Vertex, Inc. (NASDAQ:VERX) Major Shareholder Sells $56,715,000.00 in Stock

Vertex, Inc. (NASDAQ:VERX) major shareholder Jeffrey Westphal sold 1,500,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $37.81, for a total value of $56,715,000.00. Following the sale, the insider now owns 1,054,641 shares of the company’s stock, valued at $39,875,976.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Jeffrey Westphal also recently made the following trade(s):

• On Wednesday, June 5th, Jeffrey Westphal sold 1,500,000 shares of Vertex stock. The stock was sold at an average price of $32.93, for a total value of $49,395,000.00.

Vertex Stock Down 5.7 %

Shares of VERX traded down $2.28 during mid-day trading on Wednesday, reaching $37.73. The company’s stock had a trading volume of 1,271,505 shares, compared to its average volume of 794,359. Vertex, Inc. has a 12-month low of $17.59 and a 12-month high of $40.04. The stock has a market cap of $5.85 billion, a PE ratio of 960.00, a price-to-earnings-growth ratio of 19.55 and a beta of 0.69. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.60. The company’s 50 day moving average is $34.97 and its 200 day moving average is $30.60.

Vertex (NASDAQ:VERX) last announced its earnings results on Wednesday, May 8th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.01). Vertex had a net margin of 1.29% and a return on equity of 18.67%. The company had revenue of $156.78 million during the quarter, compared to analysts’ expectations of $155.50 million. Equities analysts anticipate that Vertex, Inc. will post 0.19 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. JMP Securities reiterated a “market outperform” rating and issued a $42.00 target price on shares of Vertex in a research note on Tuesday, April 23rd. Robert W. Baird assumed coverage on Vertex in a research note on Tuesday. They issued an “outperform” rating and a $43.00 target price on the stock. Citigroup lifted their target price on Vertex from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Needham & Company LLC reiterated a “buy” rating and issued a $45.00 target price on shares of Vertex in a research note on Thursday, June 13th. Finally, Baird R W raised Vertex to a “strong-buy” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Vertex presently has a consensus rating of “Moderate Buy” and an average price target of $36.80.

Hedge Funds Weigh In On Vertex

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. acquired a new stake in Vertex during the second quarter valued at approximately $28,000. Ellsworth Advisors LLC lifted its stake in shares of Vertex by 6.6% in the 2nd quarter. Ellsworth Advisors LLC now owns 16,010 shares of the company’s stock valued at $577,000 after purchasing an additional 992 shares during the period. PICTET BANK & TRUST Ltd bought a new stake in shares of Vertex in the 2nd quarter valued at $278,000. Bank Pictet & Cie Asia Ltd. bought a new position in Vertex during the 2nd quarter worth about $389,000. Finally, Moody National Bank Trust Division grew its holdings in shares of Vertex by 19.7% in the 2nd quarter. Moody National Bank Trust Division now owns 30,369 shares of the company’s stock valued at $1,095,000 after acquiring an additional 5,000 shares in the last quarter. 59.10% of the stock is owned by institutional investors.

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.