Jennison Associates LLC boosted its position in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 36.0% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 469,526 shares of the company's stock after acquiring an additional 124,169 shares during the quarter. Jennison Associates LLC owned about 0.30% of Vertex worth $18,081,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of VERX. Vanguard Group Inc. boosted its position in Vertex by 4.2% in the first quarter. Vanguard Group Inc. now owns 5,791,215 shares of the company's stock valued at $183,929,000 after buying an additional 235,407 shares during the last quarter. Geneva Capital Management LLC boosted its holdings in shares of Vertex by 40.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company's stock valued at $55,863,000 after acquiring an additional 414,945 shares during the last quarter. Banque Pictet & Cie SA increased its stake in shares of Vertex by 551.9% in the second quarter. Banque Pictet & Cie SA now owns 949,540 shares of the company's stock worth $34,231,000 after acquiring an additional 803,881 shares during the period. William Blair Investment Management LLC raised its holdings in shares of Vertex by 8.1% during the second quarter. William Blair Investment Management LLC now owns 782,715 shares of the company's stock worth $28,217,000 after purchasing an additional 58,678 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC raised its holdings in shares of Vertex by 13.6% during the first quarter. Silvercrest Asset Management Group LLC now owns 712,926 shares of the company's stock worth $22,643,000 after purchasing an additional 85,237 shares during the last quarter. 59.10% of the stock is owned by institutional investors and hedge funds.
NASDAQ:VERX opened at $53.83 on Friday. The company's 50-day moving average is $42.74 and its two-hundred day moving average is $37.94. Vertex, Inc. has a 1-year low of $23.31 and a 1-year high of $54.50. 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 has a market capitalization of $8.40 billion, a price-to-earnings ratio of 299.06, a PEG ratio of 9.61 and a beta of 0.67.
Vertex (NASDAQ:VERX - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. The firm had revenue of $170.40 million for the quarter, compared to analysts' expectations of $165.70 million. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The firm's quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.06 earnings per share. Analysts forecast that Vertex, Inc. will post 0.38 EPS for the current year.
Several brokerages have recently issued reports on VERX. Needham & Company LLC boosted their price objective on Vertex from $45.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, November 7th. JMP Securities raised their price objective on shares of Vertex from $47.00 to $61.00 and gave the stock a "market outperform" rating in a research note on Thursday, November 7th. Robert W. Baird boosted their target price on shares of Vertex from $43.00 to $57.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. The Goldman Sachs Group increased their target price on shares of Vertex from $42.00 to $59.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group raised Vertex from a "hold" rating to a "buy" rating and upped their price target for the stock from $35.00 to $50.00 in a report on Monday, November 4th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Vertex currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.30.
Check Out Our Latest Report on Vertex
In related news, major shareholder Jeffrey Westphal sold 2,485,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $48.90, for a total transaction of $121,516,500.00. Following the transaction, the insider now owns 7,895 shares of the company's stock, valued at approximately $386,065.50. This represents a 99.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Item Second Irr. Trust Fbo Kyl sold 40,966 shares of the firm's stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $52.16, for a total value of $2,136,786.56. Following the transaction, the insider now owns 1,389,134 shares of the company's stock, valued at $72,457,229.44. This trade represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,330,722 shares of company stock worth $197,009,011. 44.58% of the stock is currently owned by company insiders.
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 [email protected].
Before you consider Vertex, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Vertex wasn't on the list.
While Vertex currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.