Voloridge Investment Management LLC Makes New $1.12 Million Investment in Vertex, Inc. (NASDAQ:VERX)

Voloridge Investment Management LLC bought a new position in Vertex, Inc. (NASDAQ:VERX - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 20,932 shares of the company's stock, valued at approximately $1,117,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC bought a new stake in Vertex in the 4th quarter worth $38,000. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Vertex during the fourth quarter worth about $40,000. Plato Investment Management Ltd bought a new stake in shares of Vertex in the fourth quarter worth about $41,000. Assetmark Inc. bought a new stake in shares of Vertex in the fourth quarter worth about $79,000. Finally, Lazard Asset Management LLC increased its holdings in Vertex by 7,675.0% during the 4th quarter. Lazard Asset Management LLC now owns 2,488 shares of the company's stock valued at $132,000 after purchasing an additional 2,456 shares during the period. 70.32% of the stock is currently owned by institutional investors.

Vertex Stock Up 0.7%

Shares of VERX stock traded up $0.29 during mid-day trading on Monday, reaching $39.86. 777,254 shares of the company's stock traded hands, compared to its average volume of 1,023,076. The company's 50-day moving average price is $38.21 and its 200-day moving average price is $45.31. The company has a market cap of $6.32 billion, a P/E ratio of 221.44, a P/E/G 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, Inc. has a 12 month low of $30.26 and a 12 month high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last issued 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 last year, the company posted $0.15 EPS. Vertex's revenue was up 12.9% on a year-over-year basis. On average, equities analysts expect that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on VERX. Morgan Stanley dropped their price objective on Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. The Goldman Sachs Group dropped their price target on Vertex from $64.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Robert W. Baird cut 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. Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of Vertex in a research report on Thursday, March 20th. Finally, Jefferies Financial Group decreased their price objective on shares of Vertex from $62.00 to $48.00 and set a "buy" rating for the company in a report on Friday, February 28th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $50.73.

Insider Buying and Selling at Vertex

In related news, General Counsel Bryan T.R. Rowland sold 43,228 shares of the company's stock in a transaction that occurred on Wednesday, March 19th. The stock was 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 in the company, valued at $4,749.36. This represents a 99.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO David Destefano sold 109,415 shares of Vertex stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.70, for a total value of $4,124,945.50. Following the transaction, the chief executive officer now owns 1,066,587 shares of the company's stock, valued at $40,210,329.90. The trade was a 9.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 158,398 shares of company stock valued at $5,898,979. Corporate insiders own 44.58% of the company's stock.

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.