Renaissance Technologies LLC Has $5.05 Million Stake in Vertex, Inc. (NASDAQ:VERX)

Renaissance Technologies LLC trimmed its holdings in Vertex, Inc. (NASDAQ:VERX - Free Report) by 69.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 94,700 shares of the company's stock after selling 214,800 shares during the quarter. Renaissance Technologies LLC owned 0.06% of Vertex worth $5,052,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of VERX. Invesco Ltd. grew its position in Vertex by 342.5% in 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 lifted its stake in shares of Vertex by 25.4% in the fourth quarter. FMR LLC now owns 2,868,438 shares of the company's stock valued at $153,031,000 after buying an additional 580,664 shares during the period. Principal Financial Group Inc. grew its position in Vertex by 1,100.4% during the fourth quarter. Principal Financial Group Inc. now owns 572,245 shares of the company's stock worth $30,530,000 after buying an additional 524,572 shares in the last quarter. abrdn plc increased its stake in Vertex by 74.9% during the fourth quarter. abrdn plc now owns 1,029,177 shares of the company's stock valued at $55,035,000 after acquiring an additional 440,832 shares during the period. Finally, Franklin Resources Inc. increased its stake in Vertex by 26.0% during the fourth quarter. Franklin Resources Inc. now owns 2,129,099 shares of the company's stock valued at $113,587,000 after acquiring an additional 439,054 shares during the period. Institutional investors and hedge funds own 70.32% of the company's stock.

Vertex Price Performance

Shares of NASDAQ:VERX traded up $0.63 during midday trading on Wednesday, reaching $39.72. The company's stock had a trading volume of 907,950 shares, compared to its average volume of 1,034,698. The business's fifty day simple moving average is $37.34 and its 200-day simple moving average is $46.35. The company has a market capitalization of $6.28 billion, a P/E ratio of 220.64, a P/E/G ratio of 6.66 and a beta of 0.80. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04. Vertex, Inc. has a fifty-two week low of $27.22 and a fifty-two week high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.03). The firm had revenue of $178.46 million for 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 expect that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Bryan T.R. Rowland sold 43,228 shares of Vertex stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $35.98, for a total transaction of $1,555,343.44. Following the completion of the sale, the general counsel now directly owns 132 shares of the company's stock, valued at $4,749.36. The trade was a 99.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 44.58% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on VERX shares. Raymond James reissued a "market perform" rating on shares of Vertex in a report on Friday, January 3rd. Stifel Nicolaus lowered shares of Vertex from a "buy" rating to a "hold" rating and decreased their target price for the company from $58.00 to $31.00 in a research report on Friday, February 28th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Vertex in a research report on Thursday, March 20th. BNP Paribas assumed coverage on shares of Vertex in a research note on Tuesday. They set an "outperform" rating and a $54.00 price target for the company. Finally, Robert W. Baird lowered their price objective on Vertex from $62.00 to $45.00 and set an "outperform" rating on the stock in a research note on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $49.33.

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.