abrdn plc Increases Holdings in Vertex, Inc. (NASDAQ:VERX)

abrdn plc boosted its position in Vertex, Inc. (NASDAQ:VERX) by 74.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,029,177 shares of the company’s stock after purchasing an additional 440,832 shares during the period. abrdn plc owned about 0.66% of Vertex worth $55,035,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. raised its stake in shares of Vertex by 406.9% during the 3rd quarter. Victory Capital Management Inc. now owns 34,386 shares of the company’s stock worth $1,324,000 after buying an additional 27,602 shares during the last quarter. DRW Securities LLC purchased a new position in Vertex during the 3rd quarter valued at about $840,000. Charles Schwab Investment Management Inc. raised its position in Vertex by 5.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 432,068 shares of the company’s stock worth $16,639,000 after acquiring an additional 23,086 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Vertex by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,275,283 shares of the company’s stock valued at $49,121,000 after purchasing an additional 37,592 shares in the last quarter. Finally, Brown Capital Management LLC acquired a new stake in shares of Vertex in the third quarter valued at approximately $20,938,000. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on VERX shares. BMO Capital Markets lifted their price objective on Vertex from $42.00 to $52.00 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. Jefferies Financial Group raised Vertex from a “hold” rating to a “buy” rating and boosted their price target for the stock from $35.00 to $50.00 in a report on Monday, November 4th. Robert W. Baird increased their price objective on Vertex from $43.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. DA Davidson initiated coverage on shares of Vertex in a research note on Tuesday, December 31st. They issued a “buy” rating and a $62.00 target price for the company. Finally, Needham & Company LLC upped their target price on shares of Vertex from $45.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.36.

Insider Transactions at Vertex

In related news, major shareholder Jeffrey Westphal sold 2,485,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $48.90, for a total value of $121,516,500.00. Following the transaction, the insider now owns 7,895 shares in the company, valued at approximately $386,065.50. This trade represents a 99.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Item Second Irr. Trust Fbo Kyl sold 53,843 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $56.48, for a total transaction of $3,041,052.64. Following the sale, the insider now owns 1,229,257 shares of the company’s stock, valued at approximately $69,428,435.36. This represents a 4.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,632,062 shares of company stock worth $182,311,362 in the last three months. 44.58% of the stock is currently owned by company insiders.

Vertex Stock Performance

Shares of VERX stock opened at $57.22 on Wednesday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $8.92 billion, a price-to-earnings ratio of 317.89, a price-to-earnings-growth ratio of 8.46 and a beta of 0.78. Vertex, Inc. has a one year low of $24.17 and a one year high of $60.00. The company has a 50 day moving average price of $54.74 and a 200 day moving average price of $45.62.

Vertex (NASDAQ:VERX) last issued its earnings results on Wednesday, November 6th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.02. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The business had revenue of $170.40 million for the quarter, compared to analyst estimates of $165.70 million. During the same period last year, the company posted $0.06 EPS. The business’s quarterly revenue was up 17.5% on a year-over-year basis. Sell-side analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current year.

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.