Envestnet Asset Management Inc. Reduces Position in Vertex, Inc. (NASDAQ:VERX)

Envestnet Asset Management Inc. lowered its position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 3.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 179,268 shares of the company's stock after selling 7,323 shares during the period. Envestnet Asset Management Inc. owned 0.11% of Vertex worth $9,564,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Steward Partners Investment Advisory LLC bought a new stake in Vertex during the fourth quarter valued at approximately $38,000. Mark Sheptoff Financial Planning LLC purchased a new position in Vertex in the fourth quarter worth $40,000. Plato Investment Management Ltd purchased a new stake in Vertex during the fourth quarter valued at about $41,000. Armstrong Advisory Group Inc. purchased a new stake in Vertex during the fourth quarter valued at about $50,000. Finally, Assetmark Inc. bought a new stake in Vertex during the fourth quarter worth about $79,000. Institutional investors own 70.32% of the company's stock.

Insider Buying and Selling

In other Vertex news, General Counsel Bryan T.R. Rowland sold 43,228 shares of the firm's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $35.98, for a total transaction of $1,555,343.44. Following the completion of the transaction, the general counsel now owns 132 shares of the company's stock, valued at approximately $4,749.36. This trade represents a 99.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 44.58% of the stock is owned by insiders.

Vertex Trading Up 0.1 %

NASDAQ VERX traded up $0.03 on Thursday, hitting $39.74. The company's stock had a trading volume of 375,893 shares, compared to its average volume of 1,018,543. The firm has a market cap of $6.29 billion, a P/E ratio of 220.80, a PEG ratio of 6.66 and a beta of 0.80. Vertex, Inc. has a 52-week low of $27.96 and a 52-week high of $60.71. The company's 50-day simple moving average is $37.20 and its 200 day simple moving average is $46.31. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29.

Vertex (NASDAQ:VERX - Get Free Report) last released its quarterly 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 net margin of 4.73% and a return on equity of 24.92%. The company had revenue of $178.46 million during the quarter, compared to the consensus estimate of $176.90 million. Research analysts predict that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Robert W. Baird decreased their price objective on Vertex from $62.00 to $45.00 and set an "outperform" rating on the stock in a report on Friday, February 28th. Raymond James restated a "market perform" rating on shares of Vertex in a report on Friday, January 3rd. BNP Paribas assumed coverage on shares of Vertex in a report on Tuesday. They set an "outperform" rating and a $54.00 target price on the stock. Stifel Nicolaus cut shares of Vertex from a "buy" rating to a "hold" rating and decreased their target price for the stock from $58.00 to $31.00 in a research report on Friday, February 28th. Finally, Morgan Stanley cut their price target on shares of Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $50.73.

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.