Oppenheimer Asset Management Inc. Decreases Stake in Vertex, Inc. (NASDAQ:VERX)

Oppenheimer Asset Management Inc. lowered its position in shares of Vertex, Inc. (NASDAQ:VERX) by 49.9% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 22,262 shares of the company’s stock after selling 22,192 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Vertex were worth $857,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of VERX. SG Americas Securities LLC purchased a new stake in shares of Vertex during the 1st quarter worth about $166,000. Swiss National Bank boosted its holdings in Vertex by 5.4% in the 1st quarter. Swiss National Bank now owns 101,200 shares of the company’s stock worth $3,214,000 after acquiring an additional 5,200 shares during the period. Vanguard Group Inc. boosted its holdings in Vertex by 4.2% in the 1st quarter. Vanguard Group Inc. now owns 5,791,215 shares of the company’s stock worth $183,929,000 after acquiring an additional 235,407 shares during the period. Bessemer Group Inc. boosted its holdings in Vertex by 8.0% in the 1st quarter. Bessemer Group Inc. now owns 248,738 shares of the company’s stock worth $7,900,000 after acquiring an additional 18,335 shares during the period. Finally, Quadrature Capital Ltd boosted its holdings in Vertex by 24.7% in the 1st quarter. Quadrature Capital Ltd now owns 92,167 shares of the company’s stock worth $2,927,000 after acquiring an additional 18,258 shares during the period. Hedge funds and other institutional investors own 59.10% of the company’s stock.

Insider Transactions at Vertex

In other news, CEO David Destefano sold 22,275 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $49.55, for a total value of $1,103,726.25. Following the completion of the transaction, the chief executive officer now owns 293,246 shares of the company’s stock, valued at approximately $14,530,339.30. This represents a 7.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Item Second Irr. Trust Fbo Jac sold 52,713 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $41.02, for a total value of $2,162,287.26. Following the completion of the transaction, the insider now directly owns 1,144,993 shares of the company’s stock, valued at approximately $46,967,612.86. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,330,756 shares of company stock valued at $196,342,674. 44.58% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on VERX. Baird R W raised Vertex to a “strong-buy” rating in a research report on Tuesday, July 23rd. Morgan Stanley upped their target price on Vertex from $50.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group upped their target price on Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC upped their target price on Vertex from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Jefferies Financial Group raised Vertex from a “hold” rating to a “buy” rating and upped their price target for the company from $35.00 to $50.00 in a research report on Monday, November 4th. Three 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, Vertex has a consensus rating of “Moderate Buy” and a consensus target price of $52.30.

Vertex Price Performance

Shares of NASDAQ VERX opened at $49.38 on Tuesday. Vertex, Inc. has a 1-year low of $23.31 and a 1-year high of $52.93. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04. The business’s fifty day moving average price is $41.46 and its two-hundred day moving average price is $37.43. The firm has a market capitalization of $7.70 billion, a PE ratio of 274.33, a P/E/G ratio of 9.22 and a beta of 0.67.

Vertex (NASDAQ:VERX) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.16 earnings per share (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 analysts’ expectations of $165.70 million. During the same quarter in the prior year, the business posted $0.06 earnings per share. The company’s revenue for the quarter was up 17.5% compared to the same quarter last year. On average, research analysts expect that Vertex, Inc. will post 0.38 EPS 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.