WageWorks, Inc. (NYSE:WAGE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday.

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. “

A number of other research firms have also commented on WAGE. TheStreet raised shares of WageWorks from a “c+” rating to a “b” rating in a report on Friday, May 5th. BidaskClub downgraded shares of WageWorks from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 14th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $85.00 price objective on shares of WageWorks in a report on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $78.37.

WageWorks (WAGE) traded down 0.17% during midday trading on Tuesday, reaching $58.30. The company’s stock had a trading volume of 246,620 shares. WageWorks has a 12 month low of $55.65 and a 12 month high of $80.50. The stock has a 50-day moving average price of $66.86 and a 200 day moving average price of $71.48. The company has a market cap of $2.31 billion, a PE ratio of 53.24 and a beta of 0.86.

WageWorks (NYSE:WAGE) last released its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by $0.11. The firm had revenue of $119.90 million for the quarter, compared to analysts’ expectations of $119.18 million. WageWorks had a net margin of 9.60% and a return on equity of 9.52%. The firm’s revenue for the quarter was up 36.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 earnings per share. Analysts expect that WageWorks will post $1.75 earnings per share for the current fiscal year.

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In other WageWorks news, CEO Joseph L. Jackson sold 495,148 shares of the business’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $69.25, for a total value of $34,288,999.00. Following the completion of the sale, the chief executive officer now directly owns 103,363 shares of the company’s stock, valued at $7,157,887.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Edgar O. Montes sold 50,000 shares of the business’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $69.25, for a total transaction of $3,462,500.00. Following the completion of the sale, the chief operating officer now directly owns 71,895 shares of the company’s stock, valued at $4,978,728.75. The disclosure for this sale can be found here. Insiders own 3.54% of the company’s stock.

A number of hedge funds have recently bought and sold shares of WAGE. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in WageWorks by 9.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,585 shares of the business services provider’s stock valued at $107,000 after buying an additional 139 shares in the last quarter. First Mercantile Trust Co. increased its stake in WageWorks by 20.7% in the second quarter. First Mercantile Trust Co. now owns 1,925 shares of the business services provider’s stock valued at $129,000 after buying an additional 330 shares in the last quarter. Victory Capital Management Inc. increased its stake in WageWorks by 8.0% in the first quarter. Victory Capital Management Inc. now owns 1,819 shares of the business services provider’s stock valued at $132,000 after buying an additional 134 shares in the last quarter. LS Investment Advisors LLC increased its stake in WageWorks by 86.1% in the first quarter. LS Investment Advisors LLC now owns 2,637 shares of the business services provider’s stock valued at $191,000 after buying an additional 1,220 shares in the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new stake in WageWorks during the first quarter valued at $200,000. 96.28% of the stock is owned by institutional investors and hedge funds.

About WageWorks

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 (COBRA) and other employee benefits.

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