Vertex, Inc. (NASDAQ:VERX) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Vertex, Inc. (NASDAQ:VERX) by 22.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,082 shares of the company’s stock after acquiring an additional 3,531 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Vertex were worth $668,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Versant Capital Management Inc purchased a new stake in shares of Vertex in the first quarter valued at about $28,000. Lazard Asset Management LLC grew its position in Vertex by 7,675.0% in the fourth quarter. Lazard Asset Management LLC now owns 2,488 shares of the company’s stock worth $132,000 after acquiring an additional 2,456 shares during the period. Neo Ivy Capital Management purchased a new position in Vertex in the first quarter worth approximately $97,000. Tower Research Capital LLC TRC grew its position in Vertex by 75.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,734 shares of the company’s stock worth $199,000 after acquiring an additional 1,604 shares during the period. Finally, IFP Advisors Inc purchased a new position in Vertex in the first quarter worth approximately $133,000. Institutional investors and hedge funds own 70.32% of the company’s stock.

Insider Buying and Selling

In other Vertex news, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the firm’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $35.24, for a total value of $508,337.00. Following the sale, the insider directly owned 173,074 shares in the company, valued at $6,099,127.76. This trade represents a 7.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey Westphal sold 3,000,000 shares of the firm’s 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 completion of 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 have sold a total of 3,520,170 shares of company stock valued at $134,479,744 in the last three months. 43.25% of the stock is currently owned by insiders.

Vertex Stock Down 18.1%

Shares of NASDAQ VERX opened at $27.10 on Thursday. The stock has a market cap of $4.30 billion, a P/E ratio of -93.45, a PEG ratio of 4.05 and a beta of 0.70. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.67. Vertex, Inc. has a 12-month low of $25.11 and a 12-month high of $60.71. The business’s fifty day simple moving average is $35.87 and its 200-day simple moving average is $39.55.

Vertex (NASDAQ:VERX) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01. The business had revenue of $184.56 million for the quarter, compared to analysts’ expectations of $184.60 million. Vertex had a positive return on equity of 28.14% and a negative net margin of 6.45%. The company’s revenue for the quarter was up 14.6% compared to the same quarter last year. During the same period last year, the firm earned $0.15 earnings per share. As a group, equities analysts predict that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on VERX. Piper Sandler began coverage on Vertex in a research report on Monday, June 16th. They issued an “overweight” rating and a $48.00 price objective for the company. Morgan Stanley lowered their price objective on Vertex from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. BNP Paribas began coverage on Vertex in a research report on Tuesday, April 22nd. They issued an “outperform” rating and a $54.00 price objective for the company. DA Davidson upgraded Vertex to a “strong-buy” rating in a research report on Tuesday, July 22nd. Finally, Needham & Company LLC lowered their price objective on Vertex from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Vertex currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.67.

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.