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Peregrine Capital Management LLC Invests $8.92 Million in Vertex, Inc. (NASDAQ:VERX)

Vertex logo with Computer and Technology background

Peregrine Capital Management LLC acquired a new stake in Vertex, Inc. (NASDAQ:VERX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 254,894 shares of the company's stock, valued at approximately $8,924,000. Peregrine Capital Management LLC owned approximately 0.16% of Vertex as of its most recent SEC filing.

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

Vertex Stock Up 2.2%

Shares of Vertex stock traded up $0.75 on Thursday, reaching $35.46. 638,521 shares of the company were exchanged, compared to its average volume of 1,040,058. The company has a market capitalization of $5.62 billion, a price-to-earnings ratio of -122.27, a PEG ratio of 4.40 and a beta of 0.71. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.67. Vertex, Inc. has a one year low of $30.26 and a one year high of $60.71. The company has a 50-day moving average of $37.99 and a 200 day moving average of $42.80.

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

Analyst Ratings Changes

A number of brokerages recently commented on VERX. DA Davidson dropped their price objective on shares of Vertex from $55.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Piper Sandler started coverage on Vertex in a research note on Monday, June 16th. They issued an "overweight" rating and a $48.00 price target on the stock. Morgan Stanley cut their price target on Vertex from $60.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Needham & Company LLC reiterated a "buy" rating and set a $60.00 price objective on shares of Vertex in a report on Thursday, March 20th. Finally, BNP Paribas assumed coverage on Vertex in a research report on Tuesday, April 22nd. They issued an "outperform" rating and a $54.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $50.50.

View Our Latest Report on VERX

Insiders Place Their Bets

In other news, CEO David Destefano sold 109,415 shares of the firm'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 value 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 trade represents a 9.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Ryan J. Leib sold 5,755 shares of the business's 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. Insiders sold 3,520,170 shares of company stock worth $134,479,744 in the last three months. 43.25% of the stock is owned by corporate insiders.

About Vertex

(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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