Vertex (VERX) Rose on Solid Third Quarter Results
Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. US markets rallied strongly in Q4, with the S&P Index up 11.69%. However, Class A shares of the fund underperformed the Russell 2500 Growth Index. Healthcare and IT boosted the relative performance while financials and consumer discretionary weighed down. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Weatherbie Specialized Growth Fund featured stocks like Vertex, Inc. (NASDAQ:VERX) in the fourth quarter 2023 investor letter. Headquartered in King of Prussia, Pennsylvania, Vertex, Inc. (NASDAQ:VERX) is a tax technology solutions provider. On February 26, 2024, Vertex, Inc. (NASDAQ:VERX) stock closed at $25.19 per share. One-month return of Vertex, Inc. (NASDAQ:VERX) was 0.64%, and its shares gained 61.68% of their value over the last 52 weeks. Vertex, Inc. (NASDAQ:VERX) has a market capitalization of $3.869 billion.
Alger Weatherbie Specialized Growth Fund stated the following regarding Vertex, Inc. (NASDAQ:VERX) in its fourth quarter 2023 investor letter:
"Vertex, Inc. (NASDAQ:VERX) is an on-premises and cloud provider of tax compliance software to large enterprises (e.g., companies with over 250 employees). The firm offers comprehensive solutions that automate end-to-end indirect tax processes for enterprises and mid-market companies with complex tax transactions. Its software enables tax determination, data management. compliance and reporting, and document management. During the period, shares contributed to performance after the company reported solid fiscal third quarter results, where revenues came in better-than-expected driven by strong subscription and services revenue. Moreover, the company reported better-than-expected earnings driven by the conclusion of Vertex's multi-year enterprise resource planning deployment and moderation of investments in global tax management. Notably, with complexity as a primary business driver, we believe the company remains well positioned as customers look to manage costs, embrace digital transformation (e.g.. cloud migration, omni-channel commerce), and navigate evolving regulations across the intricate tax landscape."
A tax specialist counseling a client for best practices in automating tax workflows.
Vertex, Inc. (NASDAQ:VERX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Vertex, Inc. (NASDAQ:VERX) was held by 15 hedge fund portfolios, up from 13 in the previous quarter, according to our database.
We discussed Vertex, Inc. (NASDAQ:VERX) in another article and shared TimesSquare Capital Management's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
