Silvercrest Asset Management Group LLC Acquires 85,237 Shares of Vertex, Inc. (NASDAQ:VERX)

Silvercrest Asset Management Group LLC boosted its holdings in Vertex, Inc. (NASDAQ:VERX) by 13.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 712,926 shares of the company’s stock after buying an additional 85,237 shares during the quarter. Silvercrest Asset Management Group LLC owned approximately 0.46% of Vertex worth $22,643,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in VERX. Vanguard Group Inc. lifted its stake in Vertex by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,918,733 shares of the company’s stock valued at $113,623,000 after purchasing an additional 264,884 shares during the last quarter. Conestoga Capital Advisors LLC lifted its stake in shares of Vertex by 19.0% in the 4th quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company’s stock valued at $76,311,000 after acquiring an additional 452,840 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Vertex by 33.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,953 shares of the company’s stock worth $241,000 after acquiring an additional 2,228 shares during the last quarter. Calamos Advisors LLC acquired a new position in Vertex in the 4th quarter worth about $2,015,000. Finally, Kornitzer Capital Management Inc. KS raised its position in Vertex by 824.0% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 345,257 shares of the company’s stock valued at $9,301,000 after purchasing an additional 307,892 shares during the last quarter. Institutional investors own 59.10% of the company’s stock.

Wall Street Analyst Weigh In

VERX has been the subject of a number of research reports. JMP Securities reiterated a “market outperform” rating and issued a $42.00 price objective on shares of Vertex in a report on Tuesday, April 23rd. Needham & Company LLC restated a “buy” rating and issued a $45.00 price objective on shares of Vertex in a report on Thursday, June 13th. Citigroup raised their target price on Vertex from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. Robert W. Baird assumed coverage on Vertex in a research report on Tuesday, July 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. Finally, Bank of America lowered their price objective on Vertex from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Four research 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 company’s stock. According to data from MarketBeat.com, Vertex has a consensus rating of “Moderate Buy” and an average target price of $36.80.

Insider Activity

In related news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 1,054,641 shares in the company, valued at approximately $39,875,976.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 45.00% of the company’s stock.

Vertex Stock Down 0.9 %

NASDAQ:VERX traded down $0.35 on Tuesday, hitting $39.01. The stock had a trading volume of 228,080 shares, compared to its average volume of 793,622. The company has a market cap of $6.05 billion, a PE ratio of 984.00, a P/E/G ratio of 19.79 and a beta of 0.69. Vertex, Inc. has a 52 week low of $17.59 and a 52 week high of $40.04. The business’s fifty day moving average is $35.32 and its 200 day moving average is $30.87. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17.

Vertex (NASDAQ:VERX) last issued its earnings results on Wednesday, May 8th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The firm had revenue of $156.78 million during the quarter, compared to the consensus estimate of $155.50 million. Vertex had a return on equity of 18.67% and a net margin of 1.29%. On average, equities research analysts expect that Vertex, Inc. will post 0.19 EPS for the current fiscal year.

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.