543,699 Shares in Vertex, Inc. (NASDAQ:VERX) Purchased by Brown Capital Management LLC

Brown Capital Management LLC acquired a new position in shares of Vertex, Inc. (NASDAQ:VERX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 543,699 shares of the company’s stock, valued at approximately $20,938,000. Brown Capital Management LLC owned approximately 0.35% of Vertex at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Silvercrest Asset Management Group LLC boosted its position in shares of Vertex by 13.6% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 712,926 shares of the company’s stock worth $22,643,000 after purchasing an additional 85,237 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in Vertex during the second quarter valued at $22,173,000. Quadrature Capital Ltd raised its stake in Vertex by 24.7% during the first quarter. Quadrature Capital Ltd now owns 92,167 shares of the company’s stock valued at $2,927,000 after buying an additional 18,258 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in Vertex by 10.0% in the second quarter. Envestnet Asset Management Inc. now owns 248,001 shares of the company’s stock worth $8,940,000 after acquiring an additional 22,514 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new stake in shares of Vertex in the second quarter worth $1,824,000. Hedge funds and other institutional investors own 59.10% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on VERX. BMO Capital Markets lifted their price target on Vertex from $42.00 to $52.00 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their target price on shares of Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Morgan Stanley increased their price target on shares of Vertex from $50.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Robert W. Baird raised their price target on shares of Vertex from $43.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Stifel Nicolaus upped their price objective on Vertex from $41.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.30.

Vertex Price Performance

Shares of VERX opened at $52.31 on Thursday. The firm has a fifty day simple moving average of $42.38 and a two-hundred day simple moving average of $37.83. The firm has a market cap of $8.16 billion, a PE ratio of 290.61, a P/E/G ratio of 9.61 and a beta of 0.67. 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 1-year low of $23.31 and a 1-year high of $52.93.

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. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The company had revenue of $170.40 million during the quarter, compared to analyst estimates of $165.70 million. During the same quarter in the previous year, the company posted $0.06 earnings per share. Vertex’s revenue was up 17.5% compared to the same quarter last year. On average, equities analysts anticipate that Vertex, Inc. will post 0.38 EPS for the current year.

Insider Activity

In other news, major shareholder Jeffrey Westphal sold 1,225,000 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $39.42, for a total transaction of $48,289,500.00. Following the completion of the sale, the insider now owns 7,895 shares of the company’s stock, valued at $311,220.90. The trade was a 99.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Item Second Irr. Trust Fbo Kyl sold 158,900 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $37.27, for a total value of $5,922,203.00. Following the completion of the transaction, the insider now directly owns 1,430,100 shares in the company, valued at approximately $53,299,827. This represents a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,289,756 shares of company stock valued at $194,872,224 in the last quarter. 44.58% of the stock is currently owned by insiders.

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.