Cannon Global Investment Management LLC Invests $693,000 in Vertex, Inc. (NASDAQ:VERX)

Cannon Global Investment Management LLC purchased a new position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,000 shares of the company's stock, valued at approximately $693,000. Vertex accounts for approximately 1.1% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 21st largest holding.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of Vertex in the 1st quarter valued at $12,043,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Vertex by 13.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,036 shares of the company's stock worth $2,161,000 after buying an additional 8,309 shares in the last quarter. RiverPark Advisors LLC raised its stake in shares of Vertex by 361.3% in the first quarter. RiverPark Advisors LLC now owns 15,309 shares of the company's stock valued at $486,000 after acquiring an additional 11,990 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Vertex in the 1st quarter worth approximately $166,000. Finally, Oppenheimer Asset Management Inc. boosted its holdings in shares of Vertex by 1.2% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 51,624 shares of the company's stock worth $1,640,000 after acquiring an additional 589 shares in the last quarter. 59.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Vertex

In related news, major shareholder Jeffrey Westphal sold 1,225,000 shares of Vertex stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $39.42, for a total transaction of $48,289,500.00. Following the transaction, the insider now owns 7,895 shares of the company's stock, valued at $311,220.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Vertex news, insider Item Second Irr. Trust Fbo Jac sold 49,114 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $41.31, for a total value of $2,028,899.34. Following the completion of the sale, the insider now directly owns 1,067,852 shares in the company, valued at $44,112,966.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Jeffrey Westphal sold 1,225,000 shares of Vertex stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $39.42, for a total value of $48,289,500.00. Following the transaction, the insider now owns 7,895 shares in the company, valued at $311,220.90. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,629,244 shares of company stock worth $64,039,589. 44.58% of the stock is owned by insiders.

Vertex Trading Up 1.6 %

Shares of NASDAQ VERX traded up $0.66 during mid-day trading on Friday, hitting $42.17. The company's stock had a trading volume of 367,529 shares, compared to its average volume of 612,990. Vertex, Inc. has a one year low of $21.92 and a one year high of $43.33. The company's fifty day simple moving average is $39.16 and its 200-day simple moving average is $36.00. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of 351.42, a price-to-earnings-growth ratio of 11.86 and a beta of 0.67.

Vertex (NASDAQ:VERX - Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported $0.15 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.02. The firm had revenue of $161.10 million during the quarter, compared to analyst estimates of $160.66 million. Vertex had a net margin of 3.20% and a return on equity of 22.32%. The business's quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.04 EPS. On average, sell-side analysts anticipate that Vertex, Inc. will post 0.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. JMP Securities lifted their price objective on Vertex from $42.00 to $47.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 31st. Baird R W upgraded Vertex to a "strong-buy" rating in a research note on Tuesday, July 23rd. Finally, Robert W. Baird started coverage on shares of Vertex in a report on Tuesday, July 23rd. They set an "outperform" rating and a $43.00 price objective on the stock. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $37.30.

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.