KLP Kapitalforvaltning AS Reduces Stock Position in Vertex, Inc. $VERX

KLP Kapitalforvaltning AS reduced its holdings in shares of Vertex, Inc. (NASDAQ:VERX) by 7.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,700 shares of the company’s stock after selling 1,200 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Vertex were worth $519,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Envestnet Asset Management Inc. increased its holdings in Vertex by 25.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 224,762 shares of the company’s stock worth $7,869,000 after acquiring an additional 45,494 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Vertex by 3,751.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,087 shares of the company’s stock worth $283,000 after buying an additional 7,877 shares during the last quarter. Geneva Capital Management LLC increased its holdings in shares of Vertex by 42.1% in the 1st quarter. Geneva Capital Management LLC now owns 2,043,205 shares of the company’s stock worth $71,533,000 after buying an additional 605,617 shares during the last quarter. Advantage Alpha Capital Partners LP bought a new position in shares of Vertex in the 1st quarter worth $4,168,000. Finally, Banco Santander S.A. boosted its stake in shares of Vertex by 50.9% in the 1st quarter. Banco Santander S.A. now owns 350,000 shares of the company’s stock valued at $12,254,000 after purchasing an additional 118,000 shares in the last quarter. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Trading Down 0.2%

NASDAQ:VERX opened at $24.33 on Friday. The company has a 50-day moving average price of $25.05 and a 200-day moving average price of $32.71. Vertex, Inc. has a 12 month low of $23.13 and a 12 month high of $60.71. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.36. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of -73.73, a P/E/G ratio of 5.02 and a beta of 0.63.

Vertex (NASDAQ:VERX) last posted its earnings results on Wednesday, August 6th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.14 by $0.01. Vertex had a negative net margin of 7.09% and a positive return on equity of 27.16%. The firm had revenue of $184.56 million during the quarter, compared to analysts’ expectations of $184.60 million. During the same period last year, the company posted $0.15 EPS. The company’s quarterly revenue was up 14.6% compared to the same quarter last year. Equities analysts predict that Vertex, Inc. will post 0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on VERX. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Vertex in a research note on Wednesday, October 8th. Bank of America cut their price objective on shares of Vertex from $42.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, August 8th. The Goldman Sachs Group set a $43.00 price target on shares of Vertex and gave the company a “buy” rating in a research report on Thursday, August 7th. Stephens began coverage on shares of Vertex in a research report on Friday, September 26th. They set an “overweight” rating and a $30.00 price target for the company. Finally, Needham & Company LLC dropped their price target on shares of Vertex from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.71.

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.