Vertex (NASDAQ:VERX) Sees Large Volume Increase – What’s Next?

Shares of Vertex, Inc. (NASDAQ:VERX) saw strong trading volume on Tuesday . 1,200,417 shares traded hands during trading, an increase of 30% from the previous session’s volume of 920,000 shares.The stock last traded at $51.71 and had previously closed at $52.43.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Raymond James reiterated a “market perform” rating on shares of Vertex in a research report on Friday, January 3rd. Citigroup lifted their price target on Vertex from $46.00 to $54.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Robert W. Baird lifted their price target on Vertex from $43.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Jefferies Financial Group upgraded Vertex from a “hold” rating to a “buy” rating and lifted their price target for the company from $35.00 to $50.00 in a research report on Monday, November 4th. Finally, Morgan Stanley lifted their price target on Vertex from $50.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Four 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 stock. According to data from MarketBeat, Vertex has a consensus rating of “Moderate Buy” and an average price target of $55.36.

Vertex Stock Up 0.2 %

The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29. The stock has a 50 day simple moving average of $52.85 and a 200 day simple moving average of $43.33. The firm has a market capitalization of $8.20 billion, a PE ratio of 292.00, a PEG ratio of 9.83 and a beta of 0.77.

Vertex (NASDAQ:VERX) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. The business had revenue of $170.40 million for 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 quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.06 EPS. As a group, sell-side analysts forecast that Vertex, Inc. will post 0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Item Second Irr. Trust Fbo Kyl sold 13,346 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $55.13, for a total transaction of $735,764.98. Following the transaction, the insider now directly owns 1,344,754 shares of the company’s stock, valued at approximately $74,136,288.02. The trade was a 0.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Item Second Irr. Trust Fbo Jac sold 26,645 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $51.40, for a total value of $1,369,553.00. Following the transaction, the insider now directly owns 906,061 shares in the company, valued at $46,571,535.40. This trade represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,578,219 shares of company stock valued at $179,270,309 in the last ninety days. Company insiders own 44.58% of the company’s stock.

Hedge Funds Weigh In On Vertex

Hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. increased its stake in shares of Vertex by 406.9% during the third quarter. Victory Capital Management Inc. now owns 34,386 shares of the company’s stock valued at $1,324,000 after buying an additional 27,602 shares during the period. Driehaus Capital Management LLC purchased a new stake in Vertex in the second quarter worth $22,173,000. DRW Securities LLC purchased a new stake in Vertex in the third quarter worth $840,000. Charles Schwab Investment Management Inc. grew its stake in Vertex by 5.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 432,068 shares of the company’s stock worth $16,639,000 after purchasing an additional 23,086 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in Vertex by 10.0% in 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 during the period. 70.32% of the stock is owned by hedge funds and other institutional investors.

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.