Spire Wealth Management Has $176,000 Stock Position in Vertex, Inc. (NASDAQ:VERX)

Spire Wealth Management decreased its position in Vertex, Inc. (NASDAQ:VERX - Free Report) by 83.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,030 shares of the company's stock after selling 25,470 shares during the period. Spire Wealth Management's holdings in Vertex were worth $176,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. raised its position in shares of Vertex by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,678 shares of the company's stock valued at $303,000 after acquiring an additional 361 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Vertex by 8.3% in the 4th quarter. Cetera Investment Advisers now owns 7,645 shares of the company's stock valued at $408,000 after acquiring an additional 588 shares during the last quarter. Westover Capital Advisors LLC raised its holdings in Vertex by 1.2% in the fourth quarter. Westover Capital Advisors LLC now owns 55,427 shares of the company's stock worth $2,957,000 after purchasing an additional 632 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in Vertex during the 4th quarter worth $38,000. Finally, Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Vertex during the fourth quarter worth about $40,000. 70.32% of the stock is currently owned by institutional investors and hedge funds.

Vertex Stock Performance

NASDAQ:VERX traded down $0.67 during mid-day trading on Wednesday, hitting $34.71. The stock had a trading volume of 1,205,728 shares, compared to its average volume of 1,041,663. The company's 50 day simple moving average is $38.09 and its 200 day simple moving average is $42.85. The stock has a market cap of $5.50 billion, a price-to-earnings ratio of 98.28, a PEG ratio of 4.40 and a beta of 0.71. 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 twelve month low of $30.26 and a twelve month high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.13 by $0.02. The company had revenue of $177.06 million during the quarter, compared to analysts' expectations of $176.99 million. Vertex had a positive return on equity of 28.14% and a negative net margin of 6.45%. The business's revenue was up 12.9% on a year-over-year basis. During the same period last year, the firm posted $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

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

Insider Activity at Vertex

In other news, insider Jeffrey Westphal sold 3,000,000 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $38.45, for a total transaction of $115,350,000.00. Following the completion of the sale, the insider owned 7,895 shares in the company, valued at approximately $303,562.75. This trade represents a 99.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO David Destefano sold 109,415 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 1,066,587 shares in the company, valued at approximately $40,210,329.90. This trade represents a 9.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,520,170 shares of company stock valued at $134,479,744 in the last ninety days. Company insiders own 43.25% of the company's stock.

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.