Vertex, Inc. (NASDAQ:VERX) Holdings Boosted by Bank of America Corp DE

Bank of America Corp DE boosted its position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 47.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 551,620 shares of the company's stock after purchasing an additional 178,367 shares during the period. Bank of America Corp DE owned 0.35% of Vertex worth $29,429,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC purchased a new position in Vertex during the 4th quarter worth approximately $38,000. Mark Sheptoff Financial Planning LLC purchased a new position in shares of Vertex during the 4th quarter valued at $40,000. Plato Investment Management Ltd purchased a new position in shares of Vertex during the 4th quarter valued at $41,000. Assetmark Inc. purchased a new position in shares of Vertex during the 4th quarter valued at $79,000. Finally, Blue Trust Inc. grew its holdings in shares of Vertex by 11.4% during the 4th quarter. Blue Trust Inc. now owns 2,516 shares of the company's stock valued at $134,000 after acquiring an additional 257 shares in the last quarter. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Robert W. Baird lowered their price target on shares of Vertex from $62.00 to $45.00 and set an "outperform" rating on the stock in a report on Friday, February 28th. Jefferies Financial Group lowered their price target on shares of Vertex from $62.00 to $48.00 and set a "buy" rating on the stock in a report on Friday, February 28th. BNP Paribas assumed coverage on shares of Vertex in a report on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 price target on the stock. The Goldman Sachs Group lowered their price target on shares of Vertex from $64.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. Finally, Morgan Stanley lowered their price target on shares of Vertex from $60.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Four research 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. According to MarketBeat, Vertex has an average rating of "Moderate Buy" and a consensus target price of $50.73.

Vertex Stock Up 1.7%

VERX stock opened at $38.15 on Friday. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04. Vertex, Inc. has a 52-week low of $30.26 and a 52-week high of $60.71. The company has a 50-day moving average of $37.32 and a two-hundred day moving average of $45.98. The stock has a market capitalization of $6.03 billion, a price-to-earnings ratio of 211.94, a price-to-earnings-growth ratio of 6.66 and a beta of 0.78.

Vertex (NASDAQ:VERX - Get Free Report) last released 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. Vertex had a net margin of 4.73% and a return on equity of 24.92%. The company had revenue of $177.06 million during the quarter, compared to analysts' expectations of $176.99 million. During the same period in the prior year, the company earned $0.15 earnings per share. The business's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current year.

Insider Buying and Selling at Vertex

In other news, 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 now owns 1,066,587 shares of the company's stock, valued at approximately $40,210,329.90. This represents a 9.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ryan J. Leib sold 5,755 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were 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. Insiders sold 158,398 shares of company stock worth $5,898,979 over the last ninety days. Company insiders own 44.58% of the company's stock.

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.

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