Gold prices hit 2-week high as Trump-Fed feud escalates with Cook firing
Vertex (NASDAQ:VRTX), Inc. (NASDAQ:VERX) General Counsel Bryan T.R. Rowland recently completed significant transactions involving company stock, according to the latest SEC filings. Rowland executed a combined sale of 38,176 shares of Class A Common Stock, resulting in total proceeds exceeding $1.36 million.
The transactions took place on August 20, 2024, with the sale prices for the shares ranging between $35.475 and $35.810. Specifically, Rowland sold 30,000 shares at a weighted average price of $35.7056 and another 8,176 shares at a weighted average price of $35.7217. These sales were part of multiple transactions within the stated price ranges.
In addition to the sales, Rowland also acquired 30,000 shares through the exercise of stock options at a price of $3.734 per share, totaling approximately $112,020. Notably, these options were fully vested and exercisable at the time of the transaction.
Following these transactions, Rowland's direct ownership in Vertex, Inc. stands at zero shares. The filings included a footnote indicating that an additional 158 shares had been acquired through the company's Employee Stock Purchase Plan, which were included in the total shares owned following the option exercise and prior to the sales.
Investors and interested parties can obtain full details regarding the exact number of shares sold at each separate price within the reported range upon request from the issuer, security holders of the issuer, or the Securities and Exchange Commission staff.
Bryan T.R. Rowland, serving as General Counsel for Vertex, Inc., has fulfilled his reporting obligations with the SEC through the Form 4 filing, which was signed by Lisa Coleman, Attorney-in-Fact, on August 22, 2024.
In other recent news, Vertex Inc. has made significant strides in its business operations and financial performance. The company reported an 18.1% increase in total revenue and an 80% rise in adjusted EBITDA, primarily driven by growth in software subscription and cloud services. For the second quarter of 2024, the company anticipates total revenue to range between $159 million to $162 million and adjusted EBITDA between $31 million to $33 million.
Recently, Vertex acquired ecosio, an e-invoicing company, and advanced tax-specific artificial intelligence capabilities from Ryan, LLC. These acquisitions are expected to enhance Vertex's tax compliance platform and its efficiency in tax mapping. Vertex also plans to issue 945,435 shares of its Class A Common Stock to the sellers of ecosio GmbH, contingent upon the achievement of certain milestones.
Several analyst firms, including JMP Securities, BMO Capital, Citi, and Baird, have maintained or initiated coverage on Vertex, highlighting the company's strong growth potential. JMP Securities reiterated its price target of $47.00, BMO Capital raised its price target to $37, Citi increased the company's price target to $38, and Baird initiated coverage with an Outperform rating.
InvestingPro Insights
Amid the recent insider transactions at Vertex, Inc. (NASDAQ:VERX), investors may gain additional insights by considering the company's financial health and market performance. Vertex, Inc., with a market capitalization of $5.57 billion, is trading at a P/E ratio of 280.93, suggesting a high earnings multiple that reflects investors' expectations for future growth. This aligns with the InvestingPro Tip that net income is expected to grow this year, indicating potential optimism around the company's profitability.
The company's revenue growth remains robust, showing a 16.61% increase over the last twelve months as of Q2 2024. This figure is complemented by a gross profit margin of 61.54%, showcasing Vertex's ability to maintain profitability in its operations. Additionally, the company has experienced a substantial 41.95% price uptick over the last six months, with a year-to-date price total return of 32.63%, signaling strong market performance and investor confidence.
InvestingPro Tips further reveal that eight analysts have revised their earnings upwards for the upcoming period, which may be a contributing factor to the company's high valuation multiples, including Price / Book at 23.89. For investors seeking more detailed analyses, there are additional tips available on InvestingPro, such as the company's moderate level of debt and its trading at high EBITDA and revenue valuation multiples.
While Vertex, Inc. does not pay a dividend to shareholders, the company's growth metrics and analysts' positive revisions could be of interest to growth-oriented investors. For more comprehensive research and tips, investors can explore the 13 additional insights available on InvestingPro for Vertex, Inc. at https://www.investing.com/pro/VERX.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.