Kornitzer Capital Management Inc. KS reduced its holdings in shares of Vertex, Inc. (NASDAQ:VERX – Free Report) by 86.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,708 shares of the company’s stock after selling 230,731 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Vertex were worth $421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of VERX. Sterling Capital Management LLC increased its holdings in Vertex by 841.4% in the 3rd quarter. Sterling Capital Management LLC now owns 2,410 shares of the company’s stock worth $28,000 after buying an additional 2,154 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Vertex during the 3rd quarter valued at about $68,000. Versant Capital Management Inc lifted its stake in Vertex by 74.8% during the 2nd quarter. Versant Capital Management Inc now owns 8,604 shares of the company’s stock valued at $99,000 after acquiring an additional 3,683 shares during the period. Verdence Capital Advisors LLC purchased a new stake in shares of Vertex during the 3rd quarter valued at about $128,000. Finally, Caxton Associates LLP purchased a new stake in shares of Vertex during the 1st quarter valued at about $132,000. 70.32% of the stock is owned by hedge funds and other institutional investors.
Vertex Trading Up 3.1%
Vertex stock opened at $17.84 on Wednesday. Vertex, Inc. has a 52-week low of $10.21 and a 52-week high of $20.85. The company has a market cap of $2.89 billion, a P/E ratio of -61.52 and a beta of 0.77. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 1.88. The business has a 50-day simple moving average of $13.55 and a two-hundred day simple moving average of $13.26.
Vertex (NASDAQ:VERX – Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. The firm had revenue of $213.28 million for the quarter, compared to analysts’ expectations of $209.72 million. Vertex had a negative net margin of 5.83% and a positive return on equity of 36.83%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.17 EPS. Analysts predict that Vertex, Inc. will post 0.58 EPS for the current year.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on VERX shares. Piper Sandler lifted their price target on shares of Vertex from $16.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, November 5th. TD Cowen lowered their price objective on shares of Vertex from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, October 13th. Weiss Ratings lowered shares of Vertex from a “sell (d+)” rating to a “sell (e+)” rating in a research note on Monday. Needham & Company LLC increased their price target on Vertex from $20.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 5th. Finally, Morgan Stanley downgraded Vertex from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $19.00 to $15.00 in a research note on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Vertex has an average rating of “Hold” and a consensus target price of $18.79.
View Our Latest Analysis on VERX
About Vertex
Vertex, Inc. provides tax technology and related services to businesses. Founded in 1978 and headquartered in King of Prussia, Pennsylvania, the company develops software that helps organizations manage the complexities of transaction taxes. Its products support tax determination and calculation, compliance and reporting, tax data management, and exemption certificate management. Vertex solutions are designed to integrate with business systems such as enterprise resource planning and e-commerce platforms, helping companies automate tax processes across their operations.
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