Harvest Fund Management Co. Ltd Makes New Investment in Vertex, Inc. (NASDAQ:VERX)

Harvest Fund Management Co. Ltd purchased a new position in Vertex, Inc. (NASDAQ:VERX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 8,276 shares of the company's stock, valued at approximately $441,000.

Other large investors have also added to or reduced their stakes in the company. FMR LLC grew its position in shares of Vertex by 2.5% during the 3rd 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 during the period. Franklin Resources Inc. lifted its stake in Vertex by 17.6% in the third quarter. Franklin Resources Inc. now owns 1,690,045 shares of the company's stock valued at $69,444,000 after purchasing an additional 253,263 shares during the last quarter. State Street Corp grew its holdings in Vertex by 36.4% during the third quarter. State Street Corp now owns 1,361,901 shares of the company's stock valued at $52,447,000 after purchasing an additional 363,595 shares during the period. Geode Capital Management LLC increased its position in Vertex by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,275,283 shares of the company's stock worth $49,121,000 after buying an additional 37,592 shares during the last quarter. Finally, abrdn plc raised its stake in shares of Vertex by 74.9% in the fourth quarter. abrdn plc now owns 1,029,177 shares of the company's stock valued at $55,035,000 after buying an additional 440,832 shares during the period. Hedge funds and other institutional investors own 70.32% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on VERX shares. DA Davidson cut their price target on Vertex from $62.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, February 28th. Morgan Stanley increased their target price on shares of Vertex from $57.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, March 20th. Needham & Company LLC restated a "buy" rating and set a $60.00 price target on shares of Vertex in a research note on Thursday, March 20th. Citigroup raised their price objective on shares of Vertex from $46.00 to $54.00 and gave the stock a "neutral" rating in a report on Monday, December 16th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $61.00 target price on shares of Vertex in a report on Monday, December 9th. Five equities 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 company. According to MarketBeat, Vertex currently has an average rating of "Moderate Buy" and an average price target of $49.82.

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Vertex Trading Up 0.3 %

VERX stock traded up $0.12 during trading on Wednesday, hitting $35.66. 708,104 shares of the company traded hands, compared to its average volume of 961,731. The company has a 50-day moving average of $45.64 and a 200-day moving average of $46.52. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04. Vertex, Inc. has a 1 year low of $27.22 and a 1 year high of $60.71. The firm has a market capitalization of $5.64 billion, a PE ratio of 198.11, a P/E/G ratio of 6.66 and a beta of 0.87.

Vertex (NASDAQ:VERX - Get Free Report) last announced its quarterly earnings data 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. Analysts predict that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Item Second Irr. Trust Fbo Kyl sold 53,843 shares of Vertex stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $56.48, for a total value of $3,041,052.64. Following the sale, the insider now directly owns 1,229,257 shares in the company, valued at approximately $69,428,435.36. This trade represents a 4.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Bryan T.R. Rowland sold 43,228 shares of the company's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $35.98, for a total value of $1,555,343.44. Following the transaction, the general counsel now owns 132 shares of the company's stock, valued at approximately $4,749.36. This represents a 99.70 % decrease in their position. The disclosure for this sale can be found here. Insiders own 44.58% of the company's stock.

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.