KLP Kapitalforvaltning AS Takes Position in Vertex, Inc. (NASDAQ:VERX)

KLP Kapitalforvaltning AS purchased a new stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 12,500 shares of the company's stock, valued at approximately $667,000.

Several other hedge funds and other institutional investors also recently modified their holdings of VERX. FMR LLC grew its stake in Vertex by 2.5% in the 3rd quarter. FMR LLC now owns 2,287,774 shares of the company's stock worth $88,102,000 after buying an additional 54,985 shares in the last quarter. Franklin Resources Inc. grew its position in Vertex by 17.6% in the third quarter. Franklin Resources Inc. now owns 1,690,045 shares of the company's stock worth $69,444,000 after acquiring an additional 253,263 shares in the last quarter. State Street Corp increased its stake in Vertex by 36.4% in the third quarter. State Street Corp now owns 1,361,901 shares of the company's stock valued at $52,447,000 after acquiring an additional 363,595 shares during the last quarter. Geode Capital Management LLC raised its position in Vertex by 3.0% during the third quarter. Geode Capital Management LLC now owns 1,275,283 shares of the company's stock valued at $49,121,000 after purchasing an additional 37,592 shares in the last quarter. Finally, abrdn plc lifted its stake in Vertex by 74.9% during the fourth 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 during the last quarter. Hedge funds and other institutional investors own 70.32% of the company's stock.

Insider Buying and Selling

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

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Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on VERX shares. Raymond James reissued a "market perform" rating on shares of Vertex in a report on Friday, January 3rd. Jefferies Financial Group decreased their price target on shares of Vertex from $62.00 to $48.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. JMP Securities reaffirmed a "market outperform" rating and issued a $61.00 price objective on shares of Vertex in a research note on Monday, December 9th. Citigroup lifted their target price on shares of Vertex from $46.00 to $54.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Finally, Needham & Company LLC restated a "buy" rating and set a $60.00 price target on shares of Vertex in a research report on Thursday, March 20th. Five research 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. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $49.82.

Vertex Trading Down 2.4 %

VERX traded down $0.86 during midday trading on Friday, reaching $34.98. 2,025,587 shares of the company's stock traded hands, compared to its average volume of 1,004,849. Vertex, Inc. has a 52 week low of $27.22 and a 52 week high of $60.71. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a fifty day moving average of $42.32 and a two-hundred day moving average of $46.51. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of 194.33, a P/E/G ratio of 6.66 and a beta of 0.80.

Vertex (NASDAQ:VERX - Get Free Report) last announced 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). Vertex had a return on equity of 24.92% and a net margin of 4.73%. The business had revenue of $178.46 million during the quarter, compared to analysts' expectations of $176.90 million. On average, equities analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Vertex 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.