Palisade Capital Management LLC NJ Acquires 251,756 Shares of Vertex, Inc. (NASDAQ:VERX)

Palisade Capital Management LLC NJ grew its holdings in shares of Vertex, Inc. (NASDAQ:VERXGet Rating) by 47.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 780,038 shares of the company’s stock after buying an additional 251,756 shares during the quarter. Palisade Capital Management LLC NJ’s holdings in Vertex were worth $11,966,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. First Horizon Advisors Inc. grew its stake in shares of Vertex by 712.9% during the fourth quarter. First Horizon Advisors Inc. now owns 1,894 shares of the company’s stock valued at $30,000 after buying an additional 1,661 shares during the last quarter. Hardy Reed LLC purchased a new stake in shares of Vertex in the first quarter valued at approximately $53,000. Meridian Wealth Partners LLC purchased a new stake in shares of Vertex in the fourth quarter valued at approximately $177,000. Sciencast Management LP purchased a new stake in shares of Vertex in the first quarter valued at approximately $200,000. Finally, Virginia Retirement Systems ET AL purchased a new stake in shares of Vertex in the fourth quarter valued at approximately $206,000. Institutional investors own 19.79% of the company’s stock.

Vertex Stock Performance

Vertex stock opened at $11.83 on Friday. Vertex, Inc. has a twelve month low of $9.44 and a twelve month high of $22.88. The business has a fifty day moving average of $10.98 and a two-hundred day moving average of $12.76. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.62.

Vertex (NASDAQ:VERXGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. Vertex had a positive return on equity of 12.70% and a negative net margin of 0.93%. The firm had revenue of $115.00 million during the quarter, compared to analyst estimates of $113.03 million. During the same quarter in the prior year, the business posted $0.04 EPS. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, research analysts predict that Vertex, Inc. will post 0.12 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Jeffery Westphal sold 6,723 shares of the stock in a transaction on Thursday, July 7th. The stock was sold at an average price of $12.03, for a total transaction of $80,877.69. Following the completion of the sale, the insider now owns 1,442,842 shares in the company, valued at approximately $17,357,389.26. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CAO Lisa Butler sold 34,968 shares of the company’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $9.68, for a total value of $338,490.24. Following the transaction, the chief accounting officer now directly owns 41,314 shares of the company’s stock, valued at approximately $399,919.52. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Jeffery Westphal sold 6,723 shares of the company’s stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $12.03, for a total value of $80,877.69. Following the completion of the transaction, the insider now directly owns 1,442,842 shares in the company, valued at $17,357,389.26. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,261,253 shares of company stock worth $39,657,592. Insiders own 46.12% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on VERX. Morgan Stanley lowered their price target on Vertex from $12.00 to $10.00 and set an “underweight” rating for the company in a report on Thursday, July 14th. Jefferies Financial Group lowered their price target on Vertex from $14.50 to $13.50 in a report on Monday, May 23rd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $18.93.

Vertex Profile

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Vertex, Inc provides tax technology solutions for corporations in retail, communication, leasing, and manufacturing industries in the United States and internationally. It offers tax determination, compliance and reporting, tax data management, document management, pre-built integration, and industry-specific solutions.

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Institutional Ownership by Quarter for Vertex (NASDAQ:VERX)

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