Wells Fargo & Co upgraded shares of WEX (NYSE:WEX) from a market perform rating to an outperform rating in a research report report published on Thursday, Marketbeat.com reports. Wells Fargo & Co currently has $200.00 price target on the business services provider’s stock, up from their prior price target of $190.00.
Other analysts have also issued reports about the stock. SunTrust Banks restated a buy rating and issued a $215.00 price objective on shares of WEX in a report on Friday, August 3rd. Citigroup raised their price objective on shares of WEX from $200.00 to $235.00 and gave the stock a buy rating in a report on Friday, July 20th. Morgan Stanley raised their price objective on shares of WEX from $188.00 to $190.00 and gave the stock a hold rating in a report on Friday, August 3rd. Zacks Investment Research upgraded shares of WEX from a hold rating to a buy rating and set a $211.00 price objective for the company in a report on Saturday, October 13th. Finally, Wolfe Research assumed coverage on shares of WEX in a report on Tuesday, July 17th. They issued a market perform rating for the company. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. WEX presently has a consensus rating of Buy and an average price target of $198.80.
Shares of WEX opened at $172.85 on Thursday. The company has a quick ratio of 1.44, a current ratio of 1.50 and a debt-to-equity ratio of 1.16. WEX has a one year low of $118.40 and a one year high of $203.49. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of 24.87, a P/E/G ratio of 1.52 and a beta of 1.73.
WEX (NYSE:WEX) last issued its quarterly earnings data on Wednesday, October 31st. The business services provider reported $2.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.12 by $0.07. WEX had a net margin of 15.63% and a return on equity of 16.92%. The business had revenue of $382.70 million during the quarter, compared to analyst estimates of $375.15 million. During the same period last year, the business posted $1.43 earnings per share. WEX’s quarterly revenue was up 18.1% compared to the same quarter last year. Sell-side analysts predict that WEX will post 7.61 EPS for the current fiscal year.
In other news, CEO Melissa D. Smith sold 5,000 shares of WEX stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $190.00, for a total transaction of $950,000.00. Following the completion of the transaction, the chief executive officer now directly owns 72,544 shares in the company, valued at $13,783,360. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hilary A. Rapkin sold 3,723 shares of WEX stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $188.57, for a total transaction of $702,046.11. Following the transaction, the insider now owns 12,544 shares of the company’s stock, valued at $2,365,422.08. The disclosure for this sale can be found here. Insiders have sold 18,335 shares of company stock valued at $3,461,862 over the last quarter. Company insiders own 4.57% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in WEX. Millennium Management LLC lifted its holdings in shares of WEX by 305.9% during the second quarter. Millennium Management LLC now owns 349,272 shares of the business services provider’s stock valued at $66,529,000 after purchasing an additional 263,217 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of WEX during the second quarter valued at approximately $34,029,000. Victory Capital Management Inc. lifted its holdings in shares of WEX by 31.6% during the third quarter. Victory Capital Management Inc. now owns 658,395 shares of the business services provider’s stock valued at $132,180,000 after purchasing an additional 158,212 shares during the last quarter. Frontier Capital Management Co. LLC lifted its holdings in shares of WEX by 18.8% during the second quarter. Frontier Capital Management Co. LLC now owns 868,459 shares of the business services provider’s stock valued at $165,424,000 after purchasing an additional 137,732 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of WEX by 3.8% during the second quarter. BlackRock Inc. now owns 3,484,141 shares of the business services provider’s stock valued at $663,658,000 after purchasing an additional 128,910 shares during the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.
WEX Inc provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment and processing services.
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