Envestnet Asset Management Inc. Buys 45,494 Shares of Vertex, Inc. (NASDAQ:VERX)

Envestnet Asset Management Inc. grew its stake in Vertex, Inc. (NASDAQ:VERX) by 25.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,762 shares of the company’s stock after acquiring an additional 45,494 shares during the period. Envestnet Asset Management Inc. owned 0.14% of Vertex worth $7,869,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of VERX. Summit Investment Advisors Inc. raised its position in shares of Vertex by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,678 shares of the company’s stock valued at $303,000 after buying an additional 361 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Vertex by 8.3% in the fourth quarter. Cetera Investment Advisers now owns 7,645 shares of the company’s stock valued at $408,000 after buying an additional 588 shares in the last quarter. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Vertex in the fourth quarter valued at approximately $40,000. Versant Capital Management Inc acquired a new stake in shares of Vertex in the first quarter valued at approximately $28,000. Finally, Nicolet Advisory Services LLC raised its position in Vertex by 12.8% during the fourth quarter. Nicolet Advisory Services LLC now owns 8,746 shares of the company’s stock valued at $456,000 after purchasing an additional 991 shares in the last quarter. Institutional investors own 70.32% of the company’s stock.

Insider Buying and Selling at Vertex

In other news, insider Item Second Irr. Trust Fbo Ann sold 157,874 shares of the business’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $35.93, for a total transaction of $5,672,412.82. Following the completion of the transaction, the insider directly owned 196,841 shares in the company, valued at $7,072,497.13. The trade was a 44.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey Westphal sold 3,000,000 shares of the business’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $38.45, for a total transaction of $115,350,000.00. Following the transaction, the insider owned 7,895 shares of the company’s stock, valued at $303,562.75. This trade represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,520,170 shares of company stock valued at $134,479,744 over the last 90 days. 43.25% of the stock is currently owned by corporate insiders.

Vertex Price Performance

Vertex stock opened at $34.86 on Tuesday. Vertex, Inc. has a 52 week low of $30.26 and a 52 week high of $60.71. The company’s 50 day moving average price is $37.15 and its two-hundred day moving average price is $41.16. 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 stock has a market cap of $5.52 billion, a P/E ratio of -120.20, a P/E/G ratio of 4.36 and a beta of 0.71.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. Vertex had a negative net margin of 6.45% and a positive return on equity of 28.14%. 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 business posted $0.15 EPS. Vertex’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, equities analysts predict that Vertex, Inc. will post 0.38 earnings per share for the current year.

Wall Street Analyst Weigh In

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