Vertex, Inc. (NASDAQ:VERX) Shares Purchased by TD Asset Management Inc

Key Points

• TD Asset Management Inc has increased its stake in Vertex, Inc. by 57.4%, now owning 61,668 shares valued at approximately $2.16 million.
• Vertex reported quarterly earnings of $0.15 per share, surpassing analyst expectations, with revenue of $177.06 million, marking a 12.9% increase year-over-year.
• Insider trading activity shows significant sales, with insiders selling over 3.5 million shares worth approximately $134.5 million in the last ninety days.

TD Asset Management Inc lifted its stake in Vertex, Inc. (NASDAQ:VERX - Free Report) by 57.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 61,668 shares of the company's stock after acquiring an additional 22,494 shares during the quarter. TD Asset Management Inc's holdings in Vertex were worth $2,159,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Versant Capital Management Inc acquired a new position in shares of Vertex in the 1st quarter worth approximately $28,000. Neo Ivy Capital Management acquired a new position in shares of Vertex in the 1st quarter worth approximately $97,000. Lazard Asset Management LLC lifted its holdings in shares of Vertex by 7,675.0% in the 4th quarter. Lazard Asset Management LLC now owns 2,488 shares of the company's stock worth $132,000 after acquiring an additional 2,456 shares during the last quarter. IFP Advisors Inc acquired a new position in shares of Vertex in the 1st quarter worth approximately $133,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Vertex by 1,719.4% in the 1st quarter. GAMMA Investing LLC now owns 5,076 shares of the company's stock worth $178,000 after acquiring an additional 4,797 shares during the last quarter. 70.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

VERX has been the topic of several recent research reports. Piper Sandler initiated 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. DA Davidson raised shares of Vertex to a "strong-buy" rating in a research note on Tuesday, July 22nd. BNP Paribas initiated coverage on shares of Vertex in a research note on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 target price on the stock. Citigroup upped their target price on shares of Vertex from $39.00 to $40.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, 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. Four investment analysts have rated the stock with a hold rating, eight 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 presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.33.

Insider Activity

In other news, CAO Ryan J. Leib sold 5,755 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $38.00, for a total value of $218,690.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $35.24, for a total transaction of $508,337.00. Following the completion of the transaction, the insider owned 173,074 shares of the company's stock, valued at $6,099,127.76. This represents a 7.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,520,170 shares of company stock worth $134,479,744 over the last quarter. Insiders own 43.25% of the company's stock.

Vertex Stock Down 2.6%

Shares of NASDAQ:VERX traded down $0.87 during trading hours on Friday, reaching $32.30. The stock had a trading volume of 1,145,947 shares, compared to its average volume of 998,511. Vertex, Inc. has a 1 year low of $30.26 and a 1 year high of $60.71. The firm's 50 day moving average is $36.34 and its 200-day moving average is $39.84. 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 stock has a market capitalization of $5.12 billion, a price-to-earnings ratio of -111.38, a P/E/G ratio of 3.95 and a beta of 0.70.

Vertex (NASDAQ:VERX - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.02. The firm 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 company's revenue was up 12.9% on a year-over-year basis. During the same period last year, the firm posted $0.15 EPS. Research analysts predict that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

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.