Victory Capital Management Inc. Boosts Stake in Vertex, Inc. (NASDAQ:VERX)

Victory Capital Management Inc. lifted its holdings in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 406.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,386 shares of the company's stock after purchasing an additional 27,602 shares during the quarter. Victory Capital Management Inc.'s holdings in Vertex were worth $1,324,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of VERX. Driehaus Capital Management LLC purchased a new position in Vertex during the 2nd quarter valued at about $22,173,000. Envestnet Asset Management Inc. boosted its holdings in Vertex by 10.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company's stock valued at $8,940,000 after acquiring an additional 22,514 shares during the period. Federated Hermes Inc. purchased a new position in Vertex during the 2nd quarter valued at about $1,824,000. The Manufacturers Life Insurance Company boosted its holdings in Vertex by 269.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,378 shares of the company's stock valued at $1,239,000 after acquiring an additional 25,072 shares during the period. Finally, California State Teachers Retirement System raised its position in Vertex by 6.3% in the 1st quarter. California State Teachers Retirement System now owns 46,115 shares of the company's stock valued at $1,465,000 after purchasing an additional 2,719 shares in the last quarter. 59.10% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Stock Performance

NASDAQ:VERX traded down $0.90 during mid-day trading on Wednesday, reaching $54.25. 406,614 shares of the stock were exchanged, compared to its average volume of 788,736. The company has a 50 day simple moving average of $43.84 and a 200-day simple moving average of $38.55. The stock has a market capitalization of $8.46 billion, a P/E ratio of 306.39, a P/E/G ratio of 10.30 and a beta of 0.67. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29. Vertex, Inc. has a 1 year low of $23.31 and a 1 year high of $55.52.

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

Insider Buying and Selling at Vertex

In other Vertex news, Director John Richard Stamm sold 2,500 shares of Vertex stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $53.81, for a total value of $134,525.00. Following the transaction, the director now directly owns 15,535 shares in the company, valued at approximately $835,938.35. This trade represents a 13.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jeffrey Westphal sold 1,225,000 shares of Vertex stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $39.42, for a total value of $48,289,500.00. Following the completion of the transaction, the insider now owns 7,895 shares in the company, valued at $311,220.90. This trade represents a 99.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,202,949 shares of company stock worth $192,797,340. 44.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on VERX shares. Morgan Stanley increased their price target on Vertex from $50.00 to $62.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Needham & Company LLC increased their price target on Vertex from $45.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Stifel Nicolaus increased 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. 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, November 7th. Finally, The Goldman Sachs Group raised their target price on Vertex from $42.00 to $59.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $52.30.

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.