XTX Topco Ltd Acquires Shares of 15,761 Vertex, Inc. (NASDAQ:VERX)

XTX Topco Ltd bought a new position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 15,761 shares of the company's stock, valued at approximately $552,000.

A number of other institutional investors and hedge funds have also modified their holdings of VERX. Versant Capital Management Inc acquired a new position in Vertex in the 1st quarter valued at about $28,000. Neo Ivy Capital Management acquired a new position in Vertex in the 1st quarter valued at about $97,000. Lazard Asset Management LLC boosted its holdings in Vertex by 7,675.0% in 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 last quarter. IFP Advisors Inc acquired a new position in Vertex in the 1st quarter valued at about $133,000. Finally, GAMMA Investing LLC boosted its holdings in Vertex by 1,719.4% in the 1st quarter. GAMMA Investing LLC now owns 5,076 shares of the company's stock valued at $178,000 after purchasing an additional 4,797 shares during the last quarter. Hedge funds and other institutional investors own 70.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on VERX shares. Morgan Stanley dropped their price objective on shares of Vertex from $60.00 to $55.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Piper Sandler started coverage on shares of Vertex in a research report on Monday, June 16th. They issued an "overweight" rating and a $48.00 price objective on the stock. JMP Securities reissued a "market outperform" rating and issued a $50.00 price objective (down from $61.00) on shares of Vertex in a research report on Thursday. Needham & Company LLC dropped their price objective on shares of Vertex from $60.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, DA Davidson downgraded shares of Vertex from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.69.

Vertex Price Performance

VERX traded down $1.82 during midday trading on Friday, reaching $25.67. 3,059,777 shares of the company's stock were exchanged, compared to its average volume of 1,524,437. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.99 and a quick ratio of 0.98. The stock has a market capitalization of $4.07 billion, a PE ratio of -77.79, a P/E/G ratio of 3.17 and a beta of 0.70. The business's 50-day moving average price is $35.35 and its 200 day moving average price is $39.01. Vertex, Inc. has a 1-year low of $25.11 and a 1-year high of $60.71.

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

Insider Buying and Selling at Vertex

In other news, insider Jeffrey Westphal sold 3,000,000 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $38.45, for a total transaction of $115,350,000.00. Following the transaction, the insider directly owned 7,895 shares of the company's stock, valued at approximately $303,562.75. The trade was a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David Destefano sold 109,415 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $37.70, for a total transaction of $4,124,945.50. Following the transaction, the chief executive officer directly owned 1,066,587 shares in the company, valued at approximately $40,210,329.90. The trade was a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,520,170 shares of company stock worth $134,479,744. 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.