Envestnet Asset Management Inc. Sells 7,323 Shares of Vertex, Inc. (NASDAQ:VERX)

Envestnet Asset Management Inc. reduced its position in Vertex, Inc. (NASDAQ:VERX) by 3.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 179,268 shares of the company’s stock after selling 7,323 shares during the quarter. Envestnet Asset Management Inc. owned 0.11% of Vertex worth $9,564,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Steward Partners Investment Advisory LLC purchased a new stake in Vertex in the fourth quarter worth approximately $38,000. Mark Sheptoff Financial Planning LLC bought a new position in shares of Vertex during the 4th quarter valued at $40,000. Plato Investment Management Ltd purchased a new position in Vertex in the 4th quarter worth $41,000. Armstrong Advisory Group Inc. bought a new stake in Vertex in the fourth quarter worth $50,000. Finally, Assetmark Inc. bought a new position in shares of Vertex during the fourth quarter valued at about $79,000. 70.32% of the stock is currently owned by institutional investors.

Insider Activity

In other Vertex news, General Counsel Bryan T.R. Rowland sold 43,228 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $35.98, for a total transaction of $1,555,343.44. Following the completion of the sale, the general counsel now directly owns 132 shares in the company, valued at approximately $4,749.36. This trade represents a 99.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Item Second Irr. Trust Fbo Kyl sold 53,843 shares of Vertex stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $56.48, for a total transaction of $3,041,052.64. Following the completion of the transaction, the insider now directly owns 1,229,257 shares of the company’s stock, valued at $69,428,435.36. This trade represents a 4.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 44.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on VERX shares. Raymond James restated a “market perform” rating on shares of Vertex in a report on Friday, January 3rd. Robert W. Baird dropped their price objective on Vertex from $62.00 to $45.00 and set an “outperform” rating for the company in a research note on Friday, February 28th. The Goldman Sachs Group lowered their price target on shares of Vertex from $64.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 3rd. DA Davidson cut their price target on shares of Vertex from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Vertex in a research report on Thursday, March 20th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.91.

Vertex Price Performance

Shares of NASDAQ VERX opened at $39.25 on Friday. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04. Vertex, Inc. has a 1 year low of $27.22 and a 1 year high of $60.71. The company’s 50-day moving average is $37.97 and its 200 day moving average is $46.35. The stock has a market capitalization of $6.21 billion, a P/E ratio of 218.06, a P/E/G ratio of 6.66 and a beta of 0.80.

Vertex (NASDAQ:VERX) last announced its earnings results on Thursday, February 27th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.03). Vertex had a return on equity of 24.92% and a net margin of 4.73%. The firm had revenue of $178.46 million during the quarter, compared to the consensus estimate of $176.90 million. On average, sell-side analysts expect that Vertex, Inc. will post 0.38 earnings per share for the current year.

Vertex Profile

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.