CenterBook Partners LP Buys New Shares in Vertex, Inc. (NASDAQ:VERX)

CenterBook Partners LP bought a new stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 27,359 shares of the company's stock, valued at approximately $958,000.

Several other large investors have also modified their holdings of VERX. Steward Partners Investment Advisory LLC purchased a new position in shares of Vertex during the fourth quarter valued at approximately $38,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Vertex by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 438,739 shares of the company's stock valued at $23,407,000 after purchasing an additional 6,671 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Vertex in the fourth quarter valued at approximately $595,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Vertex by 53.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,551 shares of the company's stock valued at $830,000 after purchasing an additional 5,411 shares during the period. Finally, HighTower Advisors LLC purchased a new stake in shares of Vertex in the fourth quarter valued at approximately $1,792,000. Hedge funds and other institutional investors own 70.32% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on VERX. Piper Sandler began coverage on Vertex in a report on Monday, June 16th. They issued an "overweight" rating and a $48.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of Vertex in a report on Thursday, March 20th. Morgan Stanley lowered their price target on Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. BNP Paribas began coverage on Vertex in a report on Tuesday, April 22nd. They issued an "outperform" rating and a $54.00 price target for the company. Finally, Citigroup boosted their price target on Vertex from $39.00 to $40.00 and gave the company a "neutral" rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $49.33.

Vertex Stock Performance

NASDAQ:VERX remained flat at $35.45 during trading hours on Thursday. 754,460 shares of the company were exchanged, compared to its average volume of 1,058,090. The stock has a market cap of $5.62 billion, a P/E ratio of -122.24, a P/E/G ratio of 4.40 and a beta of 0.71. Vertex, Inc. has a 52 week low of $30.26 and a 52 week high of $60.71. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.67. The firm has a 50 day simple moving average of $37.22 and a 200 day simple moving average of $41.45.

Vertex (NASDAQ:VERX - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.02. The business had revenue of $177.06 million for the quarter, compared to the consensus estimate of $176.99 million. Vertex had a positive return on equity of 28.14% and a negative net margin of 6.45%. The business's quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 earnings per share. As a group, analysts predict that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Ryan J. Leib sold 5,755 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $38.00, for a total transaction of $218,690.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO David Destefano sold 109,415 shares of the company's stock in a transaction 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 transaction, the chief executive officer directly owned 1,066,587 shares in the company, valued at approximately $40,210,329.90. The trade was a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,520,170 shares of company stock valued at $134,479,744. Company insiders own 43.25% of the company's stock.

About Vertex

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.