Bank of New York Mellon Corp Cuts Position in Vertex, Inc. (NASDAQ:VERX)

Bank of New York Mellon Corp cut its stake in Vertex, Inc. (NASDAQ:VERX) by 24.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 175,985 shares of the company’s stock after selling 58,289 shares during the quarter. Bank of New York Mellon Corp owned about 0.11% of Vertex worth $6,161,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Raymond James Financial Inc. purchased a new position in Vertex during the 4th quarter worth $595,000. Cibc World Markets Corp purchased a new stake in shares of Vertex during the fourth quarter valued at $271,000. Xponance Inc. purchased a new stake in shares of Vertex during the fourth quarter valued at $207,000. Sei Investments Co. grew its holdings in shares of Vertex by 9.4% during the fourth quarter. Sei Investments Co. now owns 86,284 shares of the company’s stock valued at $4,603,000 after buying an additional 7,430 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Vertex during the fourth quarter valued at $667,000. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on VERX. DA Davidson upgraded Vertex to a “strong-buy” rating in a research note on Tuesday. BNP Paribas began coverage on Vertex in a research note on Tuesday, April 22nd. They set an “outperform” rating and a $54.00 price target on the stock. Morgan Stanley dropped their price target on Vertex from $60.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Piper Sandler assumed coverage on Vertex in a research note on Monday, June 16th. They set an “overweight” rating and a $48.00 price target on the stock. Finally, Citigroup boosted 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. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.33.

Vertex Price Performance

NASDAQ:VERX opened at $35.91 on Thursday. Vertex, Inc. has a one year low of $30.26 and a one year high of $60.71. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market cap of $5.69 billion, a PE ratio of -123.82, a P/E/G ratio of 4.34 and a beta of 0.71. The stock has a 50 day moving average price of $36.99 and a 200 day moving average price of $40.97.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.13 by $0.02. The firm 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 business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.15 earnings per share. Equities research analysts expect that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Insider Transactions at Vertex

In related news, insider Jeffrey Westphal sold 3,000,000 shares of Vertex stock in a transaction on Monday, June 9th. The stock was sold at an average price of $38.45, for a total value of $115,350,000.00. Following the completion of the transaction, the insider directly owned 7,895 shares in the company, valued at approximately $303,562.75. This trade represents a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the firm’s stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $35.24, for a total transaction of $508,337.00. Following the completion of the sale, the insider owned 173,074 shares in the company, valued at $6,099,127.76. The trade was a 7.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,520,170 shares of company stock valued at $134,479,744. Corporate insiders own 43.25% of the company’s stock.

Vertex Company 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.