Vertex, Inc. (NASDAQ:VERX) Stake Decreased by Pembroke Management LTD

Pembroke Management LTD cut its stake in Vertex, Inc. (NASDAQ:VERX - Free Report) by 11.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 729,361 shares of the company's stock after selling 93,040 shares during the period. Vertex accounts for about 5.0% of Pembroke Management LTD's portfolio, making the stock its 3rd largest position. Pembroke Management LTD owned about 0.47% of Vertex worth $38,911,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of VERX. Brown Capital Management LLC acquired a new stake in Vertex in the 3rd quarter worth approximately $20,938,000. Principal Financial Group Inc. lifted its stake in Vertex by 1,100.4% during the 4th quarter. Principal Financial Group Inc. now owns 572,245 shares of the company's stock valued at $30,530,000 after acquiring an additional 524,572 shares during the period. Premier Fund Managers Ltd lifted its stake in Vertex by 787.0% during the 3rd quarter. Premier Fund Managers Ltd now owns 524,775 shares of the company's stock valued at $19,280,000 after acquiring an additional 465,610 shares during the period. abrdn plc lifted its stake in Vertex by 74.9% during the 4th 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, Geneva Capital Management LLC lifted its stake in Vertex by 40.1% during the 3rd quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company's stock valued at $55,863,000 after acquiring an additional 414,945 shares during the period. 70.32% of the stock is currently owned by institutional investors and hedge funds.

Vertex Price Performance

NASDAQ:VERX traded down $1.23 during trading hours on Friday, reaching $44.21. 637,496 shares of the company were exchanged, compared to its average volume of 926,573. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29. The firm has a market cap of $6.89 billion, a PE ratio of 245.61, a price-to-earnings-growth ratio of 6.76 and a beta of 0.78. Vertex, Inc. has a twelve month low of $24.47 and a twelve month high of $60.71. The stock's 50-day moving average is $53.52 and its 200-day moving average is $46.60.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Citigroup lifted their price objective on shares of Vertex from $46.00 to $54.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. Robert W. Baird lifted their price objective on shares of Vertex from $43.00 to $57.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. Stifel Nicolaus lifted their price objective on shares of Vertex from $52.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday, December 18th. Morgan Stanley lifted their price objective on shares of Vertex from $50.00 to $62.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Finally, BMO Capital Markets boosted their target price on shares of Vertex from $42.00 to $52.00 and gave the company a "market perform" rating in a research note on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $55.36.

Insider Activity

In other news, General Counsel Bryan T.R. Rowland sold 3,020 shares of Vertex stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $55.08, for a total value of $166,341.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David Destefano sold 25,607 shares of Vertex stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $55.05, for a total transaction of $1,409,665.35. Following the completion of the sale, the chief executive officer now owns 221,932 shares in the company, valued at approximately $12,217,356.60. This trade represents a 10.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 887,084 shares of company stock worth $47,736,965 over the last 90 days. 44.58% of the stock is currently owned by company insiders.

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.