WageWorks, Inc. (WAGE) Stock Rating Reaffirmed by Needham & Company LLC
WageWorks, Inc. (NYSE:WAGE)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued to investors on Wednesday. They presently have a $74.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 1.58% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Chardan Capital initiated coverage on shares of WageWorks in a research report on Wednesday, November 30th. They issued a “buy” rating and a $86.00 price target for the company. Zacks Investment Research raised shares of WageWorks from a “sell” rating to a “buy” rating and set a $81.00 price target for the company in a research report on Wednesday, November 16th. Finally, William Blair reissued an “outperform” rating and issued a $67.20 price target on shares of WageWorks in a research report on Thursday, November 10th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $71.65.
WageWorks (NYSE:WAGE) remained flat at $72.85 during midday trading on Wednesday. 123,484 shares of the stock traded hands. The stock’s 50 day moving average price is $72.77 and its 200 day moving average price is $64.33. The firm has a market capitalization of $2.67 billion, a PE ratio of 130.09 and a beta of 1.05. WageWorks has a 12-month low of $38.99 and a 12-month high of $75.28.
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WageWorks (NYSE:WAGE) last announced its quarterly earnings results on Wednesday, November 9th. The company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. WageWorks had a net margin of 5.98% and a return on equity of 9.09%. The firm earned $88.90 million during the quarter. During the same period last year, the firm earned $0.36 earnings per share. WageWorks’s revenue was up 6.9% on a year-over-year basis. On average, equities analysts expect that WageWorks will post $1.37 earnings per share for the current fiscal year.
In other news, Director Bruce G. Bodaken sold 10,000 shares of the company’s stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $72.88, for a total value of $728,800.00. Following the completion of the sale, the director now directly owns 13,442 shares of the company’s stock, valued at $979,652.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph L. Jackson sold 87,749 shares of the company’s stock in a transaction dated Wednesday, December 14th. The shares were sold at an average price of $72.49, for a total transaction of $6,360,925.01. Following the completion of the sale, the chief executive officer now directly owns 93,981 shares of the company’s stock, valued at $6,812,682.69. The disclosure for this sale can be found here. 4.33% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Riverbridge Partners LLC purchased a new position in shares of WageWorks during the third quarter worth about $26,706,000. GW&K Investment Management LLC raised its position in shares of WageWorks by 16.1% in the second quarter. GW&K Investment Management LLC now owns 376,979 shares of the company’s stock worth $22,547,000 after buying an additional 52,358 shares during the period. BlackRock Fund Advisors raised its position in shares of WageWorks by 8.5% in the third quarter. BlackRock Fund Advisors now owns 2,538,128 shares of the company’s stock worth $154,597,000 after buying an additional 199,060 shares during the period. Teacher Retirement System of Texas raised its position in shares of WageWorks by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 5,023 shares of the company’s stock worth $300,000 after buying an additional 607 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of WageWorks by 5.4% in the third quarter. Bank of New York Mellon Corp now owns 509,295 shares of the company’s stock worth $31,022,000 after buying an additional 26,055 shares during the period.
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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