Tensile Capital Management LP Has $201.11 Million Position in Vertex, Inc. (NASDAQ:VERX)

Tensile Capital Management LP reduced its holdings in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 7.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,769,550 shares of the company's stock after selling 284,000 shares during the quarter. Vertex accounts for 20.9% of Tensile Capital Management LP's portfolio, making the stock its biggest holding. Tensile Capital Management LP owned about 2.42% of Vertex worth $201,105,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Tidal Investments LLC purchased a new stake in Vertex during the fourth quarter valued at $8,376,000. State of Wyoming increased its position in Vertex by 52.2% in the fourth quarter. State of Wyoming now owns 4,020 shares of the company's stock worth $214,000 after buying an additional 1,379 shares in the last quarter. Sherbrooke Park Advisers LLC purchased a new stake in Vertex in the fourth quarter worth about $248,000. Redwood Investments LLC purchased a new stake in Vertex in the fourth quarter worth about $1,784,000. Finally, ProShare Advisors LLC increased its position in Vertex by 48.9% in the fourth quarter. ProShare Advisors LLC now owns 15,271 shares of the company's stock worth $815,000 after buying an additional 5,016 shares in the last quarter. Hedge funds and other institutional investors own 70.32% of the company's stock.

Insider Activity at Vertex

In other news, General Counsel Bryan T.R. Rowland sold 43,228 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $35.98, for a total value of $1,555,343.44. Following the sale, the general counsel now owns 132 shares of the company's stock, valued at approximately $4,749.36. This represents a 99.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Ryan J. Leib sold 5,755 shares of the stock in a transaction on 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. Over the last three months, insiders sold 158,398 shares of company stock valued at $5,898,979. Insiders own 44.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Morgan Stanley reduced their price target on Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Robert W. Baird reduced their price target on Vertex from $62.00 to $45.00 and set an "outperform" rating for the company in a research report on Friday, February 28th. DA Davidson reduced their price target on Vertex from $55.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. The Goldman Sachs Group cut their target price on Vertex from $64.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $60.00 target price on shares of Vertex in a research report on Thursday, March 20th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Vertex presently has a consensus rating of "Moderate Buy" and an average price target of $50.73.

Vertex Price Performance

Vertex stock traded up $0.23 during midday trading on Tuesday, reaching $38.74. 802,103 shares of the stock traded hands, compared to its average volume of 1,019,447. The stock's fifty day moving average is $37.53 and its 200-day moving average is $45.93. Vertex, Inc. has a 12 month low of $30.26 and a 12 month high of $60.71. The stock has a market cap of $6.13 billion, a P/E ratio of 215.22, a PEG ratio of 6.66 and a beta of 0.78. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29.

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