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 business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $55.05, for a total value of $1,409,665.35. Following 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 legal filing with the SEC, which is accessible 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 transaction 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 transaction of $7,893,298.27.

Vertex Stock Down 1.6 %

Vertex stock opened at $54.25 on Friday. The company has a market capitalization of $8.46 billion, a PE ratio of 301.39, a PEG ratio of 10.30 and a beta of 0.67. Vertex, Inc. has a 12-month low of $23.31 and a 12-month high of $55.52. The firm’s fifty day moving average is $44.20 and its 200 day moving average is $38.66. 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 posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. The firm 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%. The business’s revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.06 earnings per share. As a group, sell-side analysts predict that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on VERX shares. Stifel Nicolaus increased their price objective on Vertex from $41.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group increased their price target on Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. JMP Securities raised their price objective on Vertex from $47.00 to $61.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Jefferies Financial Group upgraded 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 report on Monday, November 4th. Finally, Morgan Stanley raised their price target on shares of Vertex from $50.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.30.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Banque Pictet & Cie SA raised its position in shares of Vertex by 551.9% during the second quarter. Banque Pictet & Cie SA now owns 949,540 shares of the company’s stock worth $34,231,000 after purchasing an additional 803,881 shares during the period. Driehaus Capital Management LLC bought a new stake in Vertex during the 2nd quarter valued at $22,173,000. Brown Capital Management LLC acquired a new position in Vertex during the third quarter worth $20,938,000. Premier Fund Managers Ltd lifted its stake in shares of Vertex by 787.0% in the third quarter. Premier Fund Managers Ltd now owns 524,775 shares of the company’s stock valued at $19,280,000 after buying an additional 465,610 shares in the last quarter. Finally, Geneva Capital Management LLC grew its holdings in shares of 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 buying an additional 414,945 shares during the last quarter. Institutional investors own 59.10% of the company’s stock.

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.