Zacks Investment Research Upgrades WageWorks, Inc. (WAGE) to “Hold”
WageWorks, Inc. (NYSE:WAGE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.
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 topic of a number of other research reports. BidaskClub lowered shares of WageWorks from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 14th. Stifel Nicolaus reiterated a “buy” rating and set a $85.00 price objective on shares of WageWorks in a research note on Monday, July 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $80.30.
Shares of WageWorks (NYSE WAGE) traded down 1.02% on Thursday, hitting $62.95. 295,258 shares of the stock traded hands. The firm’s 50-day moving average is $59.15 and its 200 day moving average is $66.53. WageWorks has a 12-month low of $55.65 and a 12-month high of $80.50. The firm has a market cap of $2.50 billion, a P/E ratio of 57.49 and a beta of 0.84.
WageWorks (NYSE:WAGE) last posted its quarterly earnings data on Tuesday, August 1st. The business services provider reported $0.31 earnings per share (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 company’s revenue for the quarter was up 36.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 EPS. Equities research analysts forecast that WageWorks will post $1.75 EPS for the current fiscal year.
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Several large investors have recently modified their holdings of WAGE. BlackRock Inc. increased its stake in shares of WageWorks by 144,950.2% in the first quarter. BlackRock Inc. now owns 4,392,119 shares of the business services provider’s stock worth $317,551,000 after buying an additional 4,389,091 shares during the last quarter. TimesSquare Capital Management LLC increased its stake in shares of WageWorks by 46.2% in the second quarter. TimesSquare Capital Management LLC now owns 2,422,884 shares of the business services provider’s stock worth $162,818,000 after buying an additional 765,715 shares during the last quarter. Eagle Asset Management Inc. increased its stake in shares of WageWorks by 169.2% in the second quarter. Eagle Asset Management Inc. now owns 966,101 shares of the business services provider’s stock worth $64,921,000 after buying an additional 607,164 shares during the last quarter. Marshall Wace North America L.P. increased its stake in shares of WageWorks by 3,456.3% in the second quarter. Marshall Wace North America L.P. now owns 456,954 shares of the business services provider’s stock worth $30,616,000 after buying an additional 444,105 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of WageWorks by 24,301.3% in the second quarter. Victory Capital Management Inc. now owns 443,859 shares of the business services provider’s stock worth $29,827,000 after buying an additional 442,040 shares during the last quarter.
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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