Bryn Mawr Capital Management LLC Sells 1,000,000 Shares of Vertex, Inc. (NASDAQ:VERX)

Bryn Mawr Capital Management LLC lessened its holdings in shares of Vertex, Inc. (NASDAQ:VERX) by 38.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,596,000 shares of the company’s stock after selling 1,000,000 shares during the period. Vertex comprises 2.7% of Bryn Mawr Capital Management LLC’s holdings, making the stock its 4th largest holding. Bryn Mawr Capital Management LLC owned 1.04% of Vertex worth $42,996,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in VERX. Allspring Global Investments Holdings LLC acquired a new position in shares of Vertex during the 3rd quarter worth approximately $49,000. RiverPark Advisors LLC acquired a new position in shares of Vertex during the 3rd quarter worth approximately $60,000. Arcadia Investment Management Corp MI grew its position in shares of Vertex by 22.4% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock worth $62,000 after purchasing an additional 488 shares in the last quarter. Raymond James & Associates acquired a new position in shares of Vertex during the 3rd quarter worth approximately $224,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Vertex by 33.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,953 shares of the company’s stock worth $241,000 after purchasing an additional 2,228 shares in the last quarter. Institutional investors and hedge funds own 59.10% of the company’s stock.

Insider Activity

In other news, major shareholder Jeffrey Westphal sold 791,133 shares of the firm’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $30.05, for a total transaction of $23,773,546.65. Following the completion of the transaction, the insider now owns 1,554,641 shares of the company’s stock, valued at $46,716,962.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider 2020 Irrevocable Trust For Ben sold 47,522 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $30.09, for a total transaction of $1,429,936.98. Following the completion of the sale, the insider now directly owns 81,361 shares in the company, valued at $2,448,152.49. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Jeffrey Westphal sold 791,133 shares of the stock in a transaction on Friday, April 5th. The stock was sold at an average price of $30.05, for a total transaction of $23,773,546.65. Following the sale, the insider now owns 1,554,641 shares of the company’s stock, valued at $46,716,962.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,161,048 shares of company stock valued at $35,034,678. Insiders own 45.00% of the company’s stock.

Vertex Price Performance

Shares of NASDAQ:VERX opened at $29.53 on Friday. The company has a market cap of $4.56 billion, a price-to-earnings ratio of -295.30, a PEG ratio of 7.58 and a beta of 0.62. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.60. The firm has a 50 day simple moving average of $29.62 and a 200 day simple moving average of $27.05. Vertex, Inc. has a one year low of $17.59 and a one year high of $35.38.

Vertex (NASDAQ:VERX) last released its quarterly earnings results on Thursday, February 29th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.02. The firm had revenue of $154.91 million during the quarter, compared to the consensus estimate of $146.44 million. Vertex had a negative net margin of 2.29% and a positive return on equity of 16.15%. Research analysts predict that Vertex, Inc. will post 0.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

VERX has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price target on shares of Vertex from $33.00 to $39.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Jefferies Financial Group upped their price target on shares of Vertex from $27.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, March 1st. Needham & Company LLC upped their price target on shares of Vertex from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, March 1st. JMP Securities reaffirmed a “market outperform” rating and set a $42.00 price target on shares of Vertex in a report on Tuesday. Finally, BMO Capital Markets increased their price objective on shares of Vertex from $30.00 to $35.00 and gave the company a “market perform” rating in a research note on Friday, March 1st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.67.

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.