Vertex, Inc. (NASDAQ:VERX) Shares Sold by Legacy Advisors LLC

Legacy Advisors LLC trimmed its position in Vertex, Inc. (NASDAQ:VERX - Free Report) by 5.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,323,779 shares of the company's stock after selling 74,000 shares during the quarter. Vertex makes up approximately 4.8% of Legacy Advisors LLC's holdings, making the stock its 2nd largest position. Legacy Advisors LLC owned 0.84% of Vertex worth $46,346,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Rhumbline Advisers grew its position in Vertex by 5.1% in the 4th quarter. Rhumbline Advisers now owns 79,675 shares of the company's stock worth $4,251,000 after purchasing an additional 3,900 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Vertex by 6.8% in the 4th quarter. Handelsbanken Fonder AB now owns 12,500 shares of the company's stock worth $667,000 after buying an additional 800 shares in the last quarter. Sigma Planning Corp increased its position in Vertex by 15.0% in the 4th quarter. Sigma Planning Corp now owns 10,908 shares of the company's stock valued at $582,000 after acquiring an additional 1,421 shares during the period. Bank of New York Mellon Corp raised its stake in Vertex by 36.3% during the 4th quarter. Bank of New York Mellon Corp now owns 234,274 shares of the company's stock valued at $12,499,000 after acquiring an additional 62,446 shares in the last quarter. Finally, Plato Investment Management Ltd acquired a new position in Vertex during the 4th quarter worth $41,000. 70.32% of the stock is currently owned by institutional investors.

Vertex Stock Performance

Shares of Vertex stock traded up $0.50 during midday trading on Friday, hitting $34.49. The company had a trading volume of 3,035,460 shares, compared to its average volume of 1,061,167. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.98 and a quick ratio of 0.98. Vertex, Inc. has a 1-year low of $30.26 and a 1-year high of $60.71. The business's 50 day simple moving average is $38.22 and its two-hundred day simple moving average is $43.19. The stock has a market cap of $5.47 billion, a PE ratio of -118.93, a P/E/G ratio of 4.16 and a beta of 0.75.

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 the consensus estimate of $0.13 by $0.02. Vertex had a negative net margin of 6.45% and a positive return on equity of 28.14%. The company had revenue of $177.06 million for the quarter, compared to the consensus estimate of $176.99 million. During the same quarter in the previous year, the firm posted $0.15 EPS. The business's revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts predict that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Insider Transactions at Vertex

In other news, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the stock in a transaction that occurred 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 now directly owns 173,074 shares of the company's stock, valued at approximately $6,099,127.76. This represents a 7.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jeffrey Westphal sold 3,000,000 shares of the firm's stock in a transaction that occurred 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 now owns 7,895 shares of the company's stock, valued at $303,562.75. This trade represents a 99.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 3,520,170 shares of company stock valued at $134,479,744. Company insiders own 43.25% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on VERX shares. Jefferies Financial Group lowered their price objective on shares of Vertex from $62.00 to $48.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. DA Davidson cut their price objective on Vertex from $55.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Stifel Nicolaus lowered Vertex from a "buy" rating to a "hold" rating and lowered their target price for the stock from $58.00 to $31.00 in a report on Friday, February 28th. Piper Sandler started coverage on shares of Vertex in a research report on Monday, June 16th. They issued an "overweight" rating and a $48.00 price target on the stock. Finally, BNP Paribas assumed coverage on shares of Vertex in a research report on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 price objective for the company. 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, Vertex has an average rating of "Moderate Buy" and an average target price of $50.50.

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.