LGT Fund Management Co Ltd. Buys 13,660 Shares of Vertex, Inc. $VERX

Key Points

• LGT Fund Management Co Ltd. increased its stake in Vertex, Inc. by 15.6%, acquiring an additional 13,660 shares during the 2nd quarter, resulting in a total holding of 101,360 shares worth approximately $3.58 million.
• Several hedge funds have significantly raised their positions in Vertex, with institutional investors owning 70.32% of the company's stock.
• Equities analysts have mixed opinions on Vertex, with one Strong Buy, nine Buy, five Hold, and one Sell ratings, and an average price target of $42.71.

LGT Fund Management Co Ltd. increased its stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 15.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,360 shares of the company's stock after buying an additional 13,660 shares during the quarter. LGT Fund Management Co Ltd. owned 0.06% of Vertex worth $3,582,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Vertex by 3,751.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,087 shares of the company's stock worth $283,000 after buying an additional 7,877 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Vertex by 25.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 224,762 shares of the company's stock worth $7,869,000 after buying an additional 45,494 shares during the period. Norris Perne & French LLP MI bought a new position in Vertex in the 1st quarter valued at $8,203,000. Geneva Capital Management LLC raised its position in Vertex by 42.1% in the 1st quarter. Geneva Capital Management LLC now owns 2,043,205 shares of the company's stock valued at $71,533,000 after purchasing an additional 605,617 shares during the last quarter. Finally, Advantage Alpha Capital Partners LP bought a new position in Vertex in the 1st quarter valued at $4,168,000. Institutional investors own 70.32% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. The Goldman Sachs Group set a $43.00 price objective on Vertex and gave the company a "buy" rating in a research report on Thursday, August 7th. Stephens assumed coverage on Vertex in a research report on Friday, September 26th. They issued an "overweight" rating and a $30.00 price objective for the company. BMO Capital Markets reiterated a "market perform" rating on shares of Vertex in a research report on Thursday, August 7th. Piper Sandler assumed coverage on Vertex in a research report on Monday, June 16th. They issued an "overweight" rating and a $48.00 price objective for the company. Finally, Bank of America cut their price objective on Vertex from $42.00 to $34.00 and set a "neutral" rating for the company in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $42.71.

Vertex Trading Up 1.3%

VERX stock opened at $25.06 on Friday. The company has a market cap of $4.00 billion, a P/E ratio of -75.94, a PEG ratio of 5.13 and a beta of 0.63. Vertex, Inc. has a twelve month low of $23.13 and a twelve month high of $60.71. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.36. The business has a fifty day moving average of $26.35 and a 200-day moving average of $33.49.

Vertex (NASDAQ:VERX - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.01. The company had revenue of $184.56 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 14.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.15 earnings per share. As a group, equities research analysts expect that Vertex, Inc. will post 0.38 EPS for the current year.

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.

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