TimesSquare Capital Management LLC Decreases Stock Holdings in Vertex, Inc. (NASDAQ:VERX)

TimesSquare Capital Management LLC decreased its stake in Vertex, Inc. (NASDAQ:VERX - Free Report) by 5.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,655,400 shares of the company's stock after selling 98,603 shares during the period. TimesSquare Capital Management LLC owned 1.06% of Vertex worth $63,749,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Sigma Planning Corp acquired a new position in shares of Vertex during the 3rd quarter valued at $365,000. Verdence Capital Advisors LLC boosted its stake in shares of Vertex by 6.1% during the 3rd quarter. Verdence Capital Advisors LLC now owns 8,313 shares of the company's stock worth $320,000 after acquiring an additional 477 shares in the last quarter. Cannon Global Investment Management LLC bought a new stake in shares of Vertex during the 3rd quarter worth $693,000. Harbor Capital Advisors Inc. boosted its stake in shares of Vertex by 13.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 9,788 shares of the company's stock worth $377,000 after acquiring an additional 1,168 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of Vertex by 22.1% during the 3rd quarter. New York State Common Retirement Fund now owns 509,517 shares of the company's stock worth $19,621,000 after acquiring an additional 92,137 shares in the last quarter. 59.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Vertex news, CFO John R. Schwab sold 25,000 shares of the company's stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $35.81, for a total value of $895,250.00. Following the completion of the sale, the chief financial officer now directly owns 53,104 shares of the company's stock, valued at approximately $1,901,654.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO John R. Schwab sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $35.81, for a total value of $895,250.00. Following the completion of the transaction, the chief financial officer now directly owns 53,104 shares of the company's stock, valued at approximately $1,901,654.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Richard Stamm sold 16,000 shares of the firm's stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $35.95, for a total transaction of $575,200.00. Following the sale, the director now owns 21,635 shares in the company, valued at approximately $777,778.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,629,244 shares of company stock worth $64,039,589. Company insiders own 44.58% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on VERX. Stifel Nicolaus raised their target price on Vertex from $41.00 to $52.00 and gave the stock a "buy" rating in a research report on Thursday. Robert W. Baird raised their target price on Vertex from $43.00 to $57.00 and gave the stock an "outperform" rating in a research report on Thursday. 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 report on Thursday. The Goldman Sachs Group lifted their price objective on Vertex from $42.00 to $59.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Jefferies Financial Group raised Vertex from a "hold" rating to a "buy" rating and lifted their price objective for the company from $35.00 to $50.00 in a research report on Monday, November 4th. Three 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 stock. According to data from MarketBeat, Vertex has an average rating of "Moderate Buy" and an average target price of $47.27.

Vertex Stock Performance

Vertex stock traded up $0.66 during midday trading on Friday, reaching $51.99. 1,738,620 shares of the company's stock were exchanged, compared to its average volume of 699,747. Vertex, Inc. has a 52 week low of $22.63 and a 52 week high of $52.93. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.17 and a current ratio of 1.04. The firm has a market cap of $8.09 billion, a price-to-earnings ratio of 288.83, a P/E/G ratio of 14.86 and a beta of 0.67. The stock's 50-day simple moving average is $40.15 and its 200 day simple moving average is $36.72.

Vertex (NASDAQ:VERX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. Vertex had a net margin of 4.73% and a return on equity of 24.92%. The company had revenue of $161.10 million for the quarter, compared to analysts' expectations of $160.66 million. During the same quarter in the previous year, the firm posted $0.04 earnings per share. Vertex's revenue for the quarter was up 15.3% on a year-over-year basis. On average, analysts expect that Vertex, Inc. will post 0.34 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.