Peregrine Capital Management LLC Buys New Shares in Vertex, Inc. (NASDAQ:VERX)

Peregrine Capital Management LLC acquired a new stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 254,894 shares of the company's stock, valued at approximately $8,924,000. Peregrine Capital Management LLC owned about 0.16% of Vertex as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Versant Capital Management Inc purchased a new position in Vertex in the 1st quarter worth about $28,000. Steward Partners Investment Advisory LLC acquired a new position in shares of Vertex in the fourth quarter worth about $38,000. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Vertex in the fourth quarter worth about $40,000. Plato Investment Management Ltd purchased a new position in shares of Vertex in the fourth quarter worth approximately $41,000. Finally, Assetmark Inc. purchased a new position in shares of Vertex in the fourth quarter worth approximately $79,000. 70.32% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Morgan Stanley cut their target price on shares of Vertex from $60.00 to $55.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Piper Sandler started coverage on Vertex in a report on Monday, June 16th. They set an "overweight" rating and a $48.00 price target on the stock. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price objective on shares of Vertex in a research note on Thursday, March 20th. DA Davidson decreased their price objective on 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 Vertex in a research note on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 target price on the stock. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Vertex has an average rating of "Moderate Buy" and an average price target of $50.50.

Insider Buying and Selling

In other Vertex news, CEO David Destefano sold 109,415 shares of the 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 transaction, the chief executive officer owned 1,066,587 shares in the company, valued at $40,210,329.90. This trade represents a 9.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was 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 of the company's stock, valued at $6,099,127.76. The trade was a 7.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,520,170 shares of company stock valued at $134,479,744 in the last quarter. Company insiders own 43.25% of the company's stock.

Vertex Stock Down 1.9%

NASDAQ VERX traded down $0.67 during trading on Wednesday, reaching $34.71. The company's stock had a trading volume of 1,205,728 shares, compared to its average volume of 1,041,664. 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 $5.50 billion, a PE ratio of -119.69, a PEG 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. The business has a 50-day moving average price of $37.99 and a 200-day moving average price of $42.80.

Vertex (NASDAQ:VERX - Get Free Report) last released its quarterly earnings results 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 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 the consensus estimate of $176.99 million. During the same quarter last year, the firm earned $0.15 EPS. Vertex's revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts forecast that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

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.