Vertex, Inc. $VERX Shares Sold by Axiom Investors LLC DE

Key Points

• Axiom Investors LLC DE has significantly reduced its stake in Vertex, Inc. by 62.5%, now owning 188,640 shares after selling 314,938 shares in the first quarter.
• Despite the decrease in Axiom's holdings, Vertex's stock has seen a 1.9% increase recently, with the shares opening at $25.85.
• Analysts have set new price targets for Vertex, with Goldman Sachs projecting a target of $43.00 and a consensus rating of "Moderate Buy" across various reports.

Axiom Investors LLC DE lowered its holdings in Vertex, Inc. (NASDAQ:VERX - Free Report) by 62.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 188,640 shares of the company's stock after selling 314,938 shares during the quarter. Axiom Investors LLC DE owned approximately 0.12% of Vertex worth $6,604,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc purchased a new position in Vertex during the first quarter valued at approximately $28,000. US Bancorp DE increased its holdings in shares of Vertex by 88.1% in the 1st quarter. US Bancorp DE now owns 2,024 shares of the company's stock valued at $71,000 after acquiring an additional 948 shares during the period. Lazard Asset Management LLC increased its holdings in shares of Vertex by 7,675.0% in the 4th quarter. Lazard Asset Management LLC now owns 2,488 shares of the company's stock valued at $132,000 after acquiring an additional 2,456 shares during the period. Neo Ivy Capital Management purchased a new stake in shares of Vertex during the 1st quarter worth $97,000. Finally, Tower Research Capital LLC TRC boosted its position in Vertex by 75.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,734 shares of the company's stock valued at $199,000 after purchasing an additional 1,604 shares in the last quarter. Hedge funds and other institutional investors own 70.32% of the company's stock.

Insider Buying and Selling at Vertex

In other Vertex news, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $35.24, for a total transaction of $508,337.00. Following the sale, the insider directly owned 173,074 shares of the company's stock, valued at approximately $6,099,127.76. This trade represents a 7.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey Westphal sold 3,000,000 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $38.45, for a total value of $115,350,000.00. Following the sale, the insider directly owned 7,895 shares in the company, valued at $303,562.75. This represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,405,000 shares of company stock worth $130,136,108. 43.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have issued reports on VERX. DA Davidson lowered Vertex from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Needham & Company LLC cut their price objective on shares of Vertex from $60.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Bank of America decreased their target price on shares of Vertex from $42.00 to $34.00 and set a "neutral" rating for the company in a research report on Friday, August 8th. Citigroup upgraded shares of Vertex from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Finally, Piper Sandler initiated coverage on shares of Vertex in a research note on Monday, June 16th. They issued an "overweight" rating and a $48.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Vertex presently has an average rating of "Moderate Buy" and an average target price of $43.69.

Vertex Stock Performance

Shares of Vertex stock traded up $0.40 on Wednesday, reaching $25.27. 762,594 shares of the stock were exchanged, compared to its average volume of 1,329,286. The business has a 50 day moving average price of $31.88 and a two-hundred day moving average price of $36.26. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of -76.57, a PEG ratio of 5.26 and a beta of 0.70. Vertex, Inc. has a twelve month low of $24.45 and a twelve month high of $60.71. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.36.

Vertex (NASDAQ:VERX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.01. Vertex had a negative net margin of 7.09% and a positive return on equity of 27.16%. The company had revenue of $184.56 million during the quarter, compared to analyst estimates of $184.60 million. During the same period last year, the firm posted $0.15 EPS. Vertex's revenue for the quarter was up 14.6% compared to the same quarter last year. Analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

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.