Voya Investment Management LLC Raises Stock Holdings in Vertex, Inc. $VERX

Key Points

• Voya Investment Management LLC raised its holdings in Vertex, Inc. by 41.2% in Q1, owning approximately $5.93 million worth of shares after acquiring an additional 49,430 shares.
• Vertex, Inc. reported $0.15 earnings per share for the most recent quarter, beating analysts' estimates, with revenue of $184.56 million, representing a 14.6% increase year-over-year.
• Bank of America has downgraded Vertex's price target from $42.00 to $34.00 and set a "neutral" rating, while other analysts maintain a "Moderate Buy" average rating with a consensus price target of $43.69.

Voya Investment Management LLC increased its stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 41.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 169,468 shares of the company's stock after buying an additional 49,430 shares during the quarter. Voya Investment Management LLC owned about 0.11% of Vertex worth $5,933,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Osterweis Capital Management Inc. purchased a new position in shares of Vertex in the 1st quarter valued at approximately $8,744,000. Rhumbline Advisers lifted its holdings in shares of Vertex by 5.6% during the first quarter. Rhumbline Advisers now owns 84,152 shares of the company's stock worth $2,946,000 after purchasing an additional 4,477 shares during the period. Strs Ohio purchased a new position in Vertex in the 1st quarter valued at $690,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Vertex by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,935 shares of the company's stock valued at $2,869,000 after buying an additional 3,461 shares during the period. Finally, EFG Asset Management North America Corp. purchased a new position in Vertex during the 1st quarter worth $1,895,000. 70.32% of the stock is owned by hedge funds and other institutional investors.

Vertex Price Performance

VERX stock traded up $0.59 during midday trading on Monday, hitting $25.74. 1,979,864 shares of the stock were exchanged, compared to its average volume of 1,593,146. The stock's 50-day moving average price is $28.18 and its 200-day moving average price is $34.02. 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 has a market cap of $4.10 billion, a price-to-earnings ratio of -78.00, a PEG ratio of 5.21 and a beta of 0.68. Vertex, Inc. has a fifty-two week low of $23.13 and a fifty-two week high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last announced 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 business had revenue of $184.56 million during the quarter, compared to analysts' expectations of $184.60 million. During the same quarter last year, the business posted $0.15 earnings per share. The business's revenue for the quarter was up 14.6% on a year-over-year basis. Research analysts predict that Vertex, Inc. will post 0.38 earnings per share for the current year.

Insider Activity

In other Vertex news, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $35.24, for a total value of $508,337.00. Following the sale, the insider owned 173,074 shares of the company's stock, valued at $6,099,127.76. This represents a 7.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 43.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on VERX shares. Piper Sandler initiated coverage on shares of Vertex in a report on Monday, June 16th. They issued an "overweight" rating and a $48.00 target price on the stock. DA Davidson lowered Vertex from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Needham & Company LLC cut their target price on Vertex from $60.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Bank of America reduced their price target on Vertex from $42.00 to $34.00 and set a "neutral" rating for the company in a report on Friday, August 8th. Finally, BMO Capital Markets reaffirmed a "market perform" rating on shares of Vertex in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $43.69.

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.