Vertex trust sells $4.07 million in shares at $56.48 to $56.52 By Investing.com

In a recent filing with the Securities and Exchange Commission, Vertex (NASDAQ:), Inc. (NASDAQ:) disclosed that the ITEM SECOND IRR. TRUST FBO KYLE R. WESTPHAL, a significant shareholder, executed two notable 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, having delivered an impressive 126% return over the past year.

The shares were sold at weighted average prices ranging from $56.48 to $56.52 per share. These transactions amount to a total value of approximately $4.07 million. Following these sales, the trust now owns 1,211,100 shares of Vertex, Inc., which currently has a market cap of $8.89 billion. According to InvestingPro analysis, the stock appears to be trading above its Fair Value, with analysts maintaining price targets between $52 and $64.

The sale was made by Joshua Levine, as trustee, and was reported as direct ownership. The trust’s transactions highlight his continued management of his substantial stake in the company. For a deeper look at Vertex’s evaluation metrics and 14 additional ProTips, visit InvestingProwhere you will find a complete analysis in the Pro Research Report.

In other recent news, Vertex Inc . it has been the center of many significant developments. Raymond (NSE:) James recently downgraded Vertex shares from ‘Outperform’ to ‘Market Perform’, citing substantial outperformance and valuation issues. Simultaneously, DA Davidson initiated coverage on Vertex with a favorable outlook, assigning it a Buy rating and setting a target price of $62.00.

In financial developments, Vertex has expanded 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, an increase of 17.5% year over year, was primarily driven by an increase in software subscription and cloud revenue, which have grown by 28.5%.

Goldman Sachs and BMO Capital Markets have shown confidence in Vertex by raising their price targets to $59 and $52, respectively. For the fourth quarter of 2024, Vertex anticipates that revenue will be between $175 million and $178 million, with full year revenue 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 among the recent developments of Vertex Inc.

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