WEX Inc. (WEX) Given New $129.00 Price Target at Barclays PLC
WEX Inc. (NYSE:WEX) had its price objective boosted by analysts at Barclays PLC from $124.00 to $129.00 in a report issued on Thursday. The brokerage currently has an “equal weight” rating on the business services provider’s stock. Barclays PLC’s price objective would suggest a potential upside of 4.38% from the stock’s previous close.
Several other equities research analysts have also recently weighed in on the stock. Oppenheimer Holdings, Inc. boosted their price target on shares of WEX from $120.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday. Morgan Stanley boosted their price target on shares of WEX from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research report on Thursday. Wedbush restated an “outperform” rating on shares of WEX in a research report on Friday, October 20th. SunTrust Banks, Inc. upgraded shares of WEX from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research report on Tuesday, October 17th. Finally, Mizuho restated a “buy” rating and issued a $115.00 price target on shares of WEX in a research report on Sunday, October 15th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $127.25.
WEX (NYSE:WEX) last announced its quarterly earnings results on Wednesday, November 1st. The business services provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.14. WEX had a net margin of 6.09% and a return on equity of 13.03%. The company had revenue of $324.00 million for the quarter, compared to analysts’ expectations of $312.57 million. During the same quarter in the previous year, the business posted $1.25 earnings per share. WEX’s quarterly revenue was up 12.6% on a year-over-year basis.
WEX declared that its board has approved a stock repurchase program on Tuesday, September 26th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the business services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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In other news, Director James Neary sold 2,390,000 shares of the business’s stock in a transaction on 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 can be accessed through this link. Also, SVP Hilary A. Rapkin sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $115.00, for a total transaction of $287,500.00. Following the sale, the senior vice president now directly owns 15,224 shares of the company’s stock, valued at $1,750,760. The disclosure for this sale can be found here. Insiders have sold 2,399,166 shares of company stock valued at $245,448,255 over the last ninety days. 0.86% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of WEX by 24.9% during the second quarter. JPMorgan Chase & Co. now owns 3,524,870 shares of the business services provider’s stock valued at $367,539,000 after purchasing an additional 701,688 shares during the period. Vanguard Group Inc. boosted its stake in shares of WEX by 5.0% during the second quarter. Vanguard Group Inc. now owns 3,228,500 shares of the business services provider’s stock valued at $336,635,000 after purchasing an additional 153,106 shares during the period. Janus Henderson Group PLC boosted its stake in shares of 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 valued at $330,733,000 after purchasing an additional 2,993,511 shares during the period. BlackRock Inc. boosted its stake in shares of WEX by 0.7% during the second quarter. BlackRock Inc. now owns 3,065,817 shares of the business services provider’s stock valued at $319,673,000 after purchasing an additional 21,065 shares during the period. Finally, Atlanta Capital Management Co. L L C boosted its stake in shares of WEX by 18.6% during the second quarter. Atlanta Capital Management Co. L L C now owns 3,003,407 shares of the business services provider’s stock valued at $313,165,000 after purchasing an additional 471,018 shares during the period.
WEX Company Profile
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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