Teacher Retirement System of Texas Buys New Holdings in Vertex, Inc. (NASDAQ:VERX)

Teacher Retirement System of Texas bought a new stake in shares of Vertex, Inc. (NASDAQ:VERX) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,680 shares of the company’s stock, valued at approximately $339,000.

Other institutional investors also recently bought and sold shares of the company. Mark Sheptoff Financial Planning LLC purchased a new stake in Vertex in the 4th quarter worth approximately $40,000. Versant Capital Management Inc purchased a new stake in Vertex in the 1st quarter worth approximately $28,000. Lazard Asset Management LLC lifted its holdings in Vertex by 7,675.0% in the 4th quarter. Lazard Asset Management LLC now owns 2,488 shares of the company’s stock worth $132,000 after buying an additional 2,456 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Vertex by 75.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,734 shares of the company’s stock worth $199,000 after buying an additional 1,604 shares during the period. Finally, EntryPoint Capital LLC purchased a new stake in Vertex in the 4th quarter worth approximately $201,000. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Stock Down 1.0%

VERX stock opened at $35.10 on Friday. Vertex, Inc. has a twelve month low of $30.26 and a twelve month high of $60.71. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.67. The firm has a market cap of $5.56 billion, a PE ratio of -121.03, a price-to-earnings-growth ratio of 4.40 and a beta of 0.71. The business has a 50 day moving average of $37.15 and a 200 day moving average of $41.33.

Vertex (NASDAQ:VERX) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. Vertex had a positive return on equity of 28.14% and a negative net margin of 6.45%. The company had revenue of $177.06 million during the quarter, compared to analyst estimates of $176.99 million. During the same quarter last year, the company earned $0.15 EPS. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts forecast that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Vertex news, CAO Ryan J. Leib sold 5,755 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $38.00, for a total transaction of $218,690.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jeffrey Westphal sold 3,000,000 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $38.45, for a total value of $115,350,000.00. Following the sale, the insider owned 7,895 shares in the company, valued at approximately $303,562.75. This represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,520,170 shares of company stock worth $134,479,744 in the last 90 days. Corporate insiders own 43.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on VERX. BNP Paribas began coverage on Vertex in a report on Tuesday, April 22nd. They issued an “outperform” rating and a $54.00 price objective for the company. Citigroup increased their price objective on Vertex from $39.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday. Morgan Stanley decreased their target price on Vertex from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Piper Sandler began coverage on Vertex in a research report on Monday, June 16th. They issued an “overweight” rating and a $48.00 target price for the company. Finally, DA Davidson decreased their target price on Vertex from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.33.

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.