Mizuho Markets Americas LLC Has $10.05 Million Holdings in Vertex, Inc. (NASDAQ:VERX)

Key Points

• Mizuho Markets Americas LLC increased its holdings in Vertex, Inc. by 40.5%, owning approximately 0.18% of the company's stock valued at $10,052,000 after acquiring additional shares.
• Vertex reported earnings of $0.15 per share, meeting estimates, with a 14.6% year-over-year revenue increase, amounting to $184.56 million for the quarter.
• Multiple brokerages have set new price targets for Vertex, with Morgan Stanley lowering its target from $60.00 to $55.00 while maintaining an "overweight" rating.

Mizuho Markets Americas LLC increased its position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 40.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 287,117 shares of the company's stock after buying an additional 82,818 shares during the period. Mizuho Markets Americas LLC owned 0.18% of Vertex worth $10,052,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of VERX. Summit Investment Advisors Inc. raised its stake in Vertex by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,678 shares of the company's stock valued at $303,000 after purchasing an additional 361 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Vertex by 8.3% in the 4th quarter. Cetera Investment Advisers now owns 7,645 shares of the company's stock valued at $408,000 after buying an additional 588 shares in the last quarter. Versant Capital Management Inc acquired a new position in shares of Vertex in the 1st quarter valued at $28,000. US Bancorp DE raised its stake in shares of Vertex by 88.1% in the 1st quarter. US Bancorp DE now owns 2,024 shares of the company's stock valued at $71,000 after buying an additional 948 shares in the last quarter. Finally, State of Wyoming raised its stake in shares of Vertex by 52.2% in the 4th quarter. State of Wyoming now owns 4,020 shares of the company's stock valued at $214,000 after buying an additional 1,379 shares in the last quarter. 70.32% of the stock is owned by institutional investors.

Vertex Trading Down 2.8%

Shares of NASDAQ VERX traded down $0.73 during mid-day trading on Thursday, hitting $25.77. The company's stock had a trading volume of 828,371 shares, compared to its average volume of 1,341,089. The stock has a market cap of $4.08 billion, a price-to-earnings ratio of -78.07, a price-to-earnings-growth ratio of 5.15 and a beta of 0.70. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.99 and a quick ratio of 0.99. Vertex, Inc. has a one year low of $24.45 and a one year high of $60.71. The company's fifty day simple moving average is $34.44 and its 200-day simple moving average is $38.48.

Vertex (NASDAQ:VERX - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01. The company had revenue of $184.56 million for the quarter, compared to analyst estimates of $184.60 million. Vertex had a negative net margin of 7.09% and a positive return on equity of 27.16%. The company's revenue for the quarter was up 14.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.15 EPS. On average, sell-side analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jeffrey Westphal sold 3,000,000 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $35.24, for a total transaction of $508,337.00. Following the completion of the sale, the insider owned 173,074 shares in the company, valued at $6,099,127.76. This represents a 7.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,405,000 shares of company stock worth $130,136,108 over the last quarter. 43.25% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. JMP Securities set a $50.00 price objective on shares of Vertex and gave the company a "market outperform" rating in a research note on Thursday, August 7th. BMO Capital Markets reaffirmed a "market perform" rating on shares of Vertex in a report on Thursday, August 7th. Piper Sandler began coverage on shares of Vertex in a report on Monday, June 16th. They issued an "overweight" rating and a $48.00 target price on the stock. Morgan Stanley lowered their target price on shares of Vertex from $60.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, DA Davidson lowered shares of Vertex from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $43.69.

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.