Vertex (VERX) Benefitted from Partnerships

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the quarter the fund returned -3.67% (net), compared to -7.32% return for the Russell 2000 Growth Index. Year-to-date the fund returned 11.56% (net) compared to 9.59% return for the index. The third quarter saw a decline in global equities markets, but they remained positive YTD. Value has generally outperformed Growth, as demonstrated by the style factors and market indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like Vertex, Inc. (NASDAQ:VERX) in the third quarter 2023 investor letter. Headquartered in King of Prussia, Pennsylvania, Vertex, Inc. (NASDAQ:VERX) is a tax technology solutions provider.  On December 6, 2023, Vertex, Inc. (NASDAQ:VERX) stock closed at $28.80 per share. One-month return of Vertex, Inc. (NASDAQ:VERX) was 6.23%, and its shares gained 88.85% of their value over the last 52 weeks. Vertex, Inc. (NASDAQ:VERX) has a market capitalization of $4.406 billion.

TimesSquare Capital U.S. Small Cap Growth Strategy made the following comment about Vertex, Inc. (NASDAQ:VERX) in its Q3 2023 investor letter:

“Among the wide variety of Information Technology companies, we prefer critical system providers, specialized component designers, and systems that improve productivity or efficiency for their clients. Up 18% was Vertex, Inc. (NASDAQ:VERX), a provider of end-to-end tax compliance software for large businesses. In its most recent earnings report, Vertex’s results were as good or better than expected with notable growth in its annual recurring revenues. The company benefits from its partnership with SAP, Oracle, Workday, Microsoft, and Salesforce.com—all of which drive additional sales momentum. That led Vertex’s management to increase its guidance for the remainder of the year.”

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. As per our database, 13 hedge fund portfolios held Vertex, Inc. (NASDAQ:VERX)at the end of third quarter which was 15 in the previous quarter.

We discussed Vertex, Inc. (NASDAQ:VERX) in another article and shared Conestoga Capital Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q3 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.