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Vertex (VERX) Surged on Strong Results and 2024 Guidance

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned 5.77% (net), compared to a 7.58% return for the Russell 2000 Growth Index. Despite a decline in many equity markets in January, they rebounded over the following two months, resulting in a robust 2024 first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like Vertex, Inc. (NASDAQ:VERX), in the first quarter 2024 investor letter. Vertex, Inc. (NASDAQ:VERX) offers enterprise tax technology solutions for retail trade, wholesale trade, and manufacturing industries. The one-month return of Vertex, Inc. (NASDAQ:VERX) was 2.34%, and its shares gained 82.01% of their value over the last 52 weeks. On June 20, 2024, Vertex, Inc. (NASDAQ:VERX) stock closed at $34.49 per share with a market capitalization of $5.35 billion.

TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding Vertex, Inc. (NASDAQ:VERX) in its first quarter 2024 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. Vertex, Inc. (NASDAQ:VERX) supplies tax technology solutions for retail, communications, leasing, retail trade, technology, and manufacturing industries. This company reported strong fourth quarter results with total revenues, cloud subscription revenue, annualized recurring revenues, and profits ahead of Street projections. Full year 2024 guidance was also well ahead of expectations. These factors boosted its shares by 18%.”

A finance executive overseeing the implementation of a tax solution.

Vertex, Inc. (NASDAQ:VERX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Vertex, Inc. (NASDAQ:VERX) at the end of the first quarter which was 15 in the previous quarter. While we acknowledge the potential of Vertex, Inc. (NASDAQ:VERX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Vertex, Inc. (NASDAQ:VERX) and shared the list of fastest growing fintech companies in 2024. In the third quarter 2023 investor letter, TimesSquare Capital U.S. Small Cap Growth Strategy commented on Vertex, Inc. (NASDAQ:VERX), noting that the stock rose due to better-than-anticipated results. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

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Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

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Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

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AI is at a similar inflection point.

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Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

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A New Dawn is Coming to U.S. Stocks

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

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And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…