Vertex, Inc. (NASDAQ:VERX) Shares Bought by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. increased its stake in Vertex, Inc. by 122.4%, owning approximately $3.38 million worth of stock after acquiring additional shares during the first quarter.
• Vertex's quarterly earnings beat analysts' expectations, reporting $0.15 EPS and revenue of $177.06 million, reflecting a 12.9% year-over-year increase.
• Currently, institutional investors hold 70.32% of Vertex's stock, and the company has received various rating adjustments, with an average target price set at $49.33.

Victory Capital Management Inc. raised its position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 122.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 96,672 shares of the company's stock after acquiring an additional 53,198 shares during the quarter. Victory Capital Management Inc. owned approximately 0.06% of Vertex worth $3,384,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in VERX. Raymond James Financial Inc. acquired a new stake in shares of Vertex in the fourth quarter valued at approximately $595,000. Xponance Inc. acquired a new stake in shares of Vertex in the fourth quarter valued at approximately $207,000. Sei Investments Co. increased its holdings in shares of Vertex by 9.4% in the fourth quarter. Sei Investments Co. now owns 86,284 shares of the company's stock valued at $4,603,000 after purchasing an additional 7,430 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Vertex in the fourth quarter valued at approximately $667,000. Finally, LPL Financial LLC increased its holdings in shares of Vertex by 23.8% in the fourth quarter. LPL Financial LLC now owns 36,877 shares of the company's stock valued at $1,967,000 after purchasing an additional 7,089 shares during the last quarter. Institutional investors and hedge funds own 70.32% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on VERX. DA Davidson raised Vertex to a "strong-buy" rating in a report on Tuesday, July 22nd. BNP Paribas assumed coverage on Vertex in a research report on Tuesday, April 22nd. They issued an "outperform" rating and a $54.00 price objective for the company. Citigroup increased their price objective on Vertex from $39.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Morgan Stanley lowered their price objective on Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Piper Sandler assumed coverage on Vertex in a research report on Monday, June 16th. They issued an "overweight" rating and a $48.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Vertex presently has an average rating of "Moderate Buy" and a consensus price target of $49.33.

Vertex Trading Down 1.6%

Shares of VERX traded down $0.54 during midday trading on Thursday, hitting $33.41. 108,898 shares of the stock were exchanged, compared to its average volume of 1,242,832. Vertex, Inc. has a 52-week low of $30.26 and a 52-week high of $60.71. The stock has a fifty day simple moving average of $36.67 and a 200 day simple moving average of $40.38. The firm has a market cap of $5.29 billion, a P/E ratio of -115.10, a P/E/G ratio of 4.12 and a beta of 0.71. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.98 and a current ratio of 0.98.

Vertex (NASDAQ:VERX - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.13 by $0.02. The business had revenue of $177.06 million during the quarter, compared to analyst estimates of $176.99 million. Vertex had a positive return on equity of 28.14% and a negative net margin of 6.45%. The company's quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the business posted $0.15 earnings per share. On average, research analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Jeffrey Westphal sold 3,000,000 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $38.45, for a total value of $115,350,000.00. Following the sale, the insider directly owned 7,895 shares in the company, valued at approximately $303,562.75. This trade represents a 99.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $35.24, for a total value of $508,337.00. Following the completion of the sale, the insider owned 173,074 shares in the company, valued at approximately $6,099,127.76. The trade was a 7.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,520,170 shares of company stock valued at $134,479,744 in the last three months. 43.25% of the stock is currently owned by insiders.

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.