Insider Selling: Vertex, Inc. (NASDAQ:VERX) Insider Sells 3,000,000 Shares of Stock

Vertex, Inc. (NASDAQ:VERX - Get Free Report) 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 completion of the sale, the insider now owns 7,895 shares in the company, valued at $303,562.75. This represents a 99.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Vertex Stock Down 2.0%

VERX stock traded down $0.75 during mid-day trading on Friday, hitting $36.03. 24,168 shares of the company were exchanged, compared to its average volume of 1,019,785. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04. Vertex, Inc. has a 1-year low of $30.26 and a 1-year high of $60.71. The firm's 50 day simple moving average is $38.85 and its 200 day simple moving average is $44.70. The firm has a market cap of $5.71 billion, a P/E ratio of 200.19, a P/E/G ratio of 6.66 and a beta of 0.75.

Vertex (NASDAQ:VERX - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.15 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.02. The business had revenue of $177.06 million for the quarter, compared to analyst estimates of $176.99 million. Vertex had a net margin of 4.73% and a return on equity of 24.92%. The firm'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, sell-side analysts predict that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on VERX shares. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price objective on shares of Vertex in a research report on Thursday, March 20th. BNP Paribas began coverage on Vertex in a report on Tuesday, April 22nd. They issued an "outperform" rating and a $54.00 price target for the company. Stifel Nicolaus downgraded shares of Vertex from a "buy" rating to a "hold" rating and reduced their price target for the stock from $58.00 to $31.00 in a research report on Friday, February 28th. Morgan Stanley lowered their price objective on shares of Vertex from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Jefferies Financial Group reduced their target price on shares of Vertex from $62.00 to $48.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $50.73.

Hedge Funds Weigh In On Vertex

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

Vertex Company 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.