TimesSquare Capital Management LLC Sells 98,603 Shares of Vertex, Inc. (NASDAQ:VERX)

TimesSquare Capital Management LLC lowered its stake in shares of Vertex, Inc. (NASDAQ:VERX) by 5.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,655,400 shares of the company’s stock after selling 98,603 shares during the period. TimesSquare Capital Management LLC owned approximately 1.06% of Vertex worth $63,749,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Blue Trust Inc. acquired a new position in Vertex in the 2nd quarter valued at approximately $28,000. Quest Partners LLC acquired a new position in shares of Vertex in the second quarter valued at $37,000. Canada Pension Plan Investment Board acquired a new position in shares of Vertex in the second quarter valued at $40,000. Amalgamated Bank bought a new position in Vertex in the second quarter worth $68,000. Finally, Sandia Investment Management LP acquired a new stake in Vertex during the first quarter worth $159,000. Institutional investors own 59.10% of the company’s stock.

Vertex Trading Up 1.3 %

VERX stock opened at $51.99 on Friday. The business has a fifty day moving average price of $40.15 and a 200 day moving average price of $36.66. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.17. Vertex, Inc. has a fifty-two week low of $22.63 and a fifty-two week high of $52.93. The stock has a market capitalization of $8.09 billion, a price-to-earnings ratio of 288.83, a P/E/G ratio of 14.86 and a beta of 0.67.

Vertex (NASDAQ:VERX) last announced its earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The company had revenue of $161.10 million during the quarter, compared to analyst estimates of $160.66 million. During the same period last year, the company posted $0.04 earnings per share. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. Analysts expect that Vertex, Inc. will post 0.34 EPS for the current fiscal year.

Insider Buying and Selling at Vertex

In related news, major shareholder Jeffrey Westphal sold 1,225,000 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $39.42, for a total value of $48,289,500.00. Following the completion of the transaction, the insider now owns 7,895 shares in the company, valued at $311,220.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO John R. Schwab sold 25,000 shares of Vertex stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $35.81, for a total transaction of $895,250.00. Following the completion of the sale, the chief financial officer now owns 53,104 shares in the company, valued at $1,901,654.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Jeffrey Westphal sold 1,225,000 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $39.42, for a total transaction of $48,289,500.00. Following the sale, the insider now directly owns 7,895 shares of the company’s stock, valued at approximately $311,220.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,629,244 shares of company stock worth $64,039,589. 44.58% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on VERX. JMP Securities increased their price objective on shares of Vertex from $47.00 to $61.00 and gave the company a “market outperform” rating in a research note on Thursday. The Goldman Sachs Group increased their price target on shares of Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a research report on Thursday. Jefferies Financial Group raised Vertex from a “hold” rating to a “buy” rating and lifted their price objective for the company from $35.00 to $50.00 in a report on Monday, November 4th. Stifel Nicolaus upped their price objective on Vertex from $41.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday. Finally, BMO Capital Markets raised their target price on Vertex from $42.00 to $52.00 and gave the stock a “market perform” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.27.

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.