Vertex, Inc. (NASDAQ:VERX) is Pembroke Management LTD’s 3rd Largest Position

Pembroke Management LTD cut its holdings in Vertex, Inc. (NASDAQ:VERX) by 11.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 729,361 shares of the company’s stock after selling 93,040 shares during the period. Vertex accounts for 5.0% of Pembroke Management LTD’s investment portfolio, making the stock its 3rd biggest position. Pembroke Management LTD owned approximately 0.47% of Vertex worth $38,911,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of VERX. Brown Capital Management LLC bought a new position in shares of Vertex during the 3rd quarter valued at $20,938,000. Principal Financial Group Inc. grew its holdings in shares of Vertex by 1,100.4% during the 4th quarter. Principal Financial Group Inc. now owns 572,245 shares of the company’s stock worth $30,530,000 after acquiring an additional 524,572 shares during the period. Premier Fund Managers Ltd boosted its holdings in shares of Vertex by 787.0% during the 3rd quarter. Premier Fund Managers Ltd now owns 524,775 shares of the company’s stock valued at $19,280,000 after buying an additional 465,610 shares in the last quarter. abrdn plc grew its holdings 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 purchasing an additional 440,832 shares during the period. Finally, Geneva Capital Management LLC raised its stake in Vertex by 40.1% during the third quarter. Geneva Capital Management LLC now owns 1,450,599 shares of the company’s stock valued at $55,863,000 after buying an additional 414,945 shares during the last quarter. 70.32% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Robert W. Baird lifted their target price on shares of Vertex from $43.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. JMP Securities reaffirmed a “market outperform” rating and issued a $61.00 target price on shares of Vertex in a report on Monday, December 9th. BMO Capital Markets raised their target price on shares of Vertex from $42.00 to $52.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Citigroup upped their price target on shares of Vertex from $46.00 to $54.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Finally, DA Davidson initiated coverage on Vertex in a research report on Tuesday, December 31st. They set a “buy” rating and a $62.00 target price on the stock. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Vertex currently has a consensus rating of “Moderate Buy” and an average target price of $55.36.

Insider Activity at Vertex

In other Vertex news, Director John Richard Stamm sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $53.81, for a total transaction of $134,525.00. Following the completion of the transaction, the director now owns 15,535 shares of the company’s stock, valued at $835,938.35. This represents a 13.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Item Second Irr. Trust Fbo Kyl sold 40,966 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $52.16, for a total transaction of $2,136,786.56. Following the completion of the sale, the insider now directly owns 1,389,134 shares in the company, valued at approximately $72,457,229.44. The trade was a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 930,550 shares of company stock valued at $50,008,277 in the last ninety days. Insiders own 44.58% of the company’s stock.

Vertex Trading Up 2.2 %

Shares of NASDAQ:VERX opened at $46.51 on Tuesday. 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 has a market capitalization of $7.25 billion, a PE ratio of 258.39, a P/E/G ratio of 8.49 and a beta of 0.78. The firm has a fifty day moving average price of $54.19 and a 200 day moving average price of $46.48. Vertex, Inc. has a 1 year low of $24.17 and a 1 year high of $60.71.

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.