Chicago Capital LLC Buys Shares of 378,104 Vertex, Inc. (NASDAQ:VERX)

Chicago Capital LLC acquired a new position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 378,104 shares of the company's stock, valued at approximately $13,237,000. Chicago Capital LLC owned 0.24% of Vertex as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in VERX. Conestoga Capital Advisors LLC grew its position in shares of Vertex by 30.3% during the first quarter. Conestoga Capital Advisors LLC now owns 2,947,740 shares of the company's stock worth $103,200,000 after acquiring an additional 686,145 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its position in shares of Vertex by 85.3% during the first quarter. Bank Pictet & Cie Europe AG now owns 45,500 shares of the company's stock worth $1,593,000 after buying an additional 20,940 shares during the period. Handelsbanken Fonder AB increased its position in Vertex by 46.4% in the 1st quarter. Handelsbanken Fonder AB now owns 18,300 shares of the company's stock valued at $641,000 after acquiring an additional 5,800 shares during the period. Rhumbline Advisers grew its stake in shares of Vertex by 5.6% in the first quarter. Rhumbline Advisers now owns 84,152 shares of the company's stock worth $2,946,000 after purchasing an additional 4,477 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Vertex by 1,719.4% in the first quarter. GAMMA Investing LLC now owns 5,076 shares of the company's stock worth $178,000 after purchasing an additional 4,797 shares in the last quarter. Institutional investors own 70.32% of the company's stock.

Analyst Ratings Changes

VERX has been the subject of a number of research analyst reports. Morgan Stanley reduced 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. Robert W. Baird cut their target price on Vertex from $62.00 to $45.00 and set an "outperform" rating for the company in a research report on Friday, February 28th. The Goldman Sachs Group lowered their price target on Vertex from $64.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 3rd. DA Davidson dropped their price objective on Vertex from $55.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Jefferies Financial Group decreased their target price on Vertex from $62.00 to $48.00 and set a "buy" rating for the company in a research note on Friday, February 28th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Vertex has a consensus rating of "Moderate Buy" and a consensus target price of $50.73.

Vertex Stock Performance

VERX stock opened at $37.01 on Tuesday. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of 205.61, a P/E/G ratio of 6.66 and a beta of 0.75. The firm has a 50 day moving average of $38.93 and a two-hundred day moving average of $44.32. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29. Vertex, Inc. has a 12 month low of $30.26 and a 12 month high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.13 by $0.02. Vertex had a net margin of 4.73% and a return on equity of 24.92%. The firm had revenue of $177.06 million for the quarter, compared to the consensus estimate of $176.99 million. During the same period in the prior year, the business posted $0.15 earnings per share. The business's quarterly revenue was up 12.9% on a year-over-year basis. As a group, equities analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Insiders Place Their Bets

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 transaction of $115,350,000.00. Following the completion of the sale, the insider now directly owns 7,895 shares in the company, valued at $303,562.75. This represents a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Bryan T.R. Rowland sold 43,228 shares of Vertex stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $35.98, for a total value of $1,555,343.44. Following the completion of the transaction, the general counsel now owns 132 shares in the company, valued at $4,749.36. The trade was a 99.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,158,398 shares of company stock valued at $121,248,979 over the last 90 days. 43.25% of the stock is currently owned by company insiders.

About Vertex

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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