Vertex, Inc. (NASDAQ:VERX) Shares Bought by Arizona State Retirement System

Arizona State Retirement System raised its holdings in Vertex, Inc. (NASDAQ:VERX) by 11.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,734 shares of the company’s stock after buying an additional 1,642 shares during the period. Arizona State Retirement System’s holdings in Vertex were worth $567,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Victory Capital Management Inc. acquired a new stake in Vertex in the second quarter valued at $245,000. TD Asset Management Inc acquired a new stake in Vertex in the second quarter valued at $1,053,000. Rhumbline Advisers raised its stake in Vertex by 5,910.7% in the second quarter. Rhumbline Advisers now owns 73,210 shares of the company’s stock valued at $2,639,000 after buying an additional 71,992 shares in the last quarter. Mizuho Markets Americas LLC acquired a new stake in Vertex in the second quarter valued at $12,402,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Vertex by 13.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,140 shares of the company’s stock valued at $366,000 after buying an additional 1,187 shares in the last quarter. 59.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Vertex

In other news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $37.27, for a total transaction of $5,922,203.00. Following the sale, the insider now owns 1,430,100 shares of the company’s stock, valued at approximately $53,299,827. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of Vertex stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $37.27, for a total transaction of $5,922,203.00. Following the completion of the transaction, the insider now directly owns 1,430,100 shares in the company, valued at approximately $53,299,827. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Jeffrey Westphal sold 1,500,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $37.81, for a total value of $56,715,000.00. Following the completion of the transaction, the insider now owns 1,054,641 shares of the company’s stock, valued at $39,875,976.21. The disclosure for this sale can be found here. Insiders have sold 1,699,900 shares of company stock valued at $64,107,653 in the last quarter. 45.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on VERX shares. Citigroup lifted their target price on Vertex from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. Needham & Company LLC reiterated a “buy” rating and set a $45.00 target price on shares of Vertex in a research report on Thursday, June 13th. Baird R W upgraded Vertex to a “strong-buy” rating in a research report on Tuesday, July 23rd. Robert W. Baird started coverage on Vertex in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $43.00 target price on the stock. Finally, JMP Securities lifted their target price on Vertex from $42.00 to $47.00 and gave the stock a “market outperform” rating in a research report on Wednesday, July 31st. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.30.

Vertex Price Performance

Shares of VERX opened at $36.39 on Tuesday. Vertex, Inc. has a twelve month low of $20.62 and a twelve month high of $40.05. The stock’s 50 day moving average is $36.95 and its two-hundred day moving average is $33.75. The firm has a market capitalization of $5.64 billion, a PE ratio of 909.75, a P/E/G ratio of 10.18 and a beta of 0.69. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 1.43.

Vertex (NASDAQ:VERX) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. Vertex had a return on equity of 22.32% and a net margin of 3.20%. The company had revenue of $161.10 million for the quarter, compared to analyst estimates of $160.66 million. During the same quarter in the previous year, the company earned $0.04 EPS. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. Research analysts anticipate that Vertex, Inc. will post 0.34 earnings per share for the current year.

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.