Bank of New York Mellon Corp Sells 58,289 Shares of Vertex, Inc. (NASDAQ:VERX)

Bank of New York Mellon Corp lessened its stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 24.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 175,985 shares of the company's stock after selling 58,289 shares during the period. Bank of New York Mellon Corp owned 0.11% of Vertex worth $6,161,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Vertex in the fourth quarter worth $40,000. Versant Capital Management Inc bought a new position in Vertex in the first quarter worth $28,000. Lazard Asset Management LLC lifted its position in Vertex by 7,675.0% in the fourth quarter. Lazard Asset Management LLC now owns 2,488 shares of the company's stock worth $132,000 after purchasing an additional 2,456 shares during the period. Tower Research Capital LLC TRC lifted its position in Vertex by 75.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,734 shares of the company's stock worth $199,000 after purchasing an additional 1,604 shares during the period. Finally, EntryPoint Capital LLC bought a new position in Vertex in the fourth quarter worth $201,000. Institutional investors and hedge funds own 70.32% of the company's stock.

Insider Transactions at Vertex

In other Vertex news, insider Jeffrey Westphal sold 3,000,000 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $38.45, for a total transaction of $115,350,000.00. Following the completion of the transaction, the insider owned 7,895 shares of the company's stock, valued at $303,562.75. This represents a 99.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Item Second Irr. Trust Fbo Ann sold 157,874 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $35.93, for a total value of $5,672,412.82. Following the sale, the insider owned 196,841 shares in the company, valued at approximately $7,072,497.13. This represents a 44.51% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,520,170 shares of company stock worth $134,479,744. Insiders own 43.25% of the company's stock.

Analyst Ratings Changes

VERX has been the subject of several research reports. DA Davidson raised Vertex to a "strong-buy" rating in a research report on Tuesday. Morgan Stanley reduced their target price on Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. BNP Paribas started coverage on Vertex in a report on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 price objective for the company. Citigroup lifted their price objective on Vertex from $39.00 to $40.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Finally, Piper Sandler started coverage on Vertex in a report on Monday, June 16th. They set an "overweight" rating and a $48.00 price objective for the company. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $49.33.

Vertex Trading Down 1.6%

NASDAQ:VERX traded down $0.57 on Friday, hitting $34.21. 865,974 shares of the stock were exchanged, compared to its average volume of 1,262,623. The stock has a market capitalization of $5.42 billion, a price-to-earnings ratio of -117.96, a P/E/G ratio of 4.39 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 debt-to-equity ratio of 1.67, a quick ratio of 0.98 and a current ratio of 0.98. The company's 50-day moving average price is $36.94 and its 200 day moving average price is $40.85.

Vertex (NASDAQ:VERX - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. Vertex had a positive return on equity of 28.14% and a negative net margin of 6.45%. The company had revenue of $177.06 million during the quarter, compared to analyst estimates of $176.99 million. During the same period in the previous year, the company earned $0.15 EPS. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. On average, equities research analysts forecast that Vertex, Inc. will post 0.38 earnings per share for the current 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.