Banque Pictet & Cie SA Has $35.13 Million Holdings in Vertex, Inc. (NASDAQ:VERX)

Banque Pictet & Cie SA raised its position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 63.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,003,470 shares of the company's stock after purchasing an additional 389,907 shares during the quarter. Banque Pictet & Cie SA owned 0.63% of Vertex worth $35,131,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Invesco Ltd. boosted its holdings in Vertex by 342.5% in the fourth quarter. Invesco Ltd. now owns 1,513,660 shares of the company's stock worth $80,754,000 after purchasing an additional 1,171,576 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Vertex during the 4th quarter valued at about $61,825,000. Conestoga Capital Advisors LLC increased its holdings in shares of Vertex by 30.3% during the 1st quarter. Conestoga Capital Advisors LLC now owns 2,947,740 shares of the company's stock valued at $103,200,000 after acquiring an additional 686,145 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Vertex by 233.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 851,127 shares of the company's stock valued at $45,409,000 after acquiring an additional 596,077 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of Vertex by 25.4% during the 4th quarter. FMR LLC now owns 2,868,438 shares of the company's stock valued at $153,031,000 after acquiring an additional 580,664 shares during the last quarter. 70.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. DA Davidson lowered their price objective on Vertex from $55.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Piper Sandler initiated coverage on shares of Vertex in a research report on Monday, June 16th. They set an "overweight" rating and a $48.00 target price for the company. Needham & Company LLC reissued a "buy" rating and set a $60.00 target price on shares of Vertex in a research report on Thursday, March 20th. Morgan Stanley cut their target price on shares of Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, BNP Paribas started coverage on shares of Vertex in a research report on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 target price for the company. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.50.

Vertex Stock Performance

Vertex stock traded down $0.27 during trading hours on Thursday, hitting $36.14. The stock had a trading volume of 458,051 shares, compared to its average volume of 1,047,567. The company has a 50-day moving average of $37.61 and a two-hundred day moving average of $42.20. 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 company has a market cap of $5.73 billion, a PE ratio of -124.56, a price-to-earnings-growth ratio of 4.49 and a beta of 0.71. Vertex, Inc. has a fifty-two week low of $30.26 and a fifty-two week high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last issued 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 negative net margin of 6.45% and a positive return on equity of 28.14%. The business had revenue of $177.06 million for the quarter, compared to analyst estimates of $176.99 million. During the same period in the previous year, the business earned $0.15 EPS. The firm's revenue was up 12.9% on a year-over-year basis. On average, equities research analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Ryan J. Leib sold 5,755 shares of the business's 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Item Second Irr. Trust Fbo Ann sold 157,874 shares of the business'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 completion of the transaction, the insider directly owned 196,841 shares in the company, valued at $7,072,497.13. The trade was a 44.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,520,170 shares of company stock valued at $134,479,744. 43.25% of the stock is owned by 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.