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

Vertex, Inc. (NASDAQ:VERX) CEO David Destefano sold 216,268 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $55.04, for a total transaction of $11,903,390.72. Following the completion of the transaction, the chief executive officer now owns 293,345 shares of the company’s stock, valued at $16,145,708.80. This trade represents a 42.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 value of $1,409,665.35.
• On Monday, November 18th, David Destefano sold 22,275 shares of Vertex stock. The shares were 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 Stock Down 0.2 %

VERX stock opened at $54.79 on Friday. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.04 and a quick ratio of 1.04. Vertex, Inc. has a 1-year low of $23.31 and a 1-year high of $57.74. The stock has a market capitalization of $8.55 billion, a P/E ratio of 304.39, a P/E/G ratio of 10.30 and a beta of 0.77. The business has a fifty day moving average price of $47.93 and a 200-day moving average price of $40.35.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data 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 net margin of 4.73% and a return on equity of 24.92%. The company had revenue of $170.40 million for the quarter, compared to the consensus estimate of $165.70 million. During the same quarter in the prior year, the firm earned $0.06 earnings per share. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. Equities analysts forecast that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

VERX has been the topic of a number of research analyst reports. Stifel Nicolaus boosted their price target on Vertex from $41.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, November 7th. BMO Capital Markets upped their price objective on shares of Vertex from $42.00 to $52.00 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Jefferies Financial Group upgraded shares of Vertex from a “hold” rating to a “buy” rating and raised their price objective for the stock from $35.00 to $50.00 in a report on Monday, November 4th. Robert W. Baird raised their target price on Vertex from $43.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Finally, JMP Securities restated a “market outperform” rating and set a $61.00 target price on shares of Vertex in a report on Monday. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.30.

Institutional Trading of Vertex

Hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. boosted its stake in shares of Vertex by 17.6% during the 3rd quarter. Franklin Resources Inc. now owns 1,690,045 shares of the company’s stock worth $69,444,000 after acquiring an additional 253,263 shares during the last quarter. Neo Ivy Capital Management bought a new position in shares of Vertex during the 3rd quarter valued at approximately $2,354,000. Geode Capital Management LLC increased its holdings in Vertex by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,275,283 shares of the company’s stock worth $49,121,000 after acquiring an additional 37,592 shares in the last quarter. Barclays PLC raised its stake in Vertex by 5.4% during the 3rd quarter. Barclays PLC now owns 582,273 shares of the company’s stock worth $22,424,000 after acquiring an additional 29,700 shares during the period. Finally, Pier Capital LLC boosted its position in shares of Vertex by 1.8% in the third quarter. Pier Capital LLC now owns 231,390 shares of the company’s stock worth $8,911,000 after purchasing an additional 4,195 shares during the period. Hedge funds and other institutional investors own 70.32% of the company’s stock.

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.