Geneva Capital Management LLC Reduces Stake in Vertex, Inc. (NASDAQ:VERX)

Geneva Capital Management LLC reduced its stake in Vertex, Inc. (NASDAQ:VERX) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,437,588 shares of the company’s stock after selling 13,011 shares during the quarter. Vertex makes up approximately 1.3% of Geneva Capital Management LLC’s investment portfolio, making the stock its 27th biggest position. Geneva Capital Management LLC owned approximately 0.92% of Vertex worth $76,695,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of VERX. Brown Capital Management LLC bought a new position in Vertex in the 3rd quarter worth $20,938,000. Principal Financial Group Inc. raised its holdings in Vertex by 1,100.4% in the 4th quarter. Principal Financial Group Inc. now owns 572,245 shares of the company’s stock worth $30,530,000 after purchasing an additional 524,572 shares during the period. Premier Fund Managers Ltd raised its holdings in 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 purchasing an additional 465,610 shares during the period. abrdn plc raised its holdings in Vertex by 74.9% in the 4th quarter. abrdn plc now owns 1,029,177 shares of the company’s stock worth $55,035,000 after purchasing an additional 440,832 shares during the period. Finally, State Street Corp raised its holdings in Vertex by 36.4% in the 3rd quarter. State Street Corp now owns 1,361,901 shares of the company’s stock worth $52,447,000 after purchasing an additional 363,595 shares during the period. 70.32% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Item Second Irr. Trust Fbo Kyl sold 53,843 shares of Vertex stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $56.48, for a total value of $3,041,052.64. Following the completion of the transaction, the insider now owns 1,229,257 shares in the company, valued at approximately $69,428,435.36. This trade represents a 4.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jeffrey Westphal sold 575,000 shares of Vertex stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $53.01, for a total value of $30,480,750.00. Following the completion of the transaction, the insider now owns 7,895 shares of the company’s stock, valued at approximately $418,513.95. This represents a 98.65 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 858,457 shares of company stock worth $46,160,958. Corporate insiders own 44.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on VERX shares. Robert W. Baird decreased their target price on Vertex from $62.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, February 28th. BMO Capital Markets raised their price target on Vertex from $42.00 to $52.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. Morgan Stanley raised their price target on Vertex from $50.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Jefferies Financial Group decreased their price target on Vertex from $62.00 to $48.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, DA Davidson decreased their price target on Vertex from $62.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Five 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $50.00.

Vertex Trading Up 2.6 %

Shares of VERX stock opened at $33.04 on Thursday. Vertex, Inc. has a 12-month low of $27.22 and a 12-month high of $60.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29. The stock’s 50-day moving average price is $51.25 and its 200-day moving average price is $46.81. The stock has a market capitalization of $5.15 billion, a price-to-earnings ratio of 183.56, a price-to-earnings-growth ratio of 6.66 and a beta of 0.87.

Vertex (NASDAQ:VERX) last released its quarterly earnings results on Thursday, February 27th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.03). The company had revenue of $178.46 million during the quarter, compared to analysts’ expectations of $176.90 million. Vertex had a return on equity of 24.92% and a net margin of 4.73%. Equities research analysts predict that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

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.