Fmr LLC Boosts Stock Position in Vertex, Inc. (NASDAQ:VERX)

FMR LLC boosted its stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 2.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,287,774 shares of the company's stock after buying an additional 54,985 shares during the quarter. FMR LLC owned 1.47% of Vertex worth $88,102,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Banque Pictet & Cie SA grew its position in shares of Vertex by 551.9% in the 2nd quarter. Banque Pictet & Cie SA now owns 949,540 shares of the company's stock valued at $34,231,000 after buying an additional 803,881 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of Vertex in the second quarter valued at about $22,173,000. Brown Capital Management LLC acquired a new stake in shares of Vertex in the 3rd quarter worth approximately $20,938,000. Premier Fund Managers Ltd grew its position in shares of Vertex by 787.0% in the third quarter. Premier Fund Managers Ltd now owns 524,775 shares of the company's stock valued at $19,280,000 after purchasing an additional 465,610 shares during the last quarter. Finally, Geneva Capital Management LLC grew its holdings in shares of Vertex by 40.1% during the third quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company's stock worth $55,863,000 after buying an additional 414,945 shares in the last quarter. 59.10% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Stock Performance

Vertex stock traded up $0.32 during midday trading on Friday, reaching $56.31. 627,270 shares of the company's stock were exchanged, compared to its average volume of 785,277. Vertex, Inc. has a 52 week low of $23.31 and a 52 week high of $57.74. The firm has a market cap of $8.78 billion, a price-to-earnings ratio of 311.06, a P/E/G ratio of 10.68 and a beta of 0.77. The stock's 50-day simple moving average is $46.37 and its 200 day simple moving average is $39.59. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04.

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

Analyst Ratings Changes

A number of research firms have recently commented on VERX. Robert W. Baird upped their price objective on Vertex from $43.00 to $57.00 and gave the stock an "outperform" rating in a report on Thursday, November 7th. Stifel Nicolaus raised their target price on Vertex from $41.00 to $52.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Morgan Stanley boosted their price objective on Vertex from $50.00 to $62.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. BMO Capital Markets lifted their price target on shares of Vertex from $42.00 to $52.00 and gave the company a "market perform" rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group increased their price objective on shares of Vertex from $42.00 to $59.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. 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 stock. According to data from MarketBeat.com, Vertex currently has an average rating of "Moderate Buy" and a consensus price target of $52.30.

Insiders Place Their Bets

In other news, General Counsel Bryan T.R. Rowland sold 3,020 shares of the firm's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $55.08, for a total transaction of $166,341.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jeffrey Westphal sold 1,225,000 shares of the business's stock in a transaction 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 sale, the insider now directly owns 7,895 shares in the company, valued at $311,220.90. The trade was a 99.36 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,202,949 shares of company stock worth $192,797,340. Company insiders own 44.58% of the company's stock.

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.