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Envestnet Asset Management Inc. Has $7.87 Million Holdings in Vertex, Inc. (NASDAQ:VERX)

Vertex logo with Computer and Technology background

Envestnet Asset Management Inc. raised its holdings in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 25.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 224,762 shares of the company's stock after purchasing an additional 45,494 shares during the quarter. Envestnet Asset Management Inc. owned 0.14% of Vertex worth $7,869,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In related news, insider Jeffrey Westphal sold 3,000,000 shares of Vertex stock in a transaction on Monday, June 9th. The stock was sold at an average price of $38.45, for a total value of $115,350,000.00. Following the transaction, the insider directly owned 7,895 shares in the company, valued at $303,562.75. The trade was a 99.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of Vertex stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $35.24, for a total value of $508,337.00. Following the completion of the transaction, the insider owned 173,074 shares in the company, valued at $6,099,127.76. The trade was a 7.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,520,170 shares of company stock valued at $134,479,744 in the last quarter. 43.25% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on VERX. Piper Sandler began coverage on Vertex in a research note on Monday, June 16th. They set an "overweight" rating and a $48.00 target price for the company. Citigroup upped their target price on Vertex from $39.00 to $40.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. DA Davidson raised Vertex to a "strong-buy" rating in a research note on Tuesday. Morgan Stanley reduced their target price on Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, BNP Paribas assumed coverage on Vertex in a research note 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, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Vertex has an average rating of "Moderate Buy" and a consensus price target of $49.33.

Read Our Latest Stock Report on Vertex

Vertex Price Performance

VERX traded up $0.58 during trading on Wednesday, reaching $35.91. 889,697 shares of the stock were exchanged, compared to its average volume of 1,055,476. The business's 50 day moving average price is $37.05 and its two-hundred day moving average price is $41.01. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market capitalization of $5.69 billion, a price-to-earnings ratio of -123.82, a P/E/G ratio of 4.33 and a beta of 0.71. Vertex, Inc. has a 1 year low of $30.26 and a 1 year high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.13 by $0.02. Vertex had a positive return on equity of 28.14% and a negative net margin of 6.45%. The firm had revenue of $177.06 million during the quarter, compared to analyst estimates of $176.99 million. During the same period in the prior year, the firm posted $0.15 earnings per share. The business's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current year.

Vertex Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Vertex (NASDAQ:VERX)

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