Arrowstreet Capital Limited Partnership Increases Stock Holdings in Vertex, Inc. $VERX

Arrowstreet Capital Limited Partnership increased its position in shares of Vertex, Inc. (NASDAQ:VERX) by 58.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 308,435 shares of the company’s stock after buying an additional 114,384 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.19% of Vertex worth $10,899,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. New York State Common Retirement Fund raised its position in Vertex by 42.6% in the second quarter. New York State Common Retirement Fund now owns 878,074 shares of the company’s stock valued at $31,027,000 after purchasing an additional 262,144 shares during the period. DLD Asset Management LP purchased a new position in Vertex in the 2nd quarter valued at approximately $300,348,000. Russell Investments Group Ltd. grew its stake in shares of Vertex by 10,910.6% in the second quarter. Russell Investments Group Ltd. now owns 13,543 shares of the company’s stock worth $479,000 after acquiring an additional 13,420 shares in the last quarter. Inceptionr LLC acquired a new position in shares of Vertex in the second quarter worth $626,000. Finally, North Star Asset Management Inc. increased its position in shares of Vertex by 14.4% during the second quarter. North Star Asset Management Inc. now owns 131,952 shares of the company’s stock worth $4,663,000 after acquiring an additional 16,578 shares during the period. 70.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

VERX has been the topic of a number of recent analyst reports. Citizens Jmp dropped their price objective on shares of Vertex from $50.00 to $37.00 and set a “market outperform” rating on the stock in a research report on Tuesday, November 4th. Robert W. Baird set a $25.00 price objective on Vertex in a research report on Tuesday, November 4th. Needham & Company LLC reduced their target price on shares of Vertex from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, November 4th. Piper Sandler reduced their price target on Vertex from $42.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, November 4th. Finally, DA Davidson lowered their price target on Vertex from $29.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, November 4th. Twelve investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.60.

Vertex Price Performance

Shares of NASDAQ VERX opened at $19.62 on Wednesday. The business has a 50-day moving average of $22.06 and a 200-day moving average of $28.14. Vertex, Inc. has a 1-year low of $18.54 and a 1-year high of $60.71. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of -56.06, a PEG ratio of 3.92 and a beta of 0.68.

Vertex (NASDAQ:VERX) last released its quarterly earnings results on Monday, November 3rd. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.16 by $0.01. Vertex had a positive return on equity of 26.84% and a negative net margin of 7.32%.The business had revenue of $192.11 million for the quarter, compared to analysts’ expectations of $191.62 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The company’s revenue was up 12.7% compared to the same quarter last year. On average, equities analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Vertex declared that its Board of Directors has approved a share buyback program on Monday, November 3rd that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.