Verdence Capital Advisors LLC Sells 958 Shares of Vertex, Inc. (NASDAQ:VERX)

Verdence Capital Advisors LLC cut its stake in Vertex, Inc. (NASDAQ:VERX) by 11.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,355 shares of the company’s stock after selling 958 shares during the period. Verdence Capital Advisors LLC’s holdings in Vertex were worth $392,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Assetmark Inc. acquired a new position in shares of Vertex in the 4th quarter valued at $79,000. Victory Capital Management Inc. raised its stake in shares of Vertex by 26.4% in the 4th quarter. Victory Capital Management Inc. now owns 43,474 shares of the company’s stock valued at $2,319,000 after buying an additional 9,088 shares in the last quarter. Westover Capital Advisors LLC raised its stake in shares of Vertex by 1.2% in the 4th quarter. Westover Capital Advisors LLC now owns 55,427 shares of the company’s stock valued at $2,957,000 after buying an additional 632 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Vertex by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 438,739 shares of the company’s stock valued at $23,407,000 after buying an additional 6,671 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of Vertex in the 4th quarter valued at $38,000. 70.32% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on VERX shares. Raymond James restated a “market perform” rating on shares of Vertex in a research note on Friday, January 3rd. Morgan Stanley increased their price objective on shares of Vertex from $50.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. BMO Capital Markets increased their price objective on shares of Vertex from $42.00 to $52.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. JMP Securities reiterated a “market outperform” rating and set a $61.00 target price on shares of Vertex in a research report on Monday, December 9th. Finally, Needham & Company LLC increased their target price on shares of Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Five equities research 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 company’s stock. According to MarketBeat, Vertex currently has an average rating of “Moderate Buy” and an average target price of $50.00.

Vertex Trading Up 3.1 %

VERX opened at $34.06 on Friday. 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 capitalization of $5.31 billion, a PE ratio of 189.22, a PEG ratio of 6.66 and a beta of 0.87. Vertex, Inc. has a 1-year low of $27.22 and a 1-year high of $60.71. The firm has a 50-day moving average price of $50.84 and a two-hundred day moving average price of $46.71.

Vertex (NASDAQ:VERX) last posted its quarterly earnings data on Thursday, February 27th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.03). The company had revenue of $178.46 million during the quarter, compared to analyst estimates of $176.90 million. Vertex had a net margin of 4.73% and a return on equity of 24.92%. As a group, equities analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Vertex

In other Vertex news, insider Jeffrey Westphal sold 575,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $53.01, for a total value of $30,480,750.00. Following the completion of the sale, the insider now owns 7,895 shares in the company, valued at approximately $418,513.95. This trade represents a 98.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO David Destefano sold 216,268 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $55.04, for a total transaction of $11,903,390.72. Following the completion of the transaction, the chief executive officer now directly owns 293,345 shares in the company, valued at $16,145,708.80. This trade represents a 42.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 858,457 shares of company stock worth $46,160,958. 44.58% of the stock is currently owned by corporate insiders.

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.