Truist Financial Corp Decreases Stake in Vertex, Inc. (NASDAQ:VERX)

Truist Financial Corp lessened its stake in Vertex, Inc. (NASDAQ:VERX - Free Report) by 42.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 71,509 shares of the company's stock after selling 53,277 shares during the quarter. Truist Financial Corp's holdings in Vertex were worth $1,926,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new stake in Vertex in the 3rd quarter valued at approximately $49,000. RiverPark Advisors LLC bought a new stake in shares of Vertex during the 3rd quarter worth about $60,000. Raymond James & Associates acquired a new stake in shares of Vertex in the 3rd quarter worth approximately $224,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Vertex by 33.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,953 shares of the company's stock valued at $241,000 after acquiring an additional 2,228 shares in the last quarter. Finally, Premier Fund Managers Ltd bought a new stake in Vertex during the third quarter worth approximately $267,000. Institutional investors own 59.10% of the company's stock.

Insiders Place Their Bets

In related news, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of Vertex stock in a transaction on Friday, March 1st. The shares were sold at an average price of $33.62, for a total value of $894,594.58. Following the transaction, the insider now owns 1,338,465 shares in the company, valued at approximately $44,999,193.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Item Second Irr. Trust Fbo Ann sold 26,609 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $33.62, for a total value of $894,594.58. Following the completion of the sale, the insider now directly owns 1,338,465 shares of the company's stock, valued at $44,999,193.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Jeffrey Westphal sold 791,133 shares of the business's stock in a transaction on Friday, April 5th. The stock was sold at an average price of $30.05, for a total transaction of $23,773,546.65. Following the transaction, the insider now directly owns 1,554,641 shares in the company, valued at approximately $46,716,962.05. The disclosure for this sale can be found here. Insiders sold 1,161,048 shares of company stock valued at $35,034,678 over the last 90 days. 45.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on VERX shares. The Goldman Sachs Group lifted their price target on Vertex from $33.00 to $39.00 and gave the company a "buy" rating in a research report on Friday, March 1st. BMO Capital Markets raised their target price on shares of Vertex from $30.00 to $35.00 and gave the stock a "market perform" rating in a report on Friday, March 1st. Needham & Company LLC reiterated a "buy" rating and set a $45.00 price objective on shares of Vertex in a research report on Monday. JMP Securities reaffirmed a "market outperform" rating and set a $42.00 target price on shares of Vertex in a research report on Tuesday, April 23rd. Finally, Bank of America decreased their price target on Vertex from $40.00 to $34.00 and set a "neutral" rating for the company in a research report on Tuesday, April 23rd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $35.67.

Vertex Stock Up 3.8 %

Shares of VERX traded up $1.17 during mid-day trading on Friday, hitting $31.70. 1,189,349 shares of the company's stock were exchanged, compared to its average volume of 663,044. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17. Vertex, Inc. has a twelve month low of $17.59 and a twelve month high of $35.38. The firm has a fifty day moving average of $30.29 and a two-hundred day moving average of $27.43. The stock has a market cap of $4.89 billion, a price-to-earnings ratio of -305.30, a P/E/G ratio of 7.54 and a beta of 0.65.

Vertex (NASDAQ:VERX - Get Free Report) last posted its earnings results on Thursday, February 29th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02. The company had revenue of $154.91 million for the quarter, compared to analyst estimates of $146.44 million. Vertex had a positive return on equity of 16.15% and a negative net margin of 2.29%. On average, sell-side analysts forecast that Vertex, Inc. will post 0.36 earnings per share for the current year.

Vertex 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.