Mirae Asset Global Investments Co. Ltd. Raises Holdings in Vertex, Inc. (NASDAQ:VERX)

Mirae Asset Global Investments Co. Ltd. lifted its stake in Vertex, Inc. (NASDAQ:VERX - Free Report) by 3,751.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,087 shares of the company's stock after purchasing an additional 7,877 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Vertex were worth $283,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of VERX. Bessemer Group Inc. lifted its holdings in Vertex by 23.8% during the 1st quarter. Bessemer Group Inc. now owns 694,702 shares of the company's stock worth $24,323,000 after buying an additional 133,541 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in Vertex by 13.9% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 18,388 shares of the company's stock worth $644,000 after buying an additional 2,251 shares during the last quarter. Norris Perne & French LLP MI purchased a new stake in Vertex during the 1st quarter worth about $8,203,000. Chicago Capital LLC purchased a new stake in Vertex during the 1st quarter worth about $13,237,000. Finally, Conestoga Capital Advisors LLC lifted its holdings in Vertex by 30.3% during the 1st quarter. Conestoga Capital Advisors LLC now owns 2,947,740 shares of the company's stock worth $103,200,000 after buying an additional 686,145 shares during the last quarter. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Stock Performance

VERX stock traded up $0.70 during trading on Monday, hitting $36.15. The company had a trading volume of 1,729,168 shares, compared to its average volume of 1,047,690. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.67. The firm has a 50-day moving average price of $37.82 and a 200-day moving average price of $42.40. Vertex, Inc. has a 1-year low of $30.26 and a 1-year high of $60.71. The firm has a market cap of $5.73 billion, a PE ratio of -124.65, a price-to-earnings-growth ratio of 4.40 and a beta of 0.71.

Vertex (NASDAQ:VERX - Get Free Report) last released its earnings results 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 positive return on equity of 28.14% and a negative net margin of 6.45%. The company had revenue of $177.06 million for the quarter, compared to analysts' expectations of $176.99 million. During the same quarter in the previous year, the firm posted $0.15 EPS. The firm's quarterly revenue was up 12.9% on a year-over-year basis. On average, analysts expect that Vertex, Inc. will post 0.38 earnings per share for the current year.

Analysts Set New Price Targets

VERX has been the subject of a number of recent analyst reports. DA Davidson decreased their price target on Vertex from $55.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Morgan Stanley reduced their target price on Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Piper Sandler initiated coverage on Vertex in a report on Monday, June 16th. They issued an "overweight" rating and a $48.00 target price for the company. BNP Paribas initiated coverage on Vertex in a report on Tuesday, April 22nd. They issued an "outperform" rating and a $54.00 target price for the company. Finally, Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Vertex in a report on Thursday, March 20th. Four research 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 stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $50.50.

Insider Transactions at Vertex

In other news, CEO David Destefano sold 109,415 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $37.70, for a total transaction of $4,124,945.50. Following the sale, the chief executive officer owned 1,066,587 shares of the company's stock, valued at $40,210,329.90. The trade was a 9.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffrey Westphal sold 3,000,000 shares of the business'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 sale, the insider directly owned 7,895 shares in the company, valued at $303,562.75. This trade represents a 99.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,520,170 shares of company stock worth $134,479,744 over the last quarter. Insiders own 43.25% of the company's stock.

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.