Invesco Ltd. Has $44.88 Million Stock Holdings in Vertex, Inc. $VERX

Key Points

• Invesco Ltd. reduced its stake in Vertex, Inc. (NASDAQ:VERX) by 15.3%, resulting in ownership of 1,281,786 shares valued at $44.9 million as of the latest SEC filing.
• Insider sales included a significant transaction where Jeffrey Westphal sold 3,000,000 shares for approximately $115.4 million, cutting his ownership by nearly 99.74%.
• Analysts have mixed ratings for Vertex, with target prices ranging from $40 to $60, and a consensus rating of "Moderate Buy" with a target of $43.69.

Invesco Ltd. lowered its stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 15.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,281,786 shares of the company's stock after selling 231,874 shares during the period. Invesco Ltd. owned approximately 0.81% of Vertex worth $44,875,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC bought a new stake in Vertex in the fourth quarter valued at approximately $61,825,000. Fiera Capital Corp bought a new position in shares of Vertex during the first quarter worth $27,399,000. Conestoga Capital Advisors LLC increased its position in shares of Vertex by 30.3% in the 1st quarter. Conestoga Capital Advisors LLC now owns 2,947,740 shares of the company's stock valued at $103,200,000 after buying an additional 686,145 shares in the last quarter. Geneva Capital Management LLC raised its stake in Vertex by 42.1% during the 1st quarter. Geneva Capital Management LLC now owns 2,043,205 shares of the company's stock worth $71,533,000 after buying an additional 605,617 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Vertex by 233.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 851,127 shares of the company's stock worth $45,409,000 after buying an additional 596,077 shares during the period. 70.32% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Jeffrey Westphal sold 3,000,000 shares of Vertex stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $38.45, for a total value of $115,350,000.00. Following the completion of the transaction, the insider owned 7,895 shares of the company's stock, valued at $303,562.75. This trade represents a 99.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $35.24, for a total transaction of $508,337.00. Following the transaction, the insider owned 173,074 shares in the company, valued at $6,099,127.76. This represents a 7.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,405,000 shares of company stock valued at $130,136,108. Corporate insiders own 43.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on VERX shares. Citigroup upgraded Vertex from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. BNP Paribas assumed coverage on Vertex in a research note on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 target price for the company. Piper Sandler began coverage on shares of Vertex in a report on Monday, June 16th. They set an "overweight" rating and a $48.00 target price on the stock. Needham & Company LLC reduced their price target on shares of Vertex from $60.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Finally, BMO Capital Markets reissued 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 issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Vertex has an average rating of "Moderate Buy" and an average target price of $43.69.

Vertex Stock Down 2.0%

Shares of NASDAQ:VERX traded down $0.52 during midday trading on Wednesday, reaching $25.21. The company had a trading volume of 894,157 shares, compared to its average volume of 1,337,032. Vertex, Inc. has a 1-year low of $24.45 and a 1-year high of $60.71. The stock has a market cap of $4.02 billion, a PE ratio of -76.39, a P/E/G ratio of 5.36 and a beta of 0.70. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.36. The business's 50 day moving average price is $33.26 and its 200 day moving average price is $37.45.

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

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.