Triasima Portfolio Management inc. Purchases New Stake in Vertex, Inc. (NASDAQ:VERX)

Triasima Portfolio Management inc. purchased a new stake in Vertex, Inc. (NASDAQ:VERX) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 58,761 shares of the company’s stock, valued at approximately $3,135,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in VERX. Brown Capital Management LLC acquired a new stake in shares of Vertex in the third quarter valued at approximately $20,938,000. Premier Fund Managers Ltd grew its position in Vertex by 787.0% in the third quarter. Premier Fund Managers Ltd now owns 524,775 shares of the company’s stock worth $19,280,000 after acquiring an additional 465,610 shares during the period. abrdn plc grew its position in Vertex by 74.9% in the fourth quarter. abrdn plc now owns 1,029,177 shares of the company’s stock worth $55,035,000 after acquiring an additional 440,832 shares during the period. Geneva Capital Management LLC grew its position in Vertex by 40.1% in the third quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company’s stock worth $55,863,000 after acquiring an additional 414,945 shares during the period. Finally, State Street Corp grew its position in Vertex by 36.4% in the third quarter. State Street Corp now owns 1,361,901 shares of the company’s stock worth $52,447,000 after acquiring an additional 363,595 shares during the period. Institutional investors and hedge funds own 70.32% of the company’s stock.

Insider Buying and Selling at Vertex

In other Vertex news, major shareholder Jeffrey Westphal sold 2,485,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $48.90, for a total value of $121,516,500.00. Following the sale, the insider now directly owns 7,895 shares in the company, valued at $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 Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Richard Stamm sold 2,500 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $53.81, for a total value of $134,525.00. Following the completion of the sale, the director now owns 15,535 shares in the company, valued at approximately $835,938.35. This represents a 13.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,605,417 shares of company stock worth $180,941,809 over the last ninety days. Corporate insiders own 44.58% of the company’s stock.

Vertex Stock Down 0.4 %

Shares of NASDAQ VERX opened at $57.91 on Friday. The stock has a market cap of $9.03 billion, a P/E ratio of 321.72, a PEG ratio of 8.46 and a beta of 0.78. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29. Vertex, Inc. has a 12-month low of $24.17 and a 12-month high of $60.71. The business’s fifty day simple moving average is $54.89 and its 200-day simple moving average is $45.79.

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. DA Davidson assumed coverage on Vertex in a research report on Tuesday, December 31st. They issued a “buy” rating and a $62.00 price objective for the company. Needham & Company LLC increased their price objective on Vertex from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. JMP Securities restated a “market outperform” rating and set a $61.00 price target on shares of Vertex in a research report on Monday, December 9th. Stifel Nicolaus raised their price target on Vertex from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Finally, Jefferies Financial Group upgraded Vertex from a “hold” rating to a “buy” rating and raised their price target for the stock from $35.00 to $50.00 in a research report on Monday, November 4th. Four equities research 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $55.36.

Vertex Company 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.