Banque Pictet & Cie SA Sells 45,100 Shares of Vertex, Inc. $VERX

Key Points

• Banque Pictet & Cie SA reduced its stakes in Vertex, Inc. by 4.5% in Q2, selling 45,100 shares and owning approximately 0.60% of the company worth $33.86 million.
• Several institutional investors are increasing their holdings in Vertex, with 70.32% of the stock now owned by such investors and Fifth Third Bancorp raising its stake by 31.0% during the same quarter.
• Vertex recently reported earnings of $0.15 per share, slightly above analysts' expectations, amidst a year-over-year revenue growth of 14.6%, reaching $184.56 million for the quarter.

Banque Pictet & Cie SA cut its position in Vertex, Inc. (NASDAQ:VERX - Free Report) by 4.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 958,370 shares of the company's stock after selling 45,100 shares during the quarter. Banque Pictet & Cie SA owned about 0.60% of Vertex worth $33,864,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VERX. Versant Capital Management Inc acquired a new stake in shares of Vertex during the first quarter worth $28,000. Fifth Third Bancorp raised its stake in Vertex by 31.0% in the 2nd quarter. Fifth Third Bancorp now owns 1,467 shares of the company's stock worth $52,000 after purchasing an additional 347 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in Vertex by 25.7% in the 1st quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company's stock valued at $68,000 after purchasing an additional 395 shares during the period. US Bancorp DE grew its position in shares of Vertex by 88.1% during the 1st quarter. US Bancorp DE now owns 2,024 shares of the company's stock worth $71,000 after purchasing an additional 948 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Vertex during the 1st quarter worth approximately $97,000. 70.32% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on VERX shares. Citigroup upgraded Vertex from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. JMP Securities set a $50.00 target price on Vertex and gave the stock a "market outperform" rating in a report on Thursday, August 7th. Needham & Company LLC dropped their price target on Vertex from $60.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. 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 price objective for the company. Finally, BMO Capital Markets reissued a "market perform" rating on shares of Vertex in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $43.69.

Vertex Price Performance

Shares of VERX stock opened at $24.61 on Friday. 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, Inc. has a twelve month low of $23.13 and a twelve month high of $60.71. The company has a market cap of $3.92 billion, a P/E ratio of -74.57, a P/E/G ratio of 5.16 and a beta of 0.67. The business has a fifty day simple moving average of $27.56 and a 200 day simple moving average of $33.86.

Vertex (NASDAQ:VERX - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.01. Vertex had a positive return on equity of 27.16% and a negative net margin of 7.09%.The firm had revenue of $184.56 million for the quarter, compared to analysts' expectations of $184.60 million. During the same quarter in the previous year, the business posted $0.15 earnings per share. The business's revenue for the quarter was up 14.6% on a year-over-year basis. On average, sell-side analysts forecast that Vertex, Inc. will post 0.38 EPS 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.

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