Cannon Global Investment Management LLC Makes New Investment in Vertex, Inc. (NASDAQ:VERX)

Cannon Global Investment Management LLC bought a new position in shares of Vertex, Inc. (NASDAQ:VERX) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 18,000 shares of the company’s stock, valued at approximately $693,000. Vertex makes up about 1.1% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 21st largest position.

Several other institutional investors also recently made changes to their positions in VERX. Blue Trust Inc. purchased a new stake in shares of Vertex during the 2nd quarter worth $28,000. Quest Partners LLC purchased a new stake in shares of Vertex in the 2nd quarter worth about $37,000. Canada Pension Plan Investment Board purchased a new stake in shares of Vertex in the 2nd quarter worth about $40,000. Amalgamated Bank purchased a new stake in shares of Vertex in the 2nd quarter worth about $68,000. Finally, Sandia Investment Management LP purchased a new stake in shares of Vertex in the 1st quarter worth about $159,000. 59.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Baird R W upgraded shares of Vertex to a “strong-buy” rating in a research report on Tuesday, July 23rd. JMP Securities boosted their price objective on shares of Vertex from $42.00 to $47.00 and gave the stock a “market outperform” rating in a research report on Wednesday, July 31st. Finally, Robert W. Baird started coverage on shares of Vertex in a research report on Tuesday, July 23rd. They issued an “outperform” rating and a $43.00 price objective on the stock. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.30.

Insider Buying and Selling

In related news, insider Item Second Irr. Trust Fbo Jac sold 56,419 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $40.77, for a total transaction of $2,300,202.63. Following the completion of the sale, the insider now owns 932,706 shares of the company’s stock, valued at approximately $38,026,423.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Item Second Irr. Trust Fbo Jac sold 56,419 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $40.77, for a total transaction of $2,300,202.63. Following the completion of the sale, the insider now owns 932,706 shares of the company’s stock, valued at approximately $38,026,423.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Jeffrey Westphal sold 1,225,000 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $39.42, for a total transaction of $48,289,500.00. Following the sale, the insider now directly owns 7,895 shares of the company’s stock, valued at approximately $311,220.90. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,629,244 shares of company stock valued at $64,039,589. 44.58% of the stock is currently owned by corporate insiders.

Vertex Trading Up 1.6 %

Shares of NASDAQ VERX traded up $0.66 on Friday, reaching $42.17. 367,529 shares of the company traded hands, compared to its average volume of 612,990. Vertex, Inc. has a fifty-two week low of $21.92 and a fifty-two week high of $43.33. The company has a 50 day moving average of $39.16 and a 200 day moving average of $36.00. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 1.43. The stock has a market capitalization of $6.56 billion, a PE ratio of 351.42, a P/E/G ratio of 11.86 and a beta of 0.67.

Vertex (NASDAQ:VERX) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. Vertex had a net margin of 3.20% and a return on equity of 22.32%. The company had revenue of $161.10 million during the quarter, compared to the consensus estimate of $160.66 million. During the same quarter in the prior year, the company posted $0.04 EPS. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. On average, equities research analysts forecast that Vertex, Inc. will post 0.34 earnings per share for the current fiscal year.

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.