Oppenheimer Asset Management Inc. Decreases Stock Position in Vertex, Inc. (NASDAQ:VERX)

Oppenheimer Asset Management Inc. lowered its stake in Vertex, Inc. (NASDAQ:VERX - Free Report) by 49.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,262 shares of the company's stock after selling 22,192 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Vertex were worth $857,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Vertex by 4.2% in the first quarter. Vanguard Group Inc. now owns 5,791,215 shares of the company's stock worth $183,929,000 after buying an additional 235,407 shares during the period. Geneva Capital Management LLC grew its stake in shares of Vertex by 40.1% in the third quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company's stock worth $55,863,000 after purchasing an additional 414,945 shares during the last quarter. Banque Pictet & Cie SA grew its stake in shares of Vertex by 551.9% in the second 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 during the last quarter. William Blair Investment Management LLC grew its stake in shares of Vertex by 8.1% in the second 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 last quarter. Finally, Silvercrest Asset Management Group LLC grew its stake in shares of Vertex by 13.6% in the first quarter. Silvercrest Asset Management Group LLC now owns 712,926 shares of the company's stock worth $22,643,000 after purchasing an additional 85,237 shares during the last quarter. Hedge funds and other institutional investors own 59.10% of the company's stock.

Insider Activity

In related news, insider Item Second Irr. Trust Fbo Jac sold 26,645 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $51.40, for a total value of $1,369,553.00. Following the completion of the transaction, the insider now directly owns 906,061 shares in the company, valued at $46,571,535.40. The trade was a 2.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Destefano sold 159,107 shares of the business's stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $49.61, for a total transaction of $7,893,298.27. Following the completion of the transaction, the chief executive officer now owns 332,290 shares of the company's stock, valued at approximately $16,484,906.90. The trade was a 32.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,330,756 shares of company stock worth $196,342,674. Insiders own 44.58% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on VERX shares. BMO Capital Markets raised their target price on Vertex from $42.00 to $52.00 and gave the stock a "market perform" rating in a research note on Thursday, November 7th. Jefferies Financial Group raised Vertex from a "hold" rating to a "buy" rating and raised their target price for the stock from $35.00 to $50.00 in a research note on Monday, November 4th. Stifel Nicolaus raised their target price on Vertex from $41.00 to $52.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Needham & Company LLC raised their target price on Vertex from $45.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Finally, Morgan Stanley lifted their price objective on Vertex from $50.00 to $62.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $52.30.

Vertex Stock Up 3.7 %

Shares of VERX stock traded up $1.82 during trading hours on Tuesday, hitting $51.20. 651,412 shares of the company's stock traded hands, compared to its average volume of 787,130. The stock's fifty day simple moving average is $42.04 and its two-hundred day simple moving average is $37.73. Vertex, Inc. has a 12-month low of $23.31 and a 12-month high of $52.93. The stock has a market cap of $7.99 billion, a price-to-earnings ratio of 284.44, a PEG ratio of 9.22 and a beta of 0.67. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29.

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

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.