Legacy Advisors LLC Has $46.35 Million Stock Position in Vertex, Inc. (NASDAQ:VERX)

Legacy Advisors LLC trimmed its holdings in Vertex, Inc. (NASDAQ:VERX - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,323,779 shares of the company's stock after selling 74,000 shares during the quarter. Vertex comprises about 4.8% of Legacy Advisors LLC's investment portfolio, making the stock its 2nd biggest holding. Legacy Advisors LLC owned about 0.84% of Vertex worth $46,346,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Steward Partners Investment Advisory LLC purchased a new stake in Vertex during the 4th quarter valued at about $38,000. Mark Sheptoff Financial Planning LLC purchased a new stake in Vertex during the 4th quarter valued at about $40,000. Plato Investment Management Ltd purchased a new stake in Vertex during the 4th quarter valued at about $41,000. Versant Capital Management Inc purchased a new stake in Vertex during the 1st quarter valued at about $28,000. Finally, Assetmark Inc. purchased a new stake in Vertex during the 4th quarter valued at about $79,000. 70.32% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Vertex news, insider Jeffrey Westphal sold 3,000,000 shares of the firm's stock in a transaction that occurred on 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 sale, the insider now owns 7,895 shares in the company, valued at approximately $303,562.75. This trade represents a 99.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Item Second Irr. Trust Fbo Ann sold 157,874 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $35.93, for a total transaction of $5,672,412.82. Following the sale, the insider now owns 196,841 shares in the company, valued at approximately $7,072,497.13. The trade was a 44.51% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,496,403 shares of company stock worth $133,643,377. Company insiders own 43.25% of the company's stock.

Analysts Set New Price Targets

VERX has been the topic of a number of recent analyst reports. BNP Paribas initiated coverage on shares of Vertex in a report on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 price target on the stock. Robert W. Baird dropped their price target on shares of Vertex from $62.00 to $45.00 and set an "outperform" rating on the stock in a report on Friday, February 28th. Stifel Nicolaus downgraded shares of Vertex from a "buy" rating to a "hold" rating and dropped their price target for the company from $58.00 to $31.00 in a report on Friday, February 28th. Piper Sandler initiated coverage on shares of Vertex in a report on Monday, June 16th. They set an "overweight" rating and a $48.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price target on shares of Vertex in a report on Thursday, March 20th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $50.50.

Vertex Stock Performance

VERX opened at $34.99 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.67. The company has a market cap of $5.55 billion, a price-to-earnings ratio of -120.65, a PEG ratio of 4.21 and a beta of 0.75. The company's 50 day moving average is $38.62 and its 200 day moving average is $43.60. 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 quarterly earnings data on Wednesday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.02. The company had revenue of $177.06 million for the quarter, compared to the consensus estimate of $176.99 million. Vertex had a negative net margin of 6.45% and a positive return on equity of 28.14%. The firm's revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.15 earnings per share. On average, equities research analysts predict that Vertex, Inc. will post 0.38 EPS for the current 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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