Balyasny Asset Management L.P. Invests $3.93 Million in Vertex, Inc. (NASDAQ:VERX)

Balyasny Asset Management L.P. purchased a new stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 73,616 shares of the company's stock, valued at approximately $3,927,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of America Corp DE boosted its holdings in shares of Vertex by 47.8% during the fourth quarter. Bank of America Corp DE now owns 551,620 shares of the company's stock valued at $29,429,000 after acquiring an additional 178,367 shares during the period. BNP Paribas Financial Markets acquired a new position in shares of Vertex during the fourth quarter valued at $5,276,000. Ameriprise Financial Inc. boosted its holdings in shares of Vertex by 17.6% during the fourth quarter. Ameriprise Financial Inc. now owns 1,149,840 shares of the company's stock valued at $61,344,000 after acquiring an additional 172,219 shares during the period. Jane Street Group LLC lifted its holdings in Vertex by 72.1% in the fourth quarter. Jane Street Group LLC now owns 108,870 shares of the company's stock worth $5,808,000 after purchasing an additional 45,615 shares during the period. Finally, PDT Partners LLC acquired a new stake in Vertex in the fourth quarter worth about $1,435,000. Institutional investors and hedge funds own 70.32% of the company's stock.

Wall Street Analysts Forecast Growth

VERX has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price objective on shares of Vertex in a report on Thursday, March 20th. The Goldman Sachs Group reduced their price objective on shares of Vertex from $64.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 3rd. Jefferies Financial Group reduced their price objective on shares of Vertex from $62.00 to $48.00 and set a "buy" rating for the company in a report on Friday, February 28th. BNP Paribas began coverage on shares of Vertex in a report on Tuesday, April 22nd. They issued an "outperform" rating and a $54.00 price objective for the company. Finally, Stifel Nicolaus cut shares of Vertex from a "buy" rating to a "hold" rating and dropped their price target for the stock from $58.00 to $31.00 in a research report on Friday, February 28th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $50.73.

Vertex Trading Up 2.3%

NASDAQ VERX traded up $0.87 on Wednesday, hitting $38.80. 1,122,562 shares of the company were exchanged, compared to its average volume of 1,020,492. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04. Vertex, Inc. has a twelve month low of $30.26 and a twelve month high of $60.71. The company's 50 day moving average price is $37.07 and its 200-day moving average price is $46.02. The firm has a market capitalization of $6.14 billion, a P/E ratio of 215.56, a price-to-earnings-growth ratio of 6.66 and a beta of 0.78.

Vertex (NASDAQ:VERX - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.02. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The company had revenue of $177.06 million for the quarter, compared to analysts' expectations of $176.99 million. During the same quarter in the previous year, the business posted $0.15 EPS. The business's revenue for the quarter was up 12.9% on a year-over-year basis. Analysts predict that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Vertex

In related news, CAO Ryan J. Leib sold 5,755 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $38.00, for a total value of $218,690.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO David Destefano sold 109,415 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $37.70, for a total value of $4,124,945.50. Following the sale, the chief executive officer now directly owns 1,066,587 shares of the company's stock, valued at $40,210,329.90. The trade was a 9.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 158,398 shares of company stock valued at $5,898,979 in the last 90 days. 44.58% of the stock is currently owned by corporate insiders.

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.