Banque Pictet & Cie SA Raises Stock Position in Vertex, Inc. (NASDAQ:VERX)

Banque Pictet & Cie SA raised its holdings in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 63.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,003,470 shares of the company's stock after buying an additional 389,907 shares during the period. Banque Pictet & Cie SA owned about 0.63% of Vertex worth $35,131,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in VERX. D. E. Shaw & Co. Inc. raised its stake in shares of Vertex by 28.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 54,115 shares of the company's stock valued at $2,887,000 after acquiring an additional 11,966 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Vertex by 3,751.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,087 shares of the company's stock valued at $283,000 after acquiring an additional 7,877 shares during the last quarter. Norris Perne & French LLP MI bought a new position in shares of Vertex during the first quarter valued at about $8,203,000. Sei Investments Co. raised its stake in shares of Vertex by 9.4% during the fourth quarter. Sei Investments Co. now owns 86,284 shares of the company's stock valued at $4,603,000 after acquiring an additional 7,430 shares during the last quarter. Finally, Swiss National Bank raised its stake in shares of Vertex by 7.3% during the fourth quarter. Swiss National Bank now owns 115,700 shares of the company's stock valued at $6,173,000 after acquiring an additional 7,900 shares during the last quarter. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Vertex

In other Vertex news, insider Jeffrey Westphal sold 3,000,000 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $38.45, for a total value of $115,350,000.00. Following the sale, the insider owned 7,895 shares in the company, valued at approximately $303,562.75. This represents a 99.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ryan J. Leib sold 5,755 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $38.00, for a total transaction of $218,690.00. The disclosure for this sale can be found here. Insiders have sold a total of 3,520,170 shares of company stock worth $134,479,744 in the last ninety days. 43.25% of the stock is owned by company insiders.

Vertex Stock Down 3.8%

VERX traded down $1.36 during midday trading on Friday, reaching $34.48. The company's stock had a trading volume of 1,181,252 shares, compared to its average volume of 1,051,305. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of -118.89, a PEG ratio of 4.28 and a beta of 0.71. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.67. Vertex, Inc. has a 1 year low of $30.26 and a 1 year high of $60.71. The stock's 50-day moving average is $37.43 and its 200-day moving average is $41.86.

Vertex (NASDAQ:VERX - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.15 earnings per share 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 analysts' expectations of $176.99 million. Vertex had a negative net margin of 6.45% and a positive return on equity of 28.14%. The business's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.15 earnings per share. As a group, research analysts expect that Vertex, Inc. will post 0.38 EPS for the current year.

Analyst Ratings Changes

VERX has been the subject of several recent analyst reports. BNP Paribas initiated coverage on shares of Vertex in a research note on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 price objective for the company. Piper Sandler initiated coverage on shares of Vertex in a research note on Monday, June 16th. They set an "overweight" rating and a $48.00 price objective for the company. Morgan Stanley decreased their price target on shares of Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Vertex in a research note on Thursday, March 20th. Finally, DA Davidson decreased their price target on shares of Vertex from $55.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Vertex presently has a consensus rating of "Moderate Buy" and an average target price of $50.50.

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.