Vertex, Inc. (NASDAQ:VERX) Shares Bought by MetLife Investment Management LLC

MetLife Investment Management LLC boosted its position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 129.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,489 shares of the company's stock after purchasing an additional 17,743 shares during the period. MetLife Investment Management LLC's holdings in Vertex were worth $1,213,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its stake in shares of Vertex by 406.9% during the 3rd quarter. Victory Capital Management Inc. now owns 34,386 shares of the company's stock valued at $1,324,000 after buying an additional 27,602 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in Vertex during the 2nd quarter worth $22,173,000. DRW Securities LLC acquired a new position in Vertex during the 3rd quarter worth $840,000. Envestnet Asset Management Inc. increased its position in shares of Vertex by 10.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company's stock worth $8,940,000 after purchasing an additional 22,514 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new stake in shares of Vertex in the 2nd quarter valued at about $1,824,000. Hedge funds and other institutional investors own 59.10% of the company's stock.

Insider Transactions at Vertex

In other Vertex news, CEO David Destefano sold 159,107 shares of the company'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 value of $7,893,298.27. Following the completion of the sale, the chief executive officer now directly owns 332,290 shares in the company, valued at $16,484,906.90. This represents a 32.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Bryan T.R. Rowland sold 3,020 shares of Vertex stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $55.08, for a total value of $166,341.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,202,949 shares of company stock valued at $192,797,340. 44.58% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. The Goldman Sachs Group lifted their price target on Vertex from $42.00 to $59.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Jefferies Financial Group upgraded Vertex from a "hold" rating to a "buy" rating and boosted their price target for the company from $35.00 to $50.00 in a report on Monday, November 4th. Stifel Nicolaus upped their price target on Vertex from $41.00 to $52.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Morgan Stanley lifted their price objective on shares of Vertex from $50.00 to $62.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Finally, JMP Securities increased their target price on shares of Vertex from $47.00 to $61.00 and gave the stock a "market outperform" rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Vertex has a consensus rating of "Moderate Buy" and a consensus price target of $52.30.

Vertex Stock Performance

NASDAQ:VERX traded up $0.32 during mid-day trading on Friday, hitting $56.31. The stock had a trading volume of 627,277 shares, compared to its average volume of 990,717. 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 company has a 50 day simple moving average of $46.76 and a 200-day simple moving average of $39.75. The stock has a market capitalization of $8.78 billion, a price-to-earnings ratio of 312.83, a P/E/G ratio of 10.59 and a beta of 0.77. Vertex, Inc. has a 52 week low of $23.31 and a 52 week high of $57.74.

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