WEX Inc. (WEX) Price Target Increased to $123.00 by Analysts at Morgan Stanley
WEX Inc. (NYSE:WEX) had its price objective increased by stock analysts at Morgan Stanley from $113.00 to $123.00 in a report issued on Thursday. The firm presently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s price objective would indicate a potential downside of 0.48% from the company’s previous close.
Several other analysts have also recently commented on WEX. William Blair restated an “outperform” rating on shares of WEX in a research report on Wednesday, July 12th. Zacks Investment Research upgraded WEX from a “sell” rating to a “hold” rating and set a $124.00 target price on the stock in a research report on Friday, July 14th. Barclays PLC raised their target price on WEX from $115.00 to $119.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 18th. BidaskClub upgraded WEX from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $120.00 target price on shares of WEX in a research report on Thursday, August 10th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $127.25.
WEX (NYSE:WEX) last posted its earnings results on Wednesday, November 1st. The business services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.29 by $0.14. WEX had a return on equity of 13.03% and a net margin of 6.09%. The firm had revenue of $324.00 million for the quarter, compared to analysts’ expectations of $312.57 million. During the same period last year, the firm earned $1.25 EPS. The firm’s revenue was up 12.6% compared to the same quarter last year.
WEX declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the business services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
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In other news, Director James Neary sold 2,390,000 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $102.25, for a total transaction of $244,377,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Hilary A. Rapkin sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total value 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. Over the last quarter, insiders have sold 2,399,166 shares of company stock worth $245,448,255. 0.86% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in shares of WEX by 24.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,524,870 shares of the business services provider’s stock worth $367,539,000 after acquiring an additional 701,688 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of WEX by 5.0% during the 2nd quarter. Vanguard Group Inc. now owns 3,228,500 shares of the business services provider’s stock worth $336,635,000 after acquiring an additional 153,106 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of WEX by 1,678.3% during the 2nd quarter. Janus Henderson Group PLC now owns 3,171,873 shares of the business services provider’s stock worth $330,733,000 after acquiring an additional 2,993,511 shares in the last quarter. BlackRock Inc. boosted its stake in shares of WEX by 0.7% during the 2nd quarter. BlackRock Inc. now owns 3,065,817 shares of the business services provider’s stock worth $319,673,000 after acquiring an additional 21,065 shares in the last quarter. Finally, Atlanta Capital Management Co. L L C boosted its stake in shares of WEX by 18.6% during the 2nd quarter. Atlanta Capital Management Co. L L C now owns 3,003,407 shares of the business services provider’s stock worth $313,165,000 after acquiring an additional 471,018 shares in the last quarter.
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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