Greycroft LP Purchases New Holdings in Vertex, Inc. $VERX

Key Points

• Greycroft LP has acquired a new stake in Vertex, Inc. (NASDAQ: VERX), purchasing 10,000 shares for about $350,000, now making up 0.4% of their portfolio.
• Insider selling has been significant, with one insider selling 3 million shares of Vertex stock, resulting in a 99.74% decrease in their ownership.
• Analysts are generally positive, with consensus ratings indicating a "Moderate Buy" on Vertex, alongside price targets set between $40.00 and $50.00 by various brokerages.

Greycroft LP bought a new stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,000 shares of the company's stock, valued at approximately $350,000. Vertex accounts for approximately 0.4% of Greycroft LP's portfolio, making the stock its 11th biggest holding.

A number of other hedge funds also recently modified their holdings of the stock. Versant Capital Management Inc acquired a new stake in Vertex during the first quarter worth about $28,000. US Bancorp DE boosted 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 acquiring an additional 948 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Vertex during the 1st quarter worth approximately $97,000. Lazard Asset Management LLC increased its stake in Vertex by 7,675.0% in the fourth quarter. Lazard Asset Management LLC now owns 2,488 shares of the company's stock valued at $132,000 after acquiring an additional 2,456 shares during the last quarter. Finally, IFP Advisors Inc acquired a new position in Vertex during the first quarter valued at approximately $133,000. Institutional investors own 70.32% of the company's stock.

Insider Buying and Selling

In other Vertex news, insider Item Second Irr. Trust Fbo Ann sold 157,874 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $35.93, for a total value of $5,672,412.82. Following the transaction, the insider owned 196,841 shares of the company's stock, valued at $7,072,497.13. This represents a 44.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jeffrey Westphal sold 3,000,000 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $38.45, for a total transaction of $115,350,000.00. Following the transaction, the insider directly owned 7,895 shares of the company's stock, valued at approximately $303,562.75. This trade represents a 99.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,405,000 shares of company stock worth $130,136,108 over the last three months. Corporate insiders own 43.25% of the company's stock.

Vertex Stock Down 0.7%

VERX opened at $25.67 on Tuesday. Vertex, Inc. has a fifty-two week low of $24.45 and a fifty-two week high of $60.71. The firm has a market capitalization of $4.09 billion, a P/E ratio of -77.79, a PEG ratio of 5.36 and a beta of 0.70. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.99 and a quick ratio of 0.99. The company's 50-day moving average is $32.33 and its 200 day moving average is $36.41.

Vertex (NASDAQ:VERX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.01. The company had revenue of $184.56 million for the quarter, compared to analyst estimates of $184.60 million. Vertex had a positive return on equity of 27.16% and a negative net margin of 7.09%.The firm's revenue for the quarter was up 14.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.15 EPS. Research analysts expect that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on VERX. JMP Securities set a $50.00 target price on Vertex and gave the company a "market outperform" rating in a report on Thursday, August 7th. Citigroup upgraded Vertex from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. The Goldman Sachs Group set a $43.00 price target on Vertex and gave the stock a "buy" rating in a report on Thursday, August 7th. Piper Sandler began coverage on shares of Vertex in a report on Monday, June 16th. They issued an "overweight" rating and a $48.00 price objective for the company. Finally, Needham & Company LLC dropped their price target on shares of Vertex from $60.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.69.

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.

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