WEX Inc. (NYSE:WEX) had its price objective upped by investment analysts at Barclays PLC from $118.00 to $124.00 in a research report issued on Wednesday. The firm presently has an “equal weight” rating on the business services provider’s stock. Barclays PLC’s price objective indicates a potential upside of 3.46% from the stock’s previous close.
A number of other research firms have also commented on WEX. Zacks Investment Research lowered WEX from a “hold” rating to a “sell” rating in a research report on Thursday, September 28th. BidaskClub upgraded WEX from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Credit Suisse Group restated an “outperform” rating on shares of WEX in a research report on Tuesday, September 5th. William Blair restated an “outperform” rating on shares of WEX in a research report on Wednesday, July 12th. Finally, Goldman Sachs Group, Inc. (The) upgraded WEX from a “neutral” rating to a “buy” rating and increased their price target for the stock from $114.00 to $126.00 in a research report on Monday, September 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. WEX has an average rating of “Buy” and a consensus price target of $122.45.
WEX (WEX) opened at 119.85 on Wednesday. WEX has a 12 month low of $97.26 and a 12 month high of $122.91. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 72.29 and a beta of 1.79. The firm’s 50-day moving average price is $111.40 and its 200-day moving average price is $106.20.
WEX (NYSE:WEX) last released its quarterly earnings results on Thursday, July 27th. The business services provider reported $1.26 EPS for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.11. The business had revenue of $303.90 million for the quarter, compared to analyst estimates of $293.91 million. WEX had a return on equity of 13.03% and a net margin of 6.09%. WEX’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.08 EPS. Equities research analysts predict that WEX will post $5.28 earnings per share for the current year.
WEX declared that its board has initiated a stock buyback program on Tuesday, September 26th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other news, CEO Melissa D. Smith sold 3,333 shares of the firm’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total value of $383,295.00. Following the transaction, the chief executive officer now directly owns 67,047 shares in the company, valued at approximately $7,710,405. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Hilary A. Rapkin sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total value of $287,500.00. Following the completion of the transaction, the senior vice president now owns 15,224 shares in the company, valued at $1,750,760. The disclosure for this sale can be found here. Insiders sold a total of 2,395,833 shares of company stock worth $245,048,295 over the last 90 days. 0.86% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Capstone Asset Management Co. boosted its position in shares of WEX by 5.5% in the 2nd quarter. Capstone Asset Management Co. now owns 3,631 shares of the business services provider’s stock worth $379,000 after purchasing an additional 190 shares during the last quarter. BlackRock Inc. boosted its position in shares of WEX by 15,129.9% in the 1st quarter. BlackRock Inc. now owns 3,044,752 shares of the business services provider’s stock worth $315,131,000 after purchasing an additional 3,024,760 shares during the last quarter. AXA boosted its position in shares of WEX by 3.3% in the 1st quarter. AXA now owns 12,400 shares of the business services provider’s stock worth $1,283,000 after purchasing an additional 400 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of WEX by 2.7% in the 1st quarter. Alliancebernstein L.P. now owns 25,395 shares of the business services provider’s stock worth $2,628,000 after purchasing an additional 670 shares during the last quarter. Finally, Marshall Wace North America L.P. bought a new position in shares of WEX in the 2nd quarter worth $1,411,000.
WEX Inc is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets.
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