Vertex, Inc. (NASDAQ:VERX) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lessened its holdings in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 37.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,543,838 shares of the company's stock after selling 1,543,672 shares during the period. Fred Alger Management LLC owned approximately 1.64% of Vertex worth $97,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Vertex by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 5,791,215 shares of the company's stock valued at $183,929,000 after buying an additional 235,407 shares during the last quarter. FMR LLC raised its position in Vertex by 2.5% during the third quarter. FMR LLC now owns 2,287,774 shares of the company's stock valued at $88,102,000 after acquiring an additional 54,985 shares in the last quarter. Geneva Capital Management LLC lifted its holdings in Vertex by 40.1% in the third quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company's stock valued at $55,863,000 after acquiring an additional 414,945 shares during the period. Banque Pictet & Cie SA boosted its position in Vertex by 551.9% in the 2nd quarter. Banque Pictet & Cie SA now owns 949,540 shares of the company's stock worth $34,231,000 after purchasing an additional 803,881 shares in the last quarter. Finally, William Blair Investment Management LLC grew its stake in shares of Vertex by 8.1% during the 2nd quarter. William Blair Investment Management LLC now owns 782,715 shares of the company's stock worth $28,217,000 after purchasing an additional 58,678 shares during the period. 59.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, major shareholder Jeffrey Westphal sold 1,225,000 shares of the business's stock in a transaction on 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 of the company's stock, valued at $311,220.90. The trade was a 99.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David Destefano sold 159,107 shares of the business's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $49.61, for a total value of $7,893,298.27. Following the transaction, the chief executive officer now directly owns 332,290 shares of the company's stock, valued at approximately $16,484,906.90. This represents a 32.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,202,949 shares of company stock valued at $192,797,340. Company insiders own 44.58% of the company's stock.

Vertex Price Performance

Shares of Vertex stock remained flat at $54.25 during mid-day trading on Friday. 322,976 shares of the stock traded hands, compared to its average volume of 786,719. The firm's 50-day simple moving average is $44.88 and its 200-day simple moving average is $38.93. The company has a market cap of $8.46 billion, a price-to-earnings ratio of 301.39, a P/E/G ratio of 10.18 and a beta of 0.67. 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, Inc. has a twelve month low of $23.31 and a twelve month high of $55.52.

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

Wall Street Analyst Weigh In

VERX has been the subject of several analyst reports. Robert W. Baird boosted their target price on shares of Vertex from $43.00 to $57.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. The Goldman Sachs Group upped their price objective on shares of Vertex from $42.00 to $59.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Stifel Nicolaus lifted 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. Jefferies Financial Group raised Vertex from a "hold" rating to a "buy" rating and upped their price target for the stock from $35.00 to $50.00 in a report on Monday, November 4th. Finally, BMO Capital Markets boosted their price objective on Vertex from $42.00 to $52.00 and gave the company a "market perform" rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $52.30.

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.