Glenmede Trust Co. NA Has $761,000 Stake in Vertex, Inc. (NASDAQ:VERX)

Glenmede Trust Co. NA reduced its position in Vertex, Inc. (NASDAQ:VERX) by 7.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,752 shares of the company’s stock after selling 1,635 shares during the quarter. Glenmede Trust Co. NA’s holdings in Vertex were worth $761,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in VERX. Quantbot Technologies LP grew its position in Vertex by 119,107.3% in the third quarter. Quantbot Technologies LP now owns 48,875 shares of the company’s stock valued at $1,882,000 after acquiring an additional 48,834 shares during the last quarter. FMR LLC boosted 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 valued at $88,102,000 after purchasing an additional 54,985 shares in the last quarter. DRW Securities LLC bought a new stake in shares of Vertex during the 3rd quarter valued at approximately $840,000. Dynamic Technology Lab Private Ltd acquired a new position in Vertex during the 3rd quarter worth approximately $697,000. Finally, Nicolet Advisory Services LLC lifted its stake in Vertex by 25.5% in the 3rd quarter. Nicolet Advisory Services LLC now owns 7,755 shares of the company’s stock valued at $323,000 after purchasing an additional 1,575 shares during the last quarter. 59.10% of the stock is currently owned by institutional investors and hedge funds.

Vertex Price Performance

Shares of NASDAQ:VERX opened at $56.92 on Wednesday. The company has a 50 day moving average of $45.59 and a 200 day moving average of $39.36. 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 stock has a market cap of $8.88 billion, a P/E ratio of 316.22, a P/E/G ratio of 10.26 and a beta of 0.77. Vertex, Inc. has a 12 month low of $23.31 and a 12 month high of $57.74.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.14 by $0.02. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The company had revenue of $170.40 million during the quarter, compared to analyst estimates of $165.70 million. During the same quarter in the previous year, the firm earned $0.06 earnings per share. Vertex’s revenue was up 17.5% on a year-over-year basis. As a group, sell-side analysts forecast that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on VERX. Morgan Stanley upped their target price on Vertex from $50.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group upped their price objective on Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Robert W. Baird lifted their target price on shares of Vertex from $43.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. JMP Securities boosted their target price on shares of Vertex from $47.00 to $61.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Finally, Stifel Nicolaus raised their price target on shares of Vertex from $41.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $52.30.

Insiders Place Their Bets

In related news, CEO David Destefano sold 159,107 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $49.61, for a total value of $7,893,298.27. Following the sale, the chief executive officer now directly owns 332,290 shares of the company’s stock, valued at $16,484,906.90. This trade represents a 32.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John Richard Stamm sold 2,500 shares of Vertex stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $53.81, for a total value of $134,525.00. Following the completion of the sale, the director now owns 15,535 shares in the company, valued at approximately $835,938.35. This represents a 13.86 % 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 valued at $192,797,340 over the last three months. Insiders own 44.58% of the company’s stock.

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.