Vertex, Inc. (NASDAQ:VERX) Shares Sold by Tensile Capital Management LP

Tensile Capital Management LP lowered its stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 12.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 4,053,550 shares of the company's stock after selling 580,000 shares during the period. Vertex comprises about 16.9% of Tensile Capital Management LP's portfolio, making the stock its largest holding. Tensile Capital Management LP owned 2.61% of Vertex worth $156,102,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of VERX. Verdence Capital Advisors LLC lifted its stake in Vertex by 6.1% in the 3rd quarter. Verdence Capital Advisors LLC now owns 8,313 shares of the company's stock valued at $320,000 after buying an additional 477 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Vertex by 126.2% in the third quarter. Advisors Asset Management Inc. now owns 968 shares of the company's stock worth $37,000 after acquiring an additional 540 shares during the last quarter. KBC Group NV increased its position in shares of Vertex by 46.1% during the third quarter. KBC Group NV now owns 2,099 shares of the company's stock worth $81,000 after purchasing an additional 662 shares in the last quarter. Ellsworth Advisors LLC raised its stake in Vertex by 4.4% in the 3rd quarter. Ellsworth Advisors LLC now owns 16,707 shares of the company's stock valued at $643,000 after purchasing an additional 697 shares during the last quarter. Finally, Blue Trust Inc. acquired a new position in Vertex in the 2nd quarter valued at $28,000. Hedge funds and other institutional investors own 59.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on VERX. Stifel Nicolaus boosted their price target on shares of Vertex from $41.00 to $52.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. JMP Securities boosted their price target on shares of Vertex from $47.00 to $61.00 and gave the stock a "market outperform" rating in a research note on Thursday, November 7th. Jefferies Financial Group raised shares of Vertex from a "hold" rating to a "buy" rating and raised their price objective for the company from $35.00 to $50.00 in a research note on Monday, November 4th. Needham & Company LLC boosted their price target on shares of Vertex from $45.00 to $60.00 and gave the stock a "buy" rating in a research note 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 company a "buy" rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Vertex has an average rating of "Moderate Buy" and a consensus target price of $52.30.

Insider Buying and Selling at Vertex

In other Vertex news, Director John Richard Stamm sold 2,500 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $53.81, for a total transaction of $134,525.00. Following the completion of the sale, the director now directly owns 15,535 shares in the company, valued at $835,938.35. The trade was a 13.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jeffrey Westphal sold 1,225,000 shares of the firm'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 of the company's stock, valued at approximately $311,220.90. The trade was a 99.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,202,949 shares of company stock worth $192,797,340 in the last 90 days. 44.58% of the stock is owned by company insiders.

Vertex Price Performance

Shares of NASDAQ:VERX traded down $0.36 during trading on Friday, hitting $55.63. 268,140 shares of the stock were exchanged, compared to its average volume of 783,655. The company has a fifty day moving average price of $46.37 and a two-hundred day moving average price of $39.59. Vertex, Inc. has a 12-month low of $23.31 and a 12-month high of $57.74. The company has a market cap of $8.68 billion, a PE ratio of 311.06, a P/E/G ratio of 10.68 and a beta of 0.77. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29.

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

About Vertex

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.