Victory Capital Management Inc. Takes $245,000 Position in Vertex, Inc. (NASDAQ:VERX)

Victory Capital Management Inc. bought a new position in shares of Vertex, Inc. (NASDAQ:VERX) during the second quarter, HoldingsChannel.com reports. The firm bought 6,784 shares of the company’s stock, valued at approximately $245,000.

A number of other institutional investors also recently bought and sold shares of VERX. Blue Trust Inc. acquired a new position in shares of Vertex during the 2nd quarter worth $28,000. Sandia Investment Management LP acquired a new position in Vertex during the first quarter worth about $159,000. SG Americas Securities LLC purchased a new stake in shares of Vertex in the first quarter valued at about $166,000. Lazard Asset Management LLC acquired a new stake in shares of Vertex in the first quarter valued at approximately $192,000. Finally, Verdence Capital Advisors LLC purchased a new position in shares of Vertex during the 1st quarter worth approximately $213,000. 59.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Vertex

In related news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 1,054,641 shares in the company, valued at $39,875,976.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $37.81, for a total value of $56,715,000.00. Following the completion of the sale, the insider now owns 1,054,641 shares in the company, valued at $39,875,976.21. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Richard Stamm sold 16,000 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $35.95, for a total value of $575,200.00. Following the transaction, the director now directly owns 21,635 shares in the company, valued at $777,778.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,699,900 shares of company stock worth $64,107,653. 45.00% of the stock is currently owned by company insiders.

Vertex Price Performance

VERX opened at $38.30 on Tuesday. Vertex, Inc. has a 1 year low of $21.32 and a 1 year high of $40.05. The company’s 50 day simple moving average is $36.98 and its 200 day simple moving average is $33.97. The stock has a market capitalization of $5.94 billion, a PE ratio of 957.50, a P/E/G ratio of 10.40 and a beta of 0.69. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.17 and a current ratio of 1.17.

Vertex (NASDAQ:VERX) last announced its quarterly earnings results 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. The company had revenue of $161.10 million for the quarter, compared to analyst estimates of $160.66 million. Vertex had a net margin of 3.20% and a return on equity of 22.32%. Vertex’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter last year, the business earned $0.04 EPS. As a group, sell-side analysts expect that Vertex, Inc. will post 0.34 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on VERX. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 target price on shares of Vertex in a research note on Thursday, June 13th. Citigroup upped their price objective on Vertex from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. Baird R W upgraded Vertex to a “strong-buy” rating in a research report on Tuesday, July 23rd. JMP Securities upped their target price on shares of Vertex from $42.00 to $47.00 and gave the company a “market outperform” rating in a report on Wednesday, July 31st. Finally, Robert W. Baird began coverage on shares of Vertex in a report on Tuesday, July 23rd. They set an “outperform” rating and a $43.00 price target for the company. Four research 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.30.

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.