New York State Common Retirement Fund Buys 159,496 Shares of Vertex, Inc. (NASDAQ:VERX)

New York State Common Retirement Fund lifted its holdings in Vertex, Inc. (NASDAQ:VERX - Free Report) by 34.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 615,930 shares of the company's stock after purchasing an additional 159,496 shares during the period. New York State Common Retirement Fund owned 0.39% of Vertex worth $21,564,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Vertex by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 6,858,981 shares of the company's stock valued at $365,927,000 after purchasing an additional 137,666 shares during the period. Neuberger Berman Group LLC raised its position in shares of Vertex by 1.5% in the fourth quarter. Neuberger Berman Group LLC now owns 3,527,604 shares of the company's stock valued at $188,198,000 after purchasing an additional 53,829 shares during the period. Conestoga Capital Advisors LLC raised its position 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. FMR LLC raised its position in shares of Vertex by 25.4% in the fourth quarter. FMR LLC now owns 2,868,438 shares of the company's stock valued at $153,031,000 after purchasing an additional 580,664 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of Vertex by 26.0% in the fourth quarter. Franklin Resources Inc. now owns 2,129,099 shares of the company's stock valued at $113,587,000 after purchasing an additional 439,054 shares during the period. Institutional investors and hedge funds own 70.32% of the company's stock.

Vertex Stock Performance

Vertex stock traded down $0.09 on Friday, hitting $35.37. The company's stock had a trading volume of 55,922 shares, compared to its average volume of 1,054,132. The firm has a market cap of $5.60 billion, a P/E ratio of -122.04, a price-to-earnings-growth ratio of 4.40 and a beta of 0.71. 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 company has a fifty day moving average price of $37.22 and a 200-day moving average price of $41.45. Vertex, Inc. has a one year low of $30.26 and a one year high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.02. Vertex had a negative net margin of 6.45% and a positive return on equity of 28.14%. The firm had revenue of $177.06 million for the quarter, compared to analyst estimates of $176.99 million. During the same quarter in the previous year, the firm posted $0.15 EPS. The business's revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Piper Sandler assumed 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 reaffirmed a "buy" rating and set a $60.00 target price on shares of Vertex in a research report on Thursday, March 20th. Citigroup upped their price objective on shares of Vertex from $39.00 to $40.00 and gave the company a "neutral" rating in a research report on Wednesday. DA Davidson cut their price objective on shares of Vertex from $55.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, BNP Paribas assumed coverage on shares of Vertex in a research report on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 price objective for the company. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $49.33.

Insider Activity

In other Vertex news, CAO Ryan J. Leib sold 5,755 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $38.00, for a total transaction of $218,690.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeffrey Westphal sold 3,000,000 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $38.45, for a total transaction of $115,350,000.00. Following the sale, the insider directly owned 7,895 shares in the company, valued at $303,562.75. This represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,520,170 shares of company stock valued at $134,479,744 over the last three months. 43.25% of the stock is owned by corporate insiders.

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.