Voya Investment Management LLC Raises Holdings in Vertex, Inc. $VERX

Voya Investment Management LLC increased its holdings in Vertex, Inc. (NASDAQ:VERX) by 41.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 169,468 shares of the company’s stock after acquiring an additional 49,430 shares during the period. Voya Investment Management LLC owned approximately 0.11% of Vertex worth $5,933,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in VERX. Versant Capital Management Inc purchased a new position in Vertex in the first quarter worth approximately $28,000. Advisors Asset Management Inc. grew its position in Vertex by 25.7% in the first quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock worth $68,000 after acquiring an additional 395 shares during the period. US Bancorp DE grew its position in Vertex by 88.1% in the first quarter. US Bancorp DE now owns 2,024 shares of the company’s stock worth $71,000 after acquiring an additional 948 shares during the period. Neo Ivy Capital Management purchased a new position in Vertex in the first quarter worth approximately $97,000. Finally, Lazard Asset Management LLC boosted its position in shares of Vertex by 7,675.0% during the fourth 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. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Vertex

In other news, insider Item Second Irr. Trust Fbo Ann sold 14,425 shares of the business’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $35.24, for a total transaction of $508,337.00. Following the sale, the insider owned 173,074 shares of the company’s stock, valued at $6,099,127.76. The trade was a 7.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 43.25% of the stock is owned by company insiders.

Vertex Price Performance

Shares of VERX opened at $25.64 on Friday. Vertex, Inc. has a twelve month low of $23.13 and a twelve month high of $60.71. The stock’s 50 day moving average is $28.58 and its two-hundred day moving average is $34.11. The firm has a market capitalization of $4.09 billion, a PE ratio of -77.69, a P/E/G ratio of 5.21 and a beta of 0.67. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.36.

Vertex (NASDAQ:VERX) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Vertex had a positive return on equity of 27.16% and a negative net margin of 7.09%.The company had revenue of $184.56 million for the quarter, compared to analyst estimates of $184.60 million. During the same quarter in the previous year, the company earned $0.15 EPS. The firm’s revenue for the quarter was up 14.6% compared to the same quarter last year. Research analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on VERX shares. Bank of America reduced their price objective on Vertex from $42.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 8th. Piper Sandler started coverage on Vertex in a research note on Monday, June 16th. They issued an “overweight” rating and a $48.00 price objective on the stock. JMP Securities set a $50.00 price objective on Vertex and gave the company a “market outperform” rating in a research note on Thursday, August 7th. The Goldman Sachs Group set a $43.00 price objective on Vertex and gave the company a “buy” rating in a research note on Thursday, August 7th. Finally, DA Davidson cut Vertex from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $43.69.

About Vertex

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.