Vertex trust sells $4.07 million in shares at $56.48 to $56.52 Via Investing.com
In a recent filing with the Securities and Exchange Commission, Vertex (NASDAQ: ), Inc. (NASDAQ:) disclosed that ITEM SECOND IRR. TRUST FBO KYLE R. WESTPHAL, a significant shareholder, has made two significant transactions involving Class A common stock. The trust sold a total of 72,000 shares over two days, January 22 and January 23, 2025. The sale comes as Vertex shares trade near their 52-week high of $58.22, delivering an impressive 126% return over the past year.
Shares traded at weighted prices ranging from $56.48 to $56.52 per share. The works totaled an estimated $4.07 million. Following the sale, the trust now owns 1,211,100 shares of Vertex, Inc., which currently has a market capitalization of $8.89 billion. According to InvestingPro’s analysis, the stock appears to be trading above its fair value, with analysts maintaining a price range of between $52 and $64.
The sale was conducted by Joshua Levine, acting as trustee, and reported as direct ownership. The trust’s actions highlight its ongoing management of its large stake in the company. For in-depth information on Vertex’s valuation metrics and 14 additional ProTips, visit InvestingPro, where you’ll find a complete analysis in the Pro Research Report.
In other recent news, Company Vertex Inc . it was the site of several important developments. Raymond (NSE:) James recently downgraded Vertex stock from “Outperform” to “Market Perform,” citing the stock’s outperformance and valuation concerns. At the same time, DA Davidson initiated coverage on Vertex with a positive view, assigned a Buy rating and established a $62.00 target price.
In a financial development, Vertex increased its credit facilities from $200 million to $300 million to support its operations and potential expansion plans. The company’s third-quarter revenue of $170.4 million, up 17.5% year-over-year, was driven primarily by increased software subscriptions and cloud revenue, which grew 28.5%.
Goldman Sachs and BMO Capital Markets both expressed confidence in Vertex by raising their price targets to $59 and $52, respectively. For the fourth quarter of 2024, Vertex expects revenue to be between $175 million and $178 million, while full-year revenue is expected to be between $663.3 million and $666.3 million. The company also expects 28% growth in cloud revenue for the full year. These are some of the latest developments of Vertex Inc.
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