Victory Capital Management Inc. Increases Position in Vertex, Inc. (NASDAQ:VERX)

Victory Capital Management Inc. raised its stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 26.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 43,474 shares of the company's stock after purchasing an additional 9,088 shares during the quarter. Victory Capital Management Inc.'s holdings in Vertex were worth $2,319,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. FMR LLC increased its stake in shares of Vertex by 2.5% in the 3rd quarter. FMR LLC now owns 2,287,774 shares of the company's stock worth $88,102,000 after acquiring an additional 54,985 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Vertex by 17.6% in the 3rd quarter. Franklin Resources Inc. now owns 1,690,045 shares of the company's stock worth $69,444,000 after purchasing an additional 253,263 shares in the last quarter. State Street Corp grew its stake in shares of Vertex by 36.4% in the 3rd quarter. State Street Corp now owns 1,361,901 shares of the company's stock worth $52,447,000 after buying an additional 363,595 shares during the last quarter. Geode Capital Management LLC increased its position in Vertex by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,275,283 shares of the company's stock valued at $49,121,000 after buying an additional 37,592 shares in the last quarter. Finally, abrdn plc raised its stake in Vertex by 74.9% during the fourth quarter. abrdn plc now owns 1,029,177 shares of the company's stock valued at $55,035,000 after buying an additional 440,832 shares during the last quarter. 70.32% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

VERX has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price target on shares of Vertex in a research report on Thursday. Stifel Nicolaus downgraded shares of Vertex from a "buy" rating to a "hold" rating and reduced their price target for the company from $58.00 to $31.00 in a research report on Friday, February 28th. Raymond James restated a "market perform" rating on shares of Vertex in a report on Friday, January 3rd. JMP Securities reiterated a "market outperform" rating and issued a $61.00 price objective on shares of Vertex in a report on Monday, December 9th. Finally, Citigroup upped their target price 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. Five research 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 company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $49.82.

Vertex Trading Down 1.2 %

Shares of VERX traded down $0.45 during trading hours on Friday, reaching $35.71. 1,825,457 shares of the company traded hands, compared to its average volume of 1,382,849. The stock's fifty day moving average price is $46.66 and its 200 day moving average price is $46.40. 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 $5.65 billion, a price-to-earnings ratio of 198.39, a PEG ratio of 6.66 and a beta of 0.87. Vertex, Inc. has a 12-month low of $27.22 and a 12-month high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.03). The firm had revenue of $178.46 million for the quarter, compared to the consensus estimate of $176.90 million. Vertex had a net margin of 4.73% and a return on equity of 24.92%. Sell-side analysts forecast that Vertex, Inc. will post 0.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Item Second Irr. Trust Fbo Kyl sold 53,843 shares of the company's stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $56.48, for a total transaction of $3,041,052.64. Following the transaction, the insider now directly owns 1,229,257 shares of the company's stock, valued at $69,428,435.36. This represents a 4.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 44.58% of the stock is currently owned by corporate insiders.

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.