Jump Financial LLC Increases Stake in Vertex, Inc. (NASDAQ:VERX)

Jump Financial LLC raised its stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 276.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,700 shares of the company's stock after buying an additional 17,405 shares during the quarter. Jump Financial LLC's holdings in Vertex were worth $1,264,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. increased its position in shares of Vertex by 342.5% during the 4th quarter. Invesco Ltd. now owns 1,513,660 shares of the company's stock worth $80,754,000 after purchasing an additional 1,171,576 shares during the last quarter. FMR LLC grew its stake in Vertex by 25.4% during the fourth quarter. FMR LLC now owns 2,868,438 shares of the company's stock worth $153,031,000 after buying an additional 580,664 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Vertex by 1,100.4% in the 4th quarter. Principal Financial Group Inc. now owns 572,245 shares of the company's stock valued at $30,530,000 after purchasing an additional 524,572 shares during the last quarter. abrdn plc increased its position in Vertex by 74.9% during the 4th quarter. abrdn plc now owns 1,029,177 shares of the company's stock worth $55,035,000 after purchasing an additional 440,832 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Vertex by 26.0% during the fourth quarter. Franklin Resources Inc. now owns 2,129,099 shares of the company's stock worth $113,587,000 after buying an additional 439,054 shares during the last quarter. 70.32% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on VERX shares. Robert W. Baird cut their target price on shares of Vertex from $62.00 to $45.00 and set an "outperform" rating on the stock in a research report on Friday, February 28th. Raymond James restated a "market perform" rating on shares of Vertex in a report on Friday, January 3rd. The Goldman Sachs Group reduced their target price on Vertex from $64.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Morgan Stanley lowered their price objective on shares of Vertex from $60.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Jefferies Financial Group cut their target price on Vertex from $62.00 to $48.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $50.73.

Vertex Stock Performance

NASDAQ VERX traded up $0.20 during trading on Friday, hitting $39.74. 782,762 shares of the company's stock traded hands, compared to its average volume of 1,001,650. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $6.29 billion, a price-to-earnings ratio of 220.78, a PEG ratio of 6.66 and a beta of 0.80. Vertex, Inc. has a 12-month low of $28.04 and a 12-month high of $60.71. The business has a 50 day moving average of $36.90 and a 200-day moving average of $46.29.

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

Insiders Place Their Bets

In other news, General Counsel Bryan T.R. Rowland sold 43,228 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $35.98, for a total value 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 represents a 99.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 44.58% of the stock is currently owned by insiders.

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.