Mirae Asset Global Investments Co. Ltd. Buys 7,877 Shares of Vertex, Inc. (NASDAQ:VERX)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Vertex, Inc. (NASDAQ:VERX - Free Report) by 3,751.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,087 shares of the company's stock after acquiring an additional 7,877 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Vertex were worth $283,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Versant Capital Management Inc bought a new stake in Vertex in the first quarter worth about $28,000. Steward Partners Investment Advisory LLC bought a new stake in Vertex in the fourth quarter worth about $38,000. Mark Sheptoff Financial Planning LLC bought a new stake in Vertex in the fourth quarter worth about $40,000. Assetmark Inc. bought a new stake in Vertex in the fourth quarter worth about $79,000. Finally, Lazard Asset Management LLC raised its position in Vertex by 7,675.0% in the fourth quarter. Lazard Asset Management LLC now owns 2,488 shares of the company's stock worth $132,000 after acquiring an additional 2,456 shares in the last quarter. 70.32% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on VERX. 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. Needham & Company LLC restated a "buy" rating and set a $60.00 price objective on shares of Vertex in a report on Thursday, March 20th. DA Davidson cut their price objective on Vertex from $55.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Morgan Stanley cut their price objective on Vertex from $60.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, BNP Paribas began coverage on Vertex in a report on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 price objective on the stock. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Vertex presently has an average rating of "Moderate Buy" and an average price target of $50.50.

Vertex Stock Down 1.6%

NASDAQ:VERX traded down $0.57 on Thursday, hitting $35.84. 780,444 shares of the company's stock traded hands, compared to its average volume of 1,049,279. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.67. Vertex, Inc. has a 1 year low of $30.26 and a 1 year high of $60.71. The firm has a 50-day moving average price of $37.61 and a 200-day moving average price of $42.20. The company has a market cap of $5.68 billion, a PE ratio of -123.56, a price-to-earnings-growth ratio of 4.49 and a beta of 0.71.

Vertex (NASDAQ:VERX - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.15 EPS for the quarter, beating 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 business had revenue of $177.06 million during the quarter, compared to analysts' expectations of $176.99 million. During the same quarter in the previous year, the business posted $0.15 EPS. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. Equities analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Insider Transactions at Vertex

In related news, insider Jeffrey Westphal sold 3,000,000 shares of the 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 owned 7,895 shares in the company, valued at approximately $303,562.75. This represents a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO David Destefano sold 109,415 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $37.70, for a total value of $4,124,945.50. Following the completion of the transaction, the chief executive officer owned 1,066,587 shares in the company, valued at $40,210,329.90. This represents a 9.30% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,520,170 shares of company stock worth $134,479,744. Corporate insiders own 43.25% of the company's stock.

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.