Corient Private Wealth LP Purchases 153,840 Shares of Vertex, Inc. $VERX

Key Points

• Corient Private Wealth LP purchased 153,840 Vertex shares worth approximately $1.77 million, while institutional investors collectively own 70.32% of the company.
• Vertex reported quarterly EPS of $0.20, exceeding estimates by $0.01, with revenue of $203.97 million—up 10.5% year over year.
• Shares opened at $11.68, well below the analyst consensus price target of $17.43. Analysts’ overall rating is Hold, with seven Buy, seven Hold, and one Sell rating.

Corient Private Wealth LP purchased a new position in Vertex, Inc. (NASDAQ:VERX - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 153,840 shares of the company's stock, valued at approximately $1,766,000. Corient Private Wealth LP owned about 0.09% of Vertex as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Palladiem LLC purchased a new stake in Vertex during the 4th quarter worth about $88,000. Versant Capital Management Inc grew its holdings in shares of Vertex by 74.8% during the second quarter. Versant Capital Management Inc now owns 8,604 shares of the company's stock worth $99,000 after buying an additional 3,683 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of Vertex in the first quarter valued at approximately $132,000. Pictet Asset Management Holding SA raised its position in shares of Vertex by 25.4% in the first quarter. Pictet Asset Management Holding SA now owns 12,994 shares of the company's stock valued at $154,000 after buying an additional 2,631 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Vertex by 3,088.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,257 shares of the company's stock valued at $165,000 after buying an additional 7,998 shares during the period. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Price Performance

Vertex stock opened at $11.68 on Friday. Vertex, Inc. has a 1 year low of $10.21 and a 1 year high of $26.54. The firm has a 50 day moving average price of $12.76 and a 200 day moving average price of $12.64. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 584.29 and a beta of 0.83. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.87 and a current ratio of 0.87.

Vertex (NASDAQ:VERX - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.19 by $0.01. The firm had revenue of $203.97 million during the quarter, compared to analyst estimates of $202.21 million. Vertex had a net margin of 0.45% and a return on equity of 29.00%. Vertex's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.15 earnings per share. Sell-side analysts predict that Vertex, Inc. will post 0.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on VERX shares. TD Cowen initiated coverage on shares of Vertex in a research report on Monday, June 29th. They set a "buy" rating and a $14.00 target price on the stock. Robert W. Baird cut their price target on Vertex from $19.00 to $17.00 and set an "outperform" rating for the company in a report on Tuesday, August 4th. BMO Capital Markets increased their price target on Vertex from $14.00 to $15.00 and gave the stock a "market perform" rating in a research note on Tuesday, August 4th. Stephens decreased their price objective on Vertex from $20.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, August 4th. Finally, Wall Street Zen raised Vertex from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $17.43.

Vertex Company Profile

Vertex, Inc NASDAQ: VERX is a provider of tax technology solutions for businesses. The company develops cloud-based software designed to help organizations calculate, manage and comply with transaction tax obligations across complex jurisdictions and regulatory environments.

Vertex's product portfolio includes solutions for indirect tax determination and compliance, including sales and use tax, value-added tax and other transaction taxes. Its offerings also support tax data management, tax returns, exemption certificate management, tax reporting and related workflows.

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