Arcadia Investment Management Corp MI Lowers Stock Position in Vertex, Inc. (NASDAQ:VERX)

Arcadia Investment Management Corp MI trimmed its holdings in Vertex, Inc. (NASDAQ:VERX) by 26.5% during the second quarter, HoldingsChannel.com reports. The fund owned 2,047 shares of the company’s stock after selling 739 shares during the period. Arcadia Investment Management Corp MI’s holdings in Vertex were worth $74,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of VERX. Blue Trust Inc. purchased a new position in Vertex in the 2nd quarter valued at $28,000. Sandia Investment Management LP acquired a new position in shares of Vertex during the first quarter worth about $159,000. SG Americas Securities LLC acquired a new position in shares of Vertex during the first quarter worth about $166,000. Lazard Asset Management LLC purchased a new position in Vertex during the first quarter worth about $192,000. Finally, Verdence Capital Advisors LLC acquired a new stake in Vertex in the first quarter valued at about $213,000. Hedge funds and other institutional investors own 59.10% of the company’s stock.

Insider Activity

In related news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $37.81, for a total transaction of $56,715,000.00. Following the sale, the insider now owns 1,054,641 shares in the company, valued at $39,875,976.21. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $37.27, for a total transaction of $5,922,203.00. Following the transaction, the insider now directly owns 1,430,100 shares in the company, valued at approximately $53,299,827. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Jeffrey Westphal sold 1,500,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $37.81, for a total transaction of $56,715,000.00. Following the completion of the sale, the insider now owns 1,054,641 shares of the company’s stock, valued at $39,875,976.21. The disclosure for this sale can be found here. Insiders sold a total of 1,699,900 shares of company stock valued at $64,107,653 over the last 90 days. Insiders own 45.00% of the company’s stock.

Vertex Price Performance

Vertex stock traded down $0.01 during mid-day trading on Friday, hitting $35.88. 32,308 shares of the company were exchanged, compared to its average volume of 785,887. Vertex, Inc. has a 12-month low of $20.48 and a 12-month high of $40.05. The company has a market capitalization of $5.57 billion, a P/E ratio of 892.75, a PEG ratio of 11.06 and a beta of 0.69. The business’s 50 day simple moving average is $36.94 and its two-hundred day simple moving average is $33.17. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.17 and a quick ratio of 1.17.

Vertex (NASDAQ:VERX) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. The firm had revenue of $161.10 million during the quarter, compared to analysts’ expectations of $160.66 million. Vertex had a return on equity of 22.32% and a net margin of 3.20%. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.04 EPS. Analysts forecast that Vertex, Inc. will post 0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

VERX has been the subject of several recent analyst reports. Baird R W raised Vertex to a “strong-buy” rating in a report on Tuesday, July 23rd. JMP Securities boosted their target price on shares of Vertex from $42.00 to $47.00 and gave the stock a “market outperform” rating in a research report on Wednesday, July 31st. Citigroup increased their price target on shares of Vertex from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Friday, June 28th. Robert W. Baird began coverage on shares of Vertex in a research note on Tuesday, July 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $45.00 target price on shares of Vertex in a research report on Thursday, June 13th. Four research 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 data from MarketBeat.com, Vertex has an average rating of “Moderate Buy” and an average target price of $37.30.

Vertex 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.