Zacks Investment Research Upgrades WageWorks Inc. (WAGE) to Hold
WageWorks Inc. (NYSE:WAGE) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “WageWorks, Inc. is an on-demand provider of tax-advantaged programs for consumer-directed health, commuter and other employee spending account benefits, or CDBs, in the United States. The Company administers and operates an array of CDBs, including spending account management programs, such as health and dependent care flexible spending accounts, health savings accounts, health reimbursement arrangements and commuter benefits, such as transit and parking programs. The Company delivers its CDB programs through a benefits-as-a-service delivery model. WageWorks, Inc. is headquartered in San Mateo, California. “
WAGE has been the subject of several other research reports. JMP Securities increased their target price on WageWorks from $60.00 to $70.00 and gave the stock a “market outperform” rating in a research report on Wednesday, August 10th. Needham & Company LLC reiterated a “buy” rating and set a $65.00 target price (up previously from $60.00) on shares of WageWorks in a research report on Thursday, August 11th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $64.14.
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WageWorks (NYSE:WAGE) traded up 0.38% on Wednesday, reaching $60.58. The company’s stock had a trading volume of 11,649 shares. The stock has a market cap of $2.22 billion, a P/E ratio of 99.31 and a beta of 0.92. The stock has a 50-day moving average of $61.99 and a 200-day moving average of $58.14. WageWorks has a one year low of $38.99 and a one year high of $65.43.
WageWorks (NYSE:WAGE) last released its earnings results on Tuesday, August 9th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.02. WageWorks had a return on equity of 10.39% and a net margin of 6.58%. The firm earned $87.70 million during the quarter, compared to analysts’ expectations of $87.42 million. During the same quarter last year, the business posted $0.28 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. On average, analysts predict that WageWorks will post $1.40 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the stock. Invictus RG purchased a new position in WageWorks during the second quarter valued at $100,000. Quantbot Technologies LP bought a new stake in WageWorks during the second quarter valued at about $122,000. BlackRock Inc. raised its stake in WageWorks by 139.9% in the first quarter. BlackRock Inc. now owns 2,464 shares of the company’s stock valued at $125,000 after buying an additional 1,437 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new stake in WageWorks during the second quarter valued at about $126,000. Finally, Fortaleza Asset Management Inc. bought a new stake in WageWorks during the second quarter valued at about $134,000.
WageWorks, Inc is engaged in administering Consumer-Directed Benefits (CDBs). The Company administers CBDs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, Consolidated Omnibus Budget Reconciliation Act and other employee benefits.
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