Pembroke Management LTD Reduces Stake in Vertex, Inc. (NASDAQ:VERX)

Pembroke Management LTD has decreased its investment in Vertex, Inc. (NASDAQ:VERX) by 2.6% during the third quarter, as noted in the firm's latest Form 13F filing with the Securities and Exchange Commission. Following this adjustment, Pembroke holds 822,401 shares of Vertex after selling 22,218 shares during this period. This position represents about 4.1% of Pembroke's investment portfolio, making Vertex its sixth-largest holding. The total value of Pembroke's stake in Vertex was approximately $31,671,000 at the end of the reporting period.

Recent Trading Activity by Other Investors

Other significant institutional investors have also been active in trading Vertex shares. For example, Banque Pictet & Cie SA expanded its shareholding in the company by an impressive 551.9% during the second quarter, amassing 949,540 shares worth about $34,231,000 after acquiring an additional 803,881 shares. Additionally, Driehaus Capital Management LLC took a new position in Vertex worth around $22,173,000 during the same quarter, while Allspring Global Investments Holdings LLC acquired shares valued at about $12,043,000 in the first quarter. Other firms, including Mizuho Markets Americas LLC and Banco Santander S.A., also made new investments in Vertex during the second quarter, valued at approximately $12,402,000 and $10,738,000, respectively. Collectively, hedge funds and other institutional investors own around 59.10% of Vertex's stock.

Stock Performance and Analyst Ratings

Vertex has recently drawn attention in the analyst community. On July 23rd, Robert W. Baird began coverage on Vertex shares with an "outperform" recommendation and set a price target of $43.00. Following that, JMP Securities increased its price target from $42.00 to $47.00 and similarly rated the stock as "market outperform". Baird R W further upgraded Vertex to a "strong-buy" rating. Currently, four analysts have assigned hold ratings, seven issued buy ratings, and one gave a strong buy rating, resulting in an average rating of "Moderate Buy" and a price target of $37.30, based on data from MarketBeat.com.

Insider Transactions

On October 9th, insider Item Second Irr. Trust Fbo Jac sold 49,114 shares of Vertex stock, achieving an average sale price of $41.31, totaling approximately $2,028,899.34. After this sale, the insider retains ownership of 1,067,852 shares valued at around $44,112,966.12. In another transaction on August 22nd, CFO John R. Schwab sold 25,000 shares at an average price of $35.81, representing a total transaction value of $895,250.00. This left him with 53,104 shares worth about $1,901,654.24. Recent sales by insiders have totaled 1,629,244 shares, worth about $64,039,589. Corporate insiders currently own 44.58% of Vertex's shares.

Vertex's Financial Overview

As of the latest trading session, Vertex shares opened at $42.17. The company maintains a current ratio of 1.17 and a quick ratio of 1.17, alongside a debt-to-equity ratio of 1.43. The stock's fifty-day simple moving average stands at $39.16, with a two-hundred-day simple moving average of $36.00. Vertex has a market capitalization of $6.56 billion and a price-to-earnings ratio of 351.42, complemented by a price-to-earnings-growth ratio of 11.86 and a beta of 0.67. Over the past year, Vertex has seen a low of $21.92 and a high of $43.33. In the latest earnings report on August 7th, Vertex announced earnings of $0.15 per share, surpassing analysts' expectations of $0.13. The company also generated $161.10 million in revenue, which exceeded the estimated $160.66 million, demonstrating a year-over-year revenue increase of 15.3%.

About Vertex, Inc.

Vertex, Inc. specializes in enterprise tax technology solutions that cater to the retail trade, wholesale trade, and manufacturing sectors both in the United States and internationally. Their offerings include tax determination, compliance and reporting, analytics, and various industry-specific technology solutions.

Management, Investment, Stock