Vertex (NASDAQ:VERX) Stock Price Down 5.7% Following Insider Selling

Vertex, Inc. (NASDAQ:VERX - Get Free Report)'s stock price traded down 5.7% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $33.75 and last traded at $33.36. 294,249 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 1,045,987 shares. The stock had previously closed at $35.36.

Specifically, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the 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 completion of the sale, the insider now directly owns 173,074 shares in the company, valued at $6,099,127.76. This represents a 7.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Item Second Irr. Trust Fbo Ann sold 8,832 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $35.12, for a total transaction of $310,179.84. Following the transaction, the insider now owns 188,009 shares in the company, valued at $6,602,876.08. The trade was a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. BNP Paribas began coverage on shares of Vertex in a report on Tuesday, April 22nd. They issued an "outperform" rating and a $54.00 price objective for the company. Stifel Nicolaus cut shares of Vertex from a "buy" rating to a "hold" rating and dropped their price target for the company from $58.00 to $31.00 in a research note on Friday, February 28th. DA Davidson cut their price target on shares of Vertex from $55.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Piper Sandler began coverage on shares of Vertex in a research report on Monday, June 16th. They set an "overweight" rating and a $48.00 price target on the stock. Finally, Robert W. Baird lowered their price objective on Vertex from $62.00 to $45.00 and set an "outperform" rating for the company in a research report on Friday, February 28th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Vertex has a consensus rating of "Moderate Buy" and a consensus target price of $50.50.

Vertex Stock Down 5.8%

The company has a market cap of $5.28 billion, a price-to-earnings ratio of -114.87, a price-to-earnings-growth ratio of 4.33 and a beta of 0.75. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.98 and a current ratio of 0.98. The business has a 50-day simple moving average of $38.53 and a 200-day simple moving average of $43.54.

Vertex (NASDAQ:VERX - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.02. Vertex had a negative net margin of 6.45% and a positive return on equity of 28.14%. The company had revenue of $177.06 million during the quarter, compared to the consensus estimate of $176.99 million. During the same quarter in the previous year, the firm earned $0.15 earnings per share. The firm's quarterly revenue was up 12.9% on a year-over-year basis. On average, equities analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vertex

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. D. E. Shaw & Co. Inc. raised its stake in Vertex by 28.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 54,115 shares of the company's stock worth $2,887,000 after acquiring an additional 11,966 shares in the last quarter. Norris Perne & French LLP MI purchased a new position in shares of Vertex during the first quarter worth about $8,203,000. Callan Family Office LLC acquired a new stake in shares of Vertex during the fourth quarter worth about $534,000. Bank Julius Baer & Co. Ltd Zurich grew its position in shares of Vertex by 12.8% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 215,102 shares of the company's stock worth $11,522,000 after acquiring an additional 24,383 shares during the last quarter. Finally, Sei Investments Co. grew its position in shares of Vertex by 9.4% during the fourth quarter. Sei Investments Co. now owns 86,284 shares of the company's stock worth $4,603,000 after acquiring an additional 7,430 shares during the last quarter. 70.32% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.