John Richard Stamm, a director at Vertex (NASDAQ:VRTX), Inc. (NASDAQ:VERX), recently sold 3,815 shares of the company's Class A Common Stock. The shares were sold at a price of $56.11 each, amounting to a total transaction value of $214,059. Following this transaction, Stamm retains ownership of 11,720 shares in the company. The sale comes as Vertex stock trades near its 52-week high of $57.74, having delivered an impressive 104% return year-to-date. This sale was disclosed in a filing with the Securities and Exchange Commission on December 6, 2024. Vertex, Inc. is a leading provider of tax technology and services, with a market capitalization of $8.52 billion and strong revenue growth of 17.25% over the last twelve months. According to InvestingPro analysis, which offers 14 additional investment insights for this stock, the company appears to be trading above its Fair Value.
In other recent news, Vertex Inc. significantly expanded its credit facilities from $200 million to $300 million, a strategic move that could provide the company with greater financial flexibility to support its operations and potential expansion plans. This expansion is in line with the company's current financial strategy and growth trajectory.
In the earnings front, Vertex reported a robust third-quarter revenue of $170.4 million, marking a 17.5% increase year-over-year. This growth was primarily driven by a rise in software subscription and cloud revenue, which grew by 28.5%. The company's acquisition of ecosio further contributed to this growth, enhancing its e-invoicing capabilities.
Analysts from Goldman Sachs (NYSE:GS), BMO Capital Markets, and Stifel have shown optimism about Vertex's growth trajectory, raising their price targets for the company following the impressive earnings report. 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.
However, it is important to note that the integration and investment in the recently acquired ecosio may temporarily impact adjusted EBITDA. These are some of the recent developments that reflect Vertex's financial performance and strategic advancements.
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