Envestnet Asset Management Inc. Increases Stake in Vertex, Inc. (NASDAQ:VERX)

Envestnet Asset Management Inc. lifted its holdings in Vertex, Inc. (NASDAQ:VERX) by 10.0% 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 248,001 shares of the company’s stock after buying an additional 22,514 shares during the quarter. Envestnet Asset Management Inc. owned 0.16% of Vertex worth $8,940,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its holdings in Vertex by 13.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 252,869 shares of the company’s stock worth $6,812,000 after purchasing an additional 30,194 shares during the last quarter. Quadrature Capital Ltd lifted its stake in shares of Vertex by 175.0% during the 4th quarter. Quadrature Capital Ltd now owns 73,909 shares of the company’s stock worth $1,992,000 after purchasing an additional 47,031 shares during the period. Granahan Investment Management LLC boosted its stake in Vertex by 49.4% in the 4th quarter. Granahan Investment Management LLC now owns 663,606 shares of the company’s stock worth $17,878,000 after buying an additional 219,301 shares during the last quarter. Bullseye Asset Management LLC grew its stake in shares of Vertex by 12.5% during the 4th quarter. Bullseye Asset Management LLC now owns 45,071 shares of the company’s stock valued at $1,214,000 after buying an additional 5,000 shares during the period. Finally, Vanguard Group Inc. increased its stake in Vertex by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 5,555,808 shares of the company’s stock worth $149,673,000 after acquiring an additional 637,075 shares during the last quarter. Hedge funds and other institutional investors own 59.10% of the company’s stock.

Vertex Stock Performance

Shares of VERX opened at $36.73 on Friday. The company has a market capitalization of $5.71 billion, a PE ratio of 918.25, a PEG ratio of 10.68 and a beta of 0.69. Vertex, Inc. has a 52 week low of $21.50 and a 52 week high of $40.05. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.17 and a current ratio of 1.17. The company’s 50 day moving average price is $36.93 and its 200 day moving average price is $34.12.

Vertex (NASDAQ:VERX) last posted its earnings results on Wednesday, August 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The business 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 was up 15.3% compared to the same quarter last year. During the same period last year, the business posted $0.04 EPS. Research analysts expect that Vertex, Inc. will post 0.34 EPS for the current fiscal year.

Insider Buying and Selling

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

Analyst Ratings Changes

Several equities research analysts recently commented on the company. JMP Securities raised their target price on Vertex from $42.00 to $47.00 and gave the company a “market outperform” rating in a report on Wednesday, July 31st. Citigroup boosted their price objective on Vertex from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Friday, June 28th. Robert W. Baird began coverage on shares of Vertex in a research report on Tuesday, July 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. Baird R W raised shares of Vertex to a “strong-buy” rating in a report on Tuesday, July 23rd. Finally, Needham & Company LLC restated a “buy” rating and issued a $45.00 price target on shares of Vertex in a research note on Thursday, June 13th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Vertex has an average rating of “Moderate Buy” and an average price target of $37.30.

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.