WEX Inc. (WEX) Price Target Raised to $124.00
WEX Inc. (NYSE:WEX) had its price target lifted by Barclays PLC from $118.00 to $124.00 in a research note issued on Wednesday. The brokerage currently has an “equal weight” rating on the business services provider’s stock. Barclays PLC’s price target indicates a potential upside of 4.45% from the stock’s previous close.
WEX has been the subject of several other reports. BidaskClub cut shares of WEX from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Mizuho started coverage on shares of WEX in a research report on Tuesday, June 27th. They set a “buy” rating and a $115.00 price objective for the company. William Blair restated an “outperform” rating on shares of WEX in a research report on Wednesday, July 12th. Zacks Investment Research upgraded shares of WEX from a “sell” rating to a “hold” rating and set a $124.00 price objective for the company in a research report on Friday, July 14th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $120.00 price objective on shares of WEX in a research report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. WEX has an average rating of “Buy” and an average price target of $122.45.
Shares of WEX (WEX) traded up 0.73% during trading on Wednesday, hitting $119.59. 174,983 shares of the company’s stock were exchanged. The company has a market cap of $5.13 billion, a P/E ratio of 72.48 and a beta of 1.79. WEX has a 12-month low of $97.26 and a 12-month high of $122.91. The company has a 50-day moving average of $110.54 and a 200-day moving average of $106.00.
WEX (NYSE:WEX) last issued its earnings results on Thursday, July 27th. The business services provider reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.11. The business had revenue of $303.90 million during the quarter, compared to analysts’ expectations of $293.91 million. WEX had a net margin of 6.09% and a return on equity of 13.03%. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.08 earnings per share. On average, equities analysts expect that WEX will post $5.28 earnings per share for the current fiscal year.
WEX declared that its Board of Directors has authorized a stock buyback program on Tuesday, September 26th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the business services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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In other WEX news, Director James Neary sold 2,390,000 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $102.25, for a total transaction of $244,377,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Melissa D. Smith sold 3,333 shares of the stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total transaction of $383,295.00. Following the transaction, the chief executive officer now directly owns 67,047 shares of the company’s stock, valued at approximately $7,710,405. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,395,833 shares of company stock valued at $245,048,295. 0.86% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the business. Warburg Pincus LLC purchased a new position in WEX during the fourth quarter worth about $447,703,000. Wellington Management Group LLP boosted its stake in WEX by 3.6% during the first quarter. Wellington Management Group LLP now owns 3,716,443 shares of the business services provider’s stock worth $309,804,000 after buying an additional 128,178 shares during the period. JPMorgan Chase & Co. boosted its stake in WEX by 24.9% during the second quarter. JPMorgan Chase & Co. now owns 3,524,870 shares of the business services provider’s stock worth $367,539,000 after buying an additional 701,688 shares during the period. Vanguard Group Inc. boosted its stake in WEX by 5.0% during the second quarter. Vanguard Group Inc. now owns 3,228,500 shares of the business services provider’s stock worth $336,635,000 after buying an additional 153,106 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in WEX by 1,678.3% during the second quarter. Janus Henderson Group PLC now owns 3,171,873 shares of the business services provider’s stock worth $330,733,000 after buying an additional 2,993,511 shares during the period.
WEX Inc is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets.
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