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Mizuho Markets Americas LLC Raises Stock Position in Vertex, Inc. (NASDAQ:VERX)

Vertex logo with Computer and Technology background

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.
  • Looking to export and analyze Vertex data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

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

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. increased its stake in shares of Vertex by 342.5% in the 4th quarter. Invesco Ltd. now owns 1,513,660 shares of the company's stock worth $80,754,000 after acquiring an additional 1,171,576 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Vertex in the fourth quarter valued at approximately $61,825,000. Fiera Capital Corp purchased a new stake in Vertex in the first quarter valued at approximately $27,399,000. Conestoga Capital Advisors LLC increased its holdings in shares of Vertex by 30.3% in the first quarter. Conestoga Capital Advisors LLC now owns 2,947,740 shares of the company's stock valued at $103,200,000 after purchasing an additional 686,145 shares during the period. Finally, Geneva Capital Management LLC grew its holdings in Vertex by 42.1% during the first quarter. Geneva Capital Management LLC now owns 2,043,205 shares of the company's stock worth $71,533,000 after acquiring an additional 605,617 shares during the period. Hedge funds and other institutional investors own 70.32% of the company's stock.

Insider Buying and Selling

In other Vertex news, CAO Ryan J. Leib sold 5,755 shares of Vertex stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $38.00, for a total transaction of $218,690.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Item Second Irr. Trust Fbo Ann sold 157,874 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $35.93, for a total value of $5,672,412.82. Following the completion of the transaction, the insider owned 196,841 shares in the company, valued at approximately $7,072,497.13. The trade was a 44.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,520,170 shares of company stock worth $134,479,744 over the last 90 days. Company insiders own 43.25% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. JMP Securities restated a "market outperform" rating and issued a $50.00 price objective (down from $61.00) on shares of Vertex in a research report on Thursday. Citigroup restated an "outperform" rating on shares of Vertex in a research report on Thursday. Morgan Stanley cut their price objective on Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. DA Davidson lowered Vertex from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Finally, Bank of America lowered their target price on Vertex from $42.00 to $34.00 and set a "neutral" rating on the stock in a report on Friday. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $43.69.

Check Out Our Latest Report on VERX

Vertex Stock Performance

Shares of Vertex stock traded down $0.68 on Monday, hitting $24.99. The stock had a trading volume of 1,907,243 shares, compared to its average volume of 1,618,376. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of -75.72, a price-to-earnings-growth ratio of 3.17 and a beta of 0.70. Vertex, Inc. has a twelve month low of $24.94 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's 50 day moving average is $35.05 and its two-hundred day moving average is $38.66.

Vertex (NASDAQ:VERX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.01. Vertex had a positive return on equity of 27.16% and a negative net margin of 7.09%. The firm had revenue of $184.56 million during the quarter, compared to analyst estimates of $184.60 million. During the same period last year, the company posted $0.15 EPS. The business's quarterly revenue was up 14.6% on a year-over-year basis. Analysts forecast that Vertex, Inc. will post 0.38 EPS for the current year.

Vertex Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Vertex (NASDAQ:VERX)

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