In a recent filing with the Securities and Exchange Commission, Vertex (NASDAQ:VRTX), Inc. (NASDAQ:VERX) 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 sales come 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 amounted to a total value of approximately $4.07 million. Following these sales, the trust now holds 1,211,100 shares of Vertex, Inc., which currently has a market capitalization 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 sales were conducted by Joshua Levine, acting as trustee, and were reported as direct ownership. The trust’s transactions highlight its ongoing management of its substantial stake in the company. For deeper insights into Vertex’s valuation metrics and 14 additional ProTips, visit InvestingPro, where you’ll find comprehensive analysis in the Pro Research Report.
In other recent news, Vertex Inc . has been the center of several significant developments. Raymond (NSE:RYMD) James recently downgraded Vertex’s stock rating from "Outperform" to "Market Perform," citing the stock’s substantial outperformance and valuation concerns. Simultaneously, DA Davidson initiated coverage on Vertex with a favorable outlook, assigning a Buy rating and establishing a price target of $62.00.
In financial developments, Vertex 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, a 17.5% increase year-over-year, was primarily driven by a rise in software subscription and cloud revenue, which grew by 28.5%.
Goldman Sachs and BMO Capital Markets both showed confidence in Vertex by raising their price targets to $59 and $52, respectively. For the fourth quarter of 2024, Vertex anticipates revenue to be between $175 million and $178 million, with full-year revenue projected to be between $663.3 million and $666.3 million. The company also expects a 28% growth in cloud revenue for the full year. These are among the recent developments at Vertex Inc.
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