Vertex, Inc. (NASDAQ:VERX) Shares Sold by Palisade Capital Management LP

Palisade Capital Management LP decreased its position in Vertex, Inc. (NASDAQ:VERX - Free Report) by 22.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 579,945 shares of the company's stock after selling 170,658 shares during the quarter. Palisade Capital Management LP owned 0.37% of Vertex worth $20,304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. D. E. Shaw & Co. Inc. increased its stake in Vertex by 28.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 54,115 shares of the company's stock worth $2,887,000 after acquiring an additional 11,966 shares during the last quarter. Norris Perne & French LLP MI bought a new position in shares of Vertex during the 1st quarter valued at approximately $8,203,000. Callan Family Office LLC bought a new position in shares of Vertex during the 4th quarter valued at approximately $534,000. Bank Julius Baer & Co. Ltd Zurich increased its position in shares of Vertex by 12.8% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 215,102 shares of the company's stock valued at $11,522,000 after purchasing an additional 24,383 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Vertex by 9.4% during the 4th quarter. Sei Investments Co. now owns 86,284 shares of the company's stock valued at $4,603,000 after purchasing an additional 7,430 shares during the last quarter. Institutional investors own 70.32% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on VERX shares. BNP Paribas started coverage on Vertex in a research report on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 target price on the stock. DA Davidson cut their price objective on Vertex from $55.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price objective on shares of Vertex in a research report on Thursday, March 20th. Piper Sandler initiated coverage on Vertex in a research report on Monday, June 16th. They issued an "overweight" rating and a $48.00 price objective on the stock. Finally, Morgan Stanley cut their price objective on Vertex from $60.00 to $55.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Four equities 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $50.50.

Insiders Place Their Bets

In other Vertex news, CEO David Destefano sold 109,415 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $37.70, for a total transaction of $4,124,945.50. Following the completion of the sale, the chief executive officer directly owned 1,066,587 shares of the company's stock, valued at $40,210,329.90. This represents a 9.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Ryan J. Leib sold 5,755 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $38.00, for a total value of $218,690.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,520,170 shares of company stock valued at $134,479,744. 43.25% of the stock is owned by insiders.

Vertex Trading Up 2.2%

VERX stock traded up $0.75 during midday trading on Friday, hitting $35.46. 638,521 shares of the company's stock were exchanged, compared to its average volume of 1,044,953. The business has a 50-day simple moving average of $37.82 and a two-hundred day simple moving average of $42.40. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $5.62 billion, a PE ratio of -122.27, a P/E/G ratio of 4.40 and a beta of 0.71. Vertex, Inc. has a 1-year low of $30.26 and a 1-year high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates 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 period in the previous year, the firm posted $0.15 earnings per share. The company's revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts predict that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

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.