Neo Ivy Capital Management Takes Position in Vertex, Inc. (NASDAQ:VERX)

Neo Ivy Capital Management bought a new stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 61,136 shares of the company's stock, valued at approximately $2,354,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Victory Capital Management Inc. grew its position in Vertex by 406.9% in the third quarter. Victory Capital Management Inc. now owns 34,386 shares of the company's stock worth $1,324,000 after acquiring an additional 27,602 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in shares of Vertex during the 2nd quarter worth approximately $22,173,000. DRW Securities LLC bought a new position in Vertex in the 3rd quarter valued at $840,000. Envestnet Asset Management Inc. increased its stake in Vertex by 10.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company's stock worth $8,940,000 after buying an additional 22,514 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Vertex by 5.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 432,068 shares of the company's stock worth $16,639,000 after acquiring an additional 23,086 shares during the period. 59.10% of the stock is owned by hedge funds and other institutional investors.

Vertex Trading Up 1.0 %

Vertex stock traded up $0.57 during midday trading on Wednesday, hitting $55.19. 223,700 shares of the stock were exchanged, compared to its average volume of 784,096. The stock's 50-day simple moving average is $47.39 and its 200 day simple moving average is $40.15. Vertex, Inc. has a fifty-two week low of $23.31 and a fifty-two week high of $57.74. 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 market capitalization of $8.61 billion, a price-to-earnings ratio of 303.44, a PEG ratio of 10.57 and a beta of 0.77.

Vertex (NASDAQ:VERX - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.02. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The company had revenue of $170.40 million during the quarter, compared to analyst estimates of $165.70 million. During the same period in the prior year, the business posted $0.06 earnings per share. The firm's revenue for the quarter was up 17.5% compared to the same quarter last year. On average, equities analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Jeffrey Westphal sold 1,225,000 shares of the firm's stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $39.42, for a total transaction of $48,289,500.00. Following the completion of the transaction, the insider now directly owns 7,895 shares in the company, valued at $311,220.90. This trade represents a 99.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Richard Stamm sold 2,500 shares of Vertex stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $53.81, for a total value of $134,525.00. Following the completion of the transaction, the director now directly owns 15,535 shares of the company's stock, valued at approximately $835,938.35. This represents a 13.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,202,949 shares of company stock valued at $192,797,340. 44.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Robert W. Baird upped their price objective on shares of Vertex from $43.00 to $57.00 and gave the stock an "outperform" rating in a research note on Thursday, November 7th. BMO Capital Markets increased their price objective on Vertex from $42.00 to $52.00 and gave the company a "market perform" rating in a report on Thursday, November 7th. Morgan Stanley boosted their target price on shares of Vertex from $50.00 to $62.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. Needham & Company LLC raised their target price on shares of Vertex from $45.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Finally, Stifel Nicolaus raised their price target on shares of Vertex from $41.00 to $52.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Vertex currently has an average rating of "Moderate Buy" and a consensus price target of $52.30.

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.