David Destefano Sells 216,268 Shares of Vertex, Inc. (NASDAQ:VERX) Stock

Vertex, Inc. (NASDAQ:VERX) CEO David Destefano sold 216,268 shares of Vertex stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $55.04, for a total value of $11,903,390.72. Following the completion of the transaction, the chief executive officer now directly owns 293,345 shares in the company, valued at approximately $16,145,708.80. This represents a 42.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

David Destefano also recently made the following trade(s):

• On Tuesday, November 26th, David Destefano sold 25,607 shares of Vertex stock. The stock was sold at an average price of $55.05, for a total transaction of $1,409,665.35.
• On Monday, November 18th, David Destefano sold 22,275 shares of Vertex stock. The stock was sold at an average price of $49.55, for a total transaction of $1,103,726.25.
• On Thursday, November 14th, David Destefano sold 159,107 shares of Vertex stock. The shares were sold at an average price of $49.61, for a total transaction of $7,893,298.27.

Vertex Trading Down 4.4 %

VERX opened at $52.39 on Friday. Vertex, Inc. has a fifty-two week low of $23.31 and a fifty-two week high of $57.74. The firm has a market capitalization of $8.17 billion, a PE ratio of 291.06, a P/E/G ratio of 10.30 and a beta of 0.77. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04. The company’s 50-day moving average is $48.17 and its 200 day moving average is $40.48.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.14 by $0.02. The firm had revenue of $170.40 million during the quarter, compared to the consensus estimate of $165.70 million. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The company’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.06 earnings per share. As a group, research analysts predict that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

VERX has been the topic of a number of recent analyst reports. JMP Securities reissued a “market outperform” rating and issued a $61.00 price objective on shares of Vertex in a research note on Monday, December 9th. Stifel Nicolaus boosted their price target on Vertex from $41.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group raised their price objective on shares of Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. BMO Capital Markets boosted their target price on shares of Vertex from $42.00 to $52.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley raised their price target on shares of Vertex from $50.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.30.

Hedge Funds Weigh In On Vertex

A number of hedge funds have recently bought and sold shares of the company. Banque Pictet & Cie SA lifted its position in shares of Vertex by 551.9% during the second quarter. Banque Pictet & Cie SA now owns 949,540 shares of the company’s stock valued at $34,231,000 after purchasing an additional 803,881 shares in the last quarter. Driehaus Capital Management LLC bought a new position in shares of Vertex during the 2nd quarter worth approximately $22,173,000. Brown Capital Management LLC bought a new position in shares of Vertex during the 3rd quarter worth approximately $20,938,000. Premier Fund Managers Ltd boosted its stake in shares of Vertex by 787.0% in the 3rd quarter. Premier Fund Managers Ltd now owns 524,775 shares of the company’s stock worth $19,280,000 after buying an additional 465,610 shares during the last quarter. Finally, Geneva Capital Management LLC grew its holdings in shares of Vertex by 40.1% in the third quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company’s stock valued at $55,863,000 after acquiring an additional 414,945 shares in the last quarter. 70.32% of the stock is owned by hedge funds and other institutional investors.

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.