Vertex, Inc. (NASDAQ:VERX) CEO David Destefano Sells 159,107 Shares

Vertex, Inc. (NASDAQ:VERX) CEO David Destefano sold 159,107 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $49.61, for a total value of $7,893,298.27. Following the transaction, the chief executive officer now owns 332,290 shares of the company’s stock, valued at $16,484,906.90. The trade was a 32.38 % decrease in their position. The transaction was disclosed in a document filed 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.

Vertex Stock Performance

Shares of VERX stock opened at $52.31 on Thursday. The stock has a market cap of $8.16 billion, a PE ratio of 290.61, a price-to-earnings-growth ratio of 9.22 and a beta of 0.67. Vertex, Inc. has a 52-week low of $23.31 and a 52-week high of $52.93. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29. The business has a 50-day simple moving average of $42.38 and a 200-day simple moving average of $37.83.

Vertex (NASDAQ:VERX) last announced its earnings results on Wednesday, November 6th. The company reported $0.16 EPS 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 analysts’ expectations of $165.70 million. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The business’s revenue was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.06 earnings per share. On average, equities analysts expect that Vertex, Inc. will post 0.38 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Silvercrest Asset Management Group LLC grew its position in Vertex by 13.6% in the first quarter. Silvercrest Asset Management Group LLC now owns 712,926 shares of the company’s stock worth $22,643,000 after acquiring an additional 85,237 shares during the period. Driehaus Capital Management LLC acquired a new position in Vertex during the second quarter worth $22,173,000. Quadrature Capital Ltd lifted its stake in Vertex by 24.7% during the first quarter. Quadrature Capital Ltd now owns 92,167 shares of the company’s stock worth $2,927,000 after purchasing an additional 18,258 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Vertex by 10.0% during the second quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company’s stock worth $8,940,000 after purchasing an additional 22,514 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new position in Vertex during the second quarter worth $1,824,000. 59.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on VERX. The Goldman Sachs Group lifted their price target on Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Robert W. Baird lifted their price objective on Vertex from $43.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. BMO Capital Markets boosted 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. Needham & Company LLC boosted their price target on Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group raised Vertex from a “hold” rating to a “buy” rating and raised their price objective for the stock from $35.00 to $50.00 in a research note on Monday, November 4th. Three 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. According to MarketBeat.com, Vertex has an average rating of “Moderate Buy” and a consensus price target of $52.30.

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.