Cannon Global Investment Management LLC Takes Position in Vertex, Inc. (NASDAQ:VERX)

Cannon Global Investment Management LLC bought a new stake in shares of Vertex, Inc. (NASDAQ:VERX) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 18,000 shares of the company’s stock, valued at approximately $693,000. Vertex comprises 1.1% of Cannon Global Investment Management LLC’s holdings, making the stock its 21st biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Vertex by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 5,791,215 shares of the company’s stock valued at $183,929,000 after buying an additional 235,407 shares during the last quarter. TimesSquare Capital Management LLC boosted its stake in shares of Vertex by 2.3% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,386,848 shares of the company’s stock valued at $44,046,000 after buying an additional 30,523 shares during the last quarter. Banque Pictet & Cie SA raised its position in shares of Vertex by 551.9% during the 2nd quarter. Banque Pictet & Cie SA now owns 949,540 shares of the company’s stock valued at $34,231,000 after acquiring an additional 803,881 shares in the last quarter. Pembroke Management LTD raised its position in shares of Vertex by 255.3% during the 1st quarter. Pembroke Management LTD now owns 927,129 shares of the company’s stock valued at $29,446,000 after acquiring an additional 666,223 shares in the last quarter. Finally, William Blair Investment Management LLC raised its position in shares of Vertex by 8.1% during the 2nd quarter. William Blair Investment Management LLC now owns 782,715 shares of the company’s stock valued at $28,217,000 after acquiring an additional 58,678 shares in the last quarter. 59.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John Richard Stamm sold 16,000 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $35.95, for a total transaction of $575,200.00. Following the transaction, the director now directly owns 21,635 shares of the company’s stock, valued at approximately $777,778.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director John Richard Stamm sold 16,000 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $35.95, for a total transaction of $575,200.00. Following the completion of the transaction, the director now owns 21,635 shares of the company’s stock, valued at $777,778.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Item Second Irr. Trust Fbo Jac sold 56,419 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $40.77, for a total value of $2,300,202.63. Following the transaction, the insider now directly owns 932,706 shares of the company’s stock, valued at $38,026,423.62. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,629,244 shares of company stock valued at $64,039,589. Company insiders own 44.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on VERX. JMP Securities upped their price target on Vertex from $42.00 to $47.00 and gave the company a “market outperform” rating in a research report on Wednesday, July 31st. Robert W. Baird began coverage on Vertex in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $43.00 price target on the stock. Finally, Baird R W raised Vertex to a “strong-buy” rating in a research report on Tuesday, July 23rd. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.30.

Vertex Stock Performance

NASDAQ VERX traded up $0.66 during trading hours on Friday, hitting $42.17. The company had a trading volume of 367,529 shares, compared to its average volume of 612,990. Vertex, Inc. has a fifty-two week low of $21.92 and a fifty-two week high of $43.33. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 1.43. The business has a fifty day simple moving average of $39.16 and a 200-day simple moving average of $36.00. The firm has a market cap of $6.56 billion, a P/E ratio of 351.42, a price-to-earnings-growth ratio of 11.86 and a beta of 0.67.

Vertex (NASDAQ:VERX) last issued its earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. The firm had revenue of $161.10 million for the quarter, compared to analyst estimates of $160.66 million. Vertex had a return on equity of 22.32% and a net margin of 3.20%. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period last year, the company earned $0.04 earnings per share. Equities analysts predict that Vertex, Inc. will post 0.34 EPS for the current year.

Vertex 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.