Cannon Global Investment Management LLC Invests $673,000 in Vertex, Inc. (NASDAQ:VERX)

Cannon Global Investment Management LLC bought a new position in shares of Vertex, Inc. (NASDAQ:VERX) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 21,200 shares of the company’s stock, valued at approximately $673,000. Vertex makes up about 1.8% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 14th largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in VERX. Legacy Advisors LLC increased its position in Vertex by 1,517.0% in the 4th quarter. Legacy Advisors LLC now owns 3,244,871 shares of the company’s stock valued at $87,417,000 after acquiring an additional 3,044,193 shares during the period. Vanguard Group Inc. increased its position in Vertex by 13.0% during the 4th quarter. Vanguard Group Inc. now owns 5,555,808 shares of the company’s stock worth $149,673,000 after purchasing an additional 637,075 shares during the period. Conestoga Capital Advisors LLC increased its position in Vertex by 19.0% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,832,620 shares of the company’s stock worth $76,311,000 after purchasing an additional 452,840 shares during the period. Fred Alger Management LLC boosted its stake in shares of Vertex by 9.5% during the 3rd quarter. Fred Alger Management LLC now owns 4,651,701 shares of the company’s stock worth $107,454,000 after acquiring an additional 404,550 shares in the last quarter. Finally, Axiom Investors LLC DE purchased a new stake in shares of Vertex during the 4th quarter worth approximately $9,253,000. Institutional investors and hedge funds own 59.10% of the company’s stock.

Insider Transactions at Vertex

In other news, major shareholder Jeffrey Westphal sold 1,500,000 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $32.93, for a total transaction of $49,395,000.00. Following the completion of the sale, the insider now directly owns 2,554,641 shares in the company, valued at approximately $84,124,328.13. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 45.00% of the company’s stock.

Wall Street Analyst Weigh In

VERX has been the topic of several research analyst reports. BMO Capital Markets boosted their price target on Vertex from $30.00 to $35.00 and gave the stock a “market perform” rating in a research note on Friday, March 1st. Needham & Company LLC reissued a “buy” rating and set a $45.00 price target on shares of Vertex in a research note on Thursday, June 13th. The Goldman Sachs Group boosted their price target on Vertex from $33.00 to $39.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Citigroup upped their target price on Vertex from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Friday. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $42.00 target price on shares of Vertex in a research note on Tuesday, April 23rd. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Vertex currently has an average rating of “Moderate Buy” and an average target price of $36.11.

Vertex Trading Up 0.7 %

Shares of Vertex stock traded up $0.26 during trading hours on Friday, reaching $36.05. 8,767,735 shares of the company’s stock were exchanged, compared to its average volume of 1,029,271. Vertex, Inc. has a 52-week low of $17.59 and a 52-week high of $36.36. The firm has a market capitalization of $5.59 billion, a price-to-earnings ratio of 901.25, a price-to-earnings-growth ratio of 18.22 and a beta of 0.68. The company has a fifty day moving average of $32.59 and a 200-day moving average of $29.37. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.17.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The business had revenue of $156.78 million for the quarter, compared to analysts’ expectations of $155.50 million. Vertex had a return on equity of 18.67% and a net margin of 1.29%. Sell-side analysts forecast that Vertex, Inc. will post 0.19 EPS for the current fiscal year.

Vertex Company Profile

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.