On December 9 and 10, the ITEM Second Irrevocable Trust FBO Kyle R. Westphal reported selling a significant portion of its holdings in Vertex (NASDAQ:VRTX), Inc. (NASDAQ:VERX), according to a recent SEC filing. The trust, which is a 10% owner, sold a total of 75,000 shares of Vertex's Class A Common Stock over the two days. The sale comes as Vertex, now valued at $8.6 billion, has seen its stock surge over 100% year-to-date according to InvestingPro data.
The shares were sold at a weighted average price of $55.13 on December 9 and $54.98 on December 10, generating a total of approximately $4,125,501. After these transactions, the trust still holds 1,283,100 shares in Vertex. The stock currently trades near its 52-week high of $57.74, and InvestingPro analysis suggests the stock is trading above its Fair Value.
These transactions were executed under the direct ownership of the trust, with Joshua Levine signing off as trustee. For deeper insights into Vertex's valuation metrics and 14 additional key investment tips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Vertex Inc. has reported substantial growth in its third-quarter revenue, reaching $170.4 million, a 17.5% increase year-over-year, primarily driven by a rise in software subscription and cloud revenue. The company's acquisition of ecosio has also contributed to this growth, enhancing its e-invoicing capabilities. Looking ahead, Vertex anticipates fourth-quarter 2024 revenue to be between $175 million and $178 million, with full-year revenue projected to be between $663.3 million and $666.3 million.
In addition to its earnings report, Vertex has expanded its credit facilities to $300 million, providing greater financial flexibility to support its operations and potential expansion plans. The company has also been the subject of multiple analyst upgrades following its impressive earnings report. Goldman Sachs, BMO Capital Markets, and Stifel have all raised their price targets for the company, reflecting optimism about its growth trajectory.
These are some of the recent developments that reflect Vertex's financial performance and strategic advancements. As always, it is important for investors to conduct their own research and consider multiple perspectives when considering investment decisions.
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