Vertex, Inc. (NASDAQ:VERX) CEO David Destefano Sells 25,607 Shares

Vertex, Inc. (NASDAQ:VERX) CEO David Destefano sold 25,607 shares of Vertex 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 completion of the sale, the chief executive officer now owns 221,932 shares of the company’s stock, valued at approximately $12,217,356.60. The trade was a 10.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

David Destefano also recently made the following trade(s):

• On Monday, November 18th, David Destefano sold 22,275 shares of Vertex stock. The shares were 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 stock was sold at an average price of $49.61, for a total transaction of $7,893,298.27.

Vertex Stock Performance

Shares of VERX stock opened at $54.25 on Thursday. The company has a market capitalization of $8.46 billion, a P/E ratio of 301.39, a price-to-earnings-growth ratio of 10.30 and a beta of 0.67. Vertex, Inc. has a 52 week low of $23.31 and a 52 week high of $55.52. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04. The company’s 50 day moving average price is $43.84 and its two-hundred day moving average price is $38.55.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data 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 analyst estimates of $165.70 million. Vertex had a net margin of 4.73% and a return on equity of 24.92%. The firm’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period last year, the business posted $0.06 earnings per share. On average, analysts expect that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on VERX. Morgan Stanley lifted their target price on shares of Vertex from $50.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group upped their price objective on Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a report on Thursday, November 7th. JMP Securities raised their target price on Vertex from $47.00 to $61.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Stifel Nicolaus upped their price target on Vertex from $41.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, BMO Capital Markets lifted their price objective on shares of Vertex from $42.00 to $52.00 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. Three research 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 MarketBeat, Vertex currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.30.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of VERX. Driehaus Capital Management LLC bought a new stake in Vertex in the 2nd quarter valued at approximately $22,173,000. Victory Capital Management Inc. raised its holdings in shares of Vertex by 406.9% in the third quarter. Victory Capital Management Inc. now owns 34,386 shares of the company’s stock valued at $1,324,000 after purchasing an additional 27,602 shares during the last quarter. DRW Securities LLC acquired a new stake in shares of Vertex in the third quarter valued at approximately $840,000. Envestnet Asset Management Inc. lifted its position in shares of 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 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 owned by institutional investors and hedge funds.

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.