WageWorks, Inc. (WAGE) Receives “Buy” Rating from Needham & Company LLC
WageWorks, Inc. (NYSE:WAGE)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Friday. They currently have a $82.00 price objective on the business services provider’s stock. Needham & Company LLC’s target price indicates a potential upside of 30.26% from the company’s previous close.
WAGE has been the topic of a number of other reports. Zacks Investment Research downgraded shares of WageWorks from a “strong-buy” rating to a “hold” rating in a report on Friday, July 7th. BidaskClub downgraded shares of WageWorks from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 14th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $85.00 price objective on shares of WageWorks in a report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $80.30.
WageWorks (NYSE:WAGE) traded down 0.199% during mid-day trading on Friday, reaching $62.825. 124,670 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $59.26 and a 200-day moving average price of $66.51. WageWorks has a 1-year low of $55.65 and a 1-year high of $80.50. The stock has a market cap of $2.49 billion, a P/E ratio of 57.374 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 the Zacks’ consensus estimate of $0.42 by ($0.11). WageWorks had a net margin of 9.60% and a return on equity of 9.52%. The business had revenue of $119.90 million during the quarter, compared to analyst estimates of $119.18 million. During the same quarter last year, the business earned $0.36 earnings per share. WageWorks’s revenue for the quarter was up 36.7% on a year-over-year basis. Equities research analysts anticipate that WageWorks will post $1.75 EPS for the current fiscal year.
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Large investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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. Advisor Group Inc. grew its stake in shares of WageWorks by 10.8% in the second quarter. Advisor Group Inc. now owns 1,594 shares of the business services provider’s stock valued at $107,000 after buying an additional 156 shares in the last quarter. First Mercantile Trust Co. grew its stake in shares of 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. grew its stake in shares of 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. Finally, Riverhead Capital Management LLC grew its stake in shares of WageWorks by 85.3% in the second quarter. Riverhead Capital Management LLC now owns 2,964 shares of the business services provider’s stock valued at $199,000 after buying an additional 1,364 shares in 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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