Teacher Retirement System of Texas decreased its holdings in shares of Vertex, Inc. (NASDAQ:VERX – Free Report) by 16.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,245 shares of the company’s stock after selling 2,176 shares during the quarter. Teacher Retirement System of Texas’ holdings in Vertex were worth $219,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the business. Neuberger Berman Group LLC boosted its stake in Vertex by 10.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 3,632,850 shares of the company’s stock valued at $49,661,000 after purchasing an additional 345,005 shares during the period. Vanguard Group Inc. boosted its stake in Vertex by 25.9% during the 3rd quarter. Vanguard Group Inc. now owns 3,494,699 shares of the company’s stock valued at $47,772,000 after purchasing an additional 717,947 shares during the period. Conestoga Capital Advisors LLC boosted its stake in Vertex by 0.8% during the 1st quarter. Conestoga Capital Advisors LLC now owns 2,906,921 shares of the company’s stock valued at $60,144,000 after purchasing an additional 24,132 shares during the period. Next Century Growth Investors LLC boosted its stake in Vertex by 41.3% during the 1st quarter. Next Century Growth Investors LLC now owns 1,092,611 shares of the company’s stock valued at $22,606,000 after purchasing an additional 319,126 shares during the period. Finally, Palisade Capital Management LP boosted its stake in Vertex by 2.3% during the 1st quarter. Palisade Capital Management LP now owns 1,080,300 shares of the company’s stock valued at $22,351,000 after purchasing an additional 24,481 shares during the period. Institutional investors own 28.31% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the company. Citigroup decreased their target price on Vertex from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, August 10th. BMO Capital Markets cut their price target on Vertex from $23.00 to $22.00 and set a “market perform” rating for the company in a report on Thursday, August 10th. Morgan Stanley assumed coverage on Vertex in a report on Monday, September 18th. They issued an “overweight” rating and a $25.00 price target for the company. TheStreet raised Vertex from a “d+” rating to a “c-” rating in a report on Wednesday, September 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price target on shares of Vertex in a report on Thursday, August 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $23.22.
Vertex Trading Up 4.2 %
Shares of VERX opened at $24.22 on Thursday. Vertex, Inc. has a 1 year low of $11.92 and a 1 year high of $24.72. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.20. The stock has a 50 day simple moving average of $22.05 and a 200-day simple moving average of $21.08. The stock has a market cap of $3.68 billion, a PE ratio of -110.09, a PEG ratio of 11.43 and a beta of 0.46.
Vertex (NASDAQ:VERX – Get Free Report) last released its quarterly earnings results on Wednesday, August 9th. The company reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. Vertex had a positive return on equity of 12.68% and a negative net margin of 5.94%. The firm had revenue of $139.70 million during the quarter, compared to analysts’ expectations of $135.91 million. On average, sell-side analysts predict that Vertex, Inc. will post 0.19 EPS for the current fiscal year.
Insider Activity at Vertex
In related news, major shareholder Tensile Capital Management Lp sold 60,000 shares of the firm’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $23.36, for a total transaction of $1,401,600.00. Following the completion of the sale, the insider now directly owns 5,806,717 shares of the company’s stock, valued at approximately $135,644,909.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Vertex news, major shareholder Jeffery Westphal sold 1,103,475 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $22.32, for a total value of $24,629,562.00. Following the transaction, the insider now directly owns 1,076,727 shares in the company, valued at approximately $24,032,546.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Tensile Capital Management Lp sold 60,000 shares of the stock in a transaction on Friday, September 29th. The shares were sold at an average price of $23.36, for a total value of $1,401,600.00. Following the completion of the transaction, the insider now owns 5,806,717 shares in the company, valued at $135,644,909.12. The disclosure for this sale can be found here. Insiders sold 1,329,287 shares of company stock valued at $29,955,207 in the last three months. Corporate insiders own 45.00% of the company’s stock.
About Vertex
Vertex, Inc provides tax technology solutions for retail, communication, leasing, retail trade, wholesale trade, technology, and manufacturing industries in the United States and internationally. It offers tax determination, compliance and reporting, tax data management, document management, analytics and insights, pre-built integration, and industry-specific solutions.
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