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

Vertex, Inc. (NASDAQ:VERXGet Free Report)’s stock price was down 5.7% during trading on Wednesday following insider selling activity. The stock traded as low as $33.75 and last traded at $33.36. Approximately 294,249 shares traded hands during mid-day trading, a decline of 72% from the average daily 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 that occurred on Tuesday, June 24th. The stock was sold at an average price of $35.24, for a total transaction of $508,337.00. Following the completion of the transaction, the insider now directly owns 173,074 shares of the company’s stock, valued at approximately $6,099,127.76. This represents a 7.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Item Second Irr. Trust Fbo Ann sold 8,832 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $35.12, for a total value of $310,179.84. Following the transaction, the insider now directly owns 188,009 shares of the company’s stock, valued at $6,602,876.08. This trade represents 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 research analysts recently commented on VERX shares. Morgan Stanley reduced their price target on Vertex from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Jefferies Financial Group dropped their price objective on Vertex from $62.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Piper Sandler assumed coverage on Vertex in a research note on Monday, June 16th. They issued an “overweight” rating and a $48.00 price objective on the stock. Robert W. Baird dropped their price objective 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, The Goldman Sachs Group dropped their price objective on Vertex from $64.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.50.

Read Our Latest Stock Analysis on Vertex

Vertex Stock Performance

The firm has a market capitalization of $5.30 billion, a price-to-earnings ratio of -115.34, a PEG ratio of 4.39 and a beta of 0.75. The company has a fifty day moving average of $38.42 and a two-hundred day moving average of $43.47. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.98 and a current ratio of 0.98.

Vertex (NASDAQ:VERXGet Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. The business had revenue of $177.06 million during the quarter, compared to analysts’ expectations of $176.99 million. Vertex had a positive return on equity of 28.14% and a negative net margin of 6.45%. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the firm posted $0.15 EPS. As a group, equities research analysts predict that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Institutional Trading of Vertex

Hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc bought a new position in Vertex during the 1st quarter worth $28,000. Steward Partners Investment Advisory LLC bought a new position in Vertex during the 4th quarter worth $38,000. Mark Sheptoff Financial Planning LLC bought a new position in Vertex during the 4th quarter worth $40,000. Plato Investment Management Ltd bought a new position in Vertex during the 4th quarter worth $41,000. Finally, Advisors Asset Management Inc. increased its stake in Vertex by 25.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock worth $68,000 after acquiring an additional 395 shares during the period. 70.32% of the stock is owned by institutional investors and hedge funds.

Vertex Company Profile

(Get Free Report)

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.

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