Norris Perne & French LLP MI Buys Shares of 234,292 Vertex, Inc. (NASDAQ:VERX)

Norris Perne & French LLP MI purchased a new position in Vertex, Inc. (NASDAQ:VERX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 234,292 shares of the company's stock, valued at approximately $8,203,000. Norris Perne & French LLP MI owned approximately 0.15% of Vertex at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of VERX. Chicago Capital LLC bought a new stake in Vertex during the first quarter valued at $13,237,000. Conestoga Capital Advisors LLC increased 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 worth $103,200,000 after purchasing an additional 686,145 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in Vertex by 85.3% during the first quarter. Bank Pictet & Cie Europe AG now owns 45,500 shares of the company's stock valued at $1,593,000 after purchasing an additional 20,940 shares during the last quarter. Handelsbanken Fonder AB lifted its position in Vertex by 46.4% during the first quarter. Handelsbanken Fonder AB now owns 18,300 shares of the company's stock valued at $641,000 after purchasing an additional 5,800 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in Vertex by 5.6% in the 1st quarter. Rhumbline Advisers now owns 84,152 shares of the company's stock worth $2,946,000 after buying an additional 4,477 shares in the last quarter. 70.32% of the stock is currently owned by institutional investors.

Insider Activity at Vertex

In related news, insider Item Second Irr. Trust Fbo Ann sold 157,874 shares of Vertex stock in a transaction 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 sale, the insider now owns 196,841 shares in the company, valued at $7,072,497.13. The trade was a 44.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David Destefano sold 109,415 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.70, for a total transaction of $4,124,945.50. Following the transaction, the chief executive officer now directly owns 1,066,587 shares in the company, valued at approximately $40,210,329.90. The trade was a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,496,403 shares of company stock worth $133,643,377 in the last 90 days. Company insiders own 43.25% of the company's stock.

Vertex Stock Down 3.8%

Shares of Vertex stock opened at $35.52 on Thursday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.98 and a current ratio of 0.98. Vertex, Inc. has a 52-week low of $30.26 and a 52-week high of $60.71. The company's 50 day moving average price is $38.83 and its 200-day moving average price is $44.21. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of -122.48, a P/E/G ratio of 4.58 and a beta of 0.75.

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, topping analysts' consensus estimates 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 business had revenue of $177.06 million for the quarter, compared to analyst estimates of $176.99 million. During the same quarter last year, the firm earned $0.15 EPS. The company's revenue was up 12.9% on a year-over-year basis. Equities research analysts forecast that Vertex, Inc. will post 0.38 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on VERX. The Goldman Sachs Group dropped their price objective on shares of Vertex from $64.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 3rd. Jefferies Financial Group reduced their price objective on Vertex from $62.00 to $48.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. BNP Paribas started coverage on Vertex in a research report on Tuesday, April 22nd. They issued an "outperform" rating and a $54.00 target price for the company. Stifel Nicolaus cut shares of Vertex from a "buy" rating to a "hold" rating and reduced their price target for the company from $58.00 to $31.00 in a research report on Friday, February 28th. Finally, Piper Sandler started coverage on shares of Vertex in a research note on Monday. They set an "overweight" rating and a $48.00 price target on the stock. Four research 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 stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $50.50.

Vertex 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.

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