Wells Fargo & Company MN Purchases 13,135 Shares of Vertex, Inc. (NASDAQ:VERX)

Wells Fargo & Company MN boosted its position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 61.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,380 shares of the company's stock after purchasing an additional 13,135 shares during the period. Wells Fargo & Company MN's holdings in Vertex were worth $1,834,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Vertex by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 6,858,981 shares of the company's stock valued at $365,927,000 after purchasing an additional 137,666 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Vertex by 26.0% during the 4th quarter. Franklin Resources Inc. now owns 2,129,099 shares of the company's stock valued at $113,587,000 after buying an additional 439,054 shares in the last quarter. abrdn plc grew its position in shares of Vertex by 74.9% during the fourth quarter. abrdn plc now owns 1,029,177 shares of the company's stock valued at $55,035,000 after purchasing an additional 440,832 shares in the last quarter. Lord Abbett & CO. LLC increased its position in Vertex by 29.4% in the third quarter. Lord Abbett & CO. LLC now owns 933,034 shares of the company's stock worth $35,932,000 after purchasing an additional 211,896 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Vertex by 5.4% during the 3rd quarter. Barclays PLC now owns 582,273 shares of the company's stock valued at $22,424,000 after buying an additional 29,700 shares in the last quarter. Institutional investors own 70.32% of the company's stock.

Vertex Trading Up 0.9 %

Vertex stock traded up $0.36 during mid-day trading on Thursday, reaching $40.39. 100,282 shares of the company traded hands, compared to its average volume of 1,000,748. Vertex, Inc. has a 52-week low of $28.04 and a 52-week high of $60.71. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04. The firm's 50 day moving average price is $36.58 and its 200 day moving average price is $46.28. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of 224.79, a P/E/G ratio of 6.66 and a beta of 0.80.

Vertex (NASDAQ:VERX - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.03). The firm had revenue of $178.46 million for the quarter, compared to the consensus estimate of $176.90 million. Vertex had a net margin of 4.73% and a return on equity of 24.92%. On average, analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Bryan T.R. Rowland sold 43,228 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $35.98, for a total value of $1,555,343.44. Following the completion of the sale, the general counsel now directly owns 132 shares of the company's stock, valued at approximately $4,749.36. This represents a 99.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 44.58% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on VERX. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price target on shares of Vertex in a research report on Thursday, March 20th. BNP Paribas started coverage on shares of Vertex in a report on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 target price for the company. The Goldman Sachs Group decreased their price target on shares of Vertex from $64.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Robert W. Baird decreased their price target on Vertex from $62.00 to $45.00 and set an "outperform" rating on the stock in a research note on Friday, February 28th. Finally, DA Davidson reduced their price target on shares of Vertex from $55.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Four equities research 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 company. Based on data from MarketBeat.com, Vertex presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.73.

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.