Vertex, Inc. $VERX Shares Bought by Aberdeen Group plc

Key Points

• Aberdeen Group plc increased its holdings in Vertex, Inc. by 46.9%, acquiring an additional 482,669 shares in the first quarter, bringing its total ownership to approximately 0.96% of the company worth $52,128,000.
• Vertex recently reported quarterly earnings of $0.15 EPS, exceeding estimates, with a revenue growth of 14.6% year-over-year, totaling $184.56 million.
• Equities analysts have set a consensus price target of $43.69 for Vertex, with ratings ranging from buy to neutral, reflecting mixed sentiments among market observers.

Aberdeen Group plc boosted its holdings in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 46.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,511,846 shares of the company's stock after purchasing an additional 482,669 shares during the period. Aberdeen Group plc owned approximately 0.96% of Vertex worth $52,128,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in VERX. Summit Investment Advisors Inc. increased its stake in shares of Vertex by 6.8% during the fourth 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 period. Cetera Investment Advisers increased its position in 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 purchasing an additional 588 shares during the period. Versant Capital Management Inc purchased a new position in shares of Vertex during the 1st quarter worth approximately $28,000. US Bancorp DE raised its stake in shares of Vertex by 88.1% during the 1st quarter. US Bancorp DE now owns 2,024 shares of the company's stock worth $71,000 after buying an additional 948 shares in the last quarter. Finally, State of Wyoming boosted its stake in shares of Vertex by 52.2% in the fourth quarter. State of Wyoming now owns 4,020 shares of the company's stock valued at $214,000 after buying an additional 1,379 shares in the last quarter. 70.32% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Jeffrey Westphal sold 3,000,000 shares of the business's stock in a transaction dated Monday, June 9th. The stock was 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. The trade was a 99.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Item Second Irr. Trust Fbo Ann sold 157,874 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $35.93, for a total transaction of $5,672,412.82. Following the completion of the transaction, the insider owned 196,841 shares in the company, valued at $7,072,497.13. The trade was a 44.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,405,000 shares of company stock worth $130,136,108 over the last ninety days. Corporate insiders own 43.25% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on VERX shares. Piper Sandler assumed coverage on Vertex in a research note on Monday, June 16th. They set an "overweight" rating and a $48.00 price target on the stock. Bank of America lowered their price objective on shares of Vertex from $42.00 to $34.00 and set a "neutral" rating on the stock in a research note on Friday, August 8th. Citigroup upgraded shares of Vertex from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. The Goldman Sachs Group set a $43.00 price target on shares of Vertex and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, BMO Capital Markets restated a "market perform" rating on shares of Vertex in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Vertex presently has an average rating of "Moderate Buy" and a consensus target price of $43.69.

Vertex Trading Up 0.1%

Vertex stock traded up $0.0150 during trading on Thursday, reaching $25.2250. The company had a trading volume of 179,243 shares, compared to its average volume of 1,329,512. Vertex, Inc. has a 12-month low of $24.45 and a 12-month high of $60.71. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.99 and a current ratio of 0.99. The stock's 50 day moving average price is $33.01 and its two-hundred day moving average price is $37.37. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of -76.66, a PEG ratio of 5.33 and a beta of 0.70.

Vertex (NASDAQ:VERX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01. Vertex had a negative net margin of 7.09% and a positive return on equity of 27.16%. The company had revenue of $184.56 million during the quarter, compared to analysts' expectations of $184.60 million. During the same period in the previous year, the company earned $0.15 EPS. The business's quarterly revenue was up 14.6% compared to the same quarter last year. As a group, equities analysts expect that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Vertex Company 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.