Bank of New York Mellon Corp Increases Stock Holdings in Vertex, Inc. (NASDAQ:VERX)

Bank of New York Mellon Corp lifted its stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 36.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 234,274 shares of the company's stock after purchasing an additional 62,446 shares during the period. Bank of New York Mellon Corp owned about 0.15% of Vertex worth $12,499,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Advisors Asset Management Inc. increased its stake in shares of Vertex by 126.2% during the third quarter. Advisors Asset Management Inc. now owns 968 shares of the company's stock worth $37,000 after purchasing an additional 540 shares in the last quarter. Armstrong Advisory Group Inc. purchased a new stake in shares of Vertex during the fourth quarter worth about $50,000. KBC Group NV grew its stake in Vertex by 46.1% during the 3rd quarter. KBC Group NV now owns 2,099 shares of the company's stock valued at $81,000 after acquiring an additional 662 shares in the last quarter. Blue Trust Inc. grew its stake in Vertex by 11.4% during the 4th quarter. Blue Trust Inc. now owns 2,516 shares of the company's stock valued at $134,000 after acquiring an additional 257 shares in the last quarter. Finally, Arcadia Investment Management Corp MI purchased a new stake in Vertex during the 4th quarter valued at about $153,000. Hedge funds and other institutional investors own 70.32% of the company's stock.

Insider Buying and Selling

In related news, major shareholder Item Second Irr. Trust Fbo Kyl sold 53,843 shares of the company's stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $56.48, for a total transaction of $3,041,052.64. Following the sale, the insider now directly owns 1,229,257 shares of the company's stock, valued at $69,428,435.36. This represents a 4.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 44.58% of the stock is owned by insiders.

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Vertex Trading Up 2.2 %

Shares of VERX stock traded up $0.71 during trading hours on Friday, hitting $33.59. The company had a trading volume of 1,340,690 shares, compared to its average volume of 935,241. The company's fifty day moving average is $48.38 and its 200 day moving average is $46.50. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04. Vertex, Inc. has a fifty-two week low of $27.22 and a fifty-two week high of $60.71. The stock has a market capitalization of $5.24 billion, a PE ratio of 186.61, a price-to-earnings-growth ratio of 6.66 and a beta of 0.87.

Vertex (NASDAQ:VERX - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.03). Vertex had a return on equity of 24.92% and a net margin of 4.73%. The business had revenue of $178.46 million for the quarter, compared to analysts' expectations of $176.90 million. Research analysts expect that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on VERX shares. JMP Securities reaffirmed a "market outperform" rating and set a $61.00 price objective on shares of Vertex in a research note on Monday, December 9th. The Goldman Sachs Group dropped their price objective on shares of Vertex from $64.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Robert W. Baird dropped their price objective on shares of Vertex from $62.00 to $45.00 and set an "outperform" rating for the company in a research note on Friday, February 28th. Citigroup upped their price objective on shares of Vertex from $46.00 to $54.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. Finally, Stifel Nicolaus lowered shares of Vertex from a "buy" rating to a "hold" rating and decreased their target price for the company from $58.00 to $31.00 in a report on Friday, February 28th. Five 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $50.00.

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.