Summit Creek Advisors LLC Makes New $3.31 Million Investment in Vertex, Inc. (NASDAQ:VERX)

Key Points

• Summit Creek Advisors LLC has made a new investment of approximately $3.31 million in Vertex, Inc. by purchasing 94,484 shares of stock, which accounts for about 0.06% of the company's total shares.
• Insider trading reports show that CEO David Destefano sold 109,415 shares valued at over $4 million, reducing his ownership by 9.30%.
• Vertex has shown a 12.9% increase in revenue year-over-year, reporting $177.06 million for the most recent quarter, beating analyst expectations.

Summit Creek Advisors LLC purchased a new position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 94,484 shares of the company's stock, valued at approximately $3,308,000. Summit Creek Advisors LLC owned about 0.06% of Vertex at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Summit Investment Advisors Inc. boosted its stake 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 worth $303,000 after acquiring an additional 361 shares during the last quarter. Cetera Investment Advisers boosted its stake in shares of Vertex by 8.3% during the 4th quarter. Cetera Investment Advisers now owns 7,645 shares of the company's stock worth $408,000 after acquiring an additional 588 shares during the last quarter. Versant Capital Management Inc purchased a new position in shares of Vertex during the 1st quarter worth $28,000. Nicolet Advisory Services LLC boosted its stake in shares of Vertex by 12.8% during the 4th quarter. Nicolet Advisory Services LLC now owns 8,746 shares of the company's stock worth $456,000 after acquiring an additional 991 shares during the last quarter. Finally, State of Wyoming boosted its stake in shares of Vertex by 52.2% during the 4th quarter. State of Wyoming now owns 4,020 shares of the company's stock worth $214,000 after acquiring an additional 1,379 shares during the last quarter. Hedge funds and other institutional investors own 70.32% of the company's stock.

Insider Buying and Selling at Vertex

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

Vertex Stock Performance

Shares of NASDAQ VERX opened at $34.21 on Monday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $5.42 billion, a P/E ratio of -117.96, a P/E/G ratio of 4.19 and a beta of 0.71. The firm's fifty day moving average is $36.86 and its two-hundred day moving average is $40.56. Vertex, Inc. has a 52-week low of $30.26 and a 52-week high of $60.71.

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, beating analysts' consensus estimates of $0.13 by $0.02. The company 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%. Vertex's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 EPS. As a group, analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on VERX. BNP Paribas began coverage on shares of Vertex in a research note on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 price target on the stock. Morgan Stanley lowered 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. DA Davidson upgraded shares of Vertex to a "strong-buy" rating in a research note on Tuesday, July 22nd. Citigroup lifted their target price on shares of Vertex from $39.00 to $40.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Finally, Piper Sandler began coverage on shares of Vertex in a research note on Monday, June 16th. They set an "overweight" rating and a $48.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $49.33.

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.

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