David Destefano Sells 159,107 Shares of Vertex, Inc. (NASDAQ:VERX) Stock

Vertex, Inc. (NASDAQ:VERX) CEO David Destefano sold 159,107 shares of Vertex stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $49.61, for a total transaction of $7,893,298.27. Following the completion of the transaction, the chief executive officer now directly owns 332,290 shares of the company’s stock, valued at approximately $16,484,906.90. This represents a 32.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

David Destefano also recently made the following trade(s):

• On Monday, November 18th, David Destefano sold 22,275 shares of Vertex stock. The shares were sold at an average price of $49.55, for a total transaction of $1,103,726.25.

Vertex Price Performance

Shares of NASDAQ VERX opened at $51.20 on Wednesday. Vertex, Inc. has a fifty-two week low of $23.31 and a fifty-two week high of $52.93. The firm’s 50-day simple moving average is $42.04 and its 200 day simple moving average is $37.73. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.29. The stock has a market cap of $7.99 billion, a P/E ratio of 284.44, a P/E/G ratio of 9.22 and a beta of 0.67.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.14 by $0.02. Vertex had a net margin of 4.73% and a return on equity of 24.92%. The firm had revenue of $170.40 million for the quarter, compared to analysts’ expectations of $165.70 million. During the same period in the previous year, the business earned $0.06 earnings per share. Vertex’s revenue for the quarter was up 17.5% compared to the same quarter last year. Equities analysts expect that Vertex, Inc. will post 0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VERX. Jefferies Financial Group raised shares of Vertex from a “hold” rating to a “buy” rating and boosted their price target for the company from $35.00 to $50.00 in a report on Monday, November 4th. The Goldman Sachs Group boosted their price target on shares of Vertex from $42.00 to $59.00 and gave the company a “buy” rating in a report on Thursday, November 7th. JMP Securities boosted their price target on shares of Vertex from $47.00 to $61.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Stifel Nicolaus boosted their price target on shares of Vertex from $41.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Morgan Stanley boosted their price target on shares of Vertex from $50.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Vertex presently has a consensus rating of “Moderate Buy” and an average price target of $52.30.

Institutional Investors Weigh In On Vertex

Hedge funds and other institutional investors have recently bought and sold shares of the business. Silvercrest Asset Management Group LLC raised its position in Vertex by 13.6% in the first quarter. Silvercrest Asset Management Group LLC now owns 712,926 shares of the company’s stock worth $22,643,000 after acquiring an additional 85,237 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in Vertex in the second quarter worth about $22,173,000. Quadrature Capital Ltd raised its position in Vertex by 24.7% in the first quarter. Quadrature Capital Ltd now owns 92,167 shares of the company’s stock worth $2,927,000 after acquiring an additional 18,258 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Vertex by 10.0% in the second quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company’s stock worth $8,940,000 after acquiring an additional 22,514 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new stake in Vertex during the 2nd quarter worth about $1,824,000. 59.10% of the stock is currently 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.