring an additional 27,602 shares during the period. DRW Securities LLC bought a new position in shares of Vertex in the third quarter worth $840,000. Envestnet Asset Management Inc. increased its position in shares of Vertex by 10.0% during the second quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company’s stock valued at $8,940,000 after buying an additional 22,514 shares during the period. Finally, Federated Hermes Inc. purchased a new stake in shares of Vertex in the second quarter worth about $1,824,000. Institutional investors own 59.10% of the company’s stock.

Analysts Set New Price Targets

VERX has been the subject of a number of research reports. BMO Capital Markets increased their target price on Vertex from $42.00 to $52.00 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Morgan Stanley increased their price target on shares of Vertex from $50.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Robert W. Baird boosted their price objective on shares of Vertex from $43.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their target price on Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Stifel Nicolaus lifted their price objective on shares of Vertex from $41.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Vertex currently has a consensus rating of “Moderate Buy” and an average target price 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.