Zacks Investment Research upgraded shares of Wex Inc. (NYSE:WEX) from a hold rating to a buy rating in a research report released on Thursday morning. Zacks Investment Research currently has $120.00 target price on the stock.
According to Zacks, “WEX Inc. provides physical, digital and virtual corporate card payment solutions. The Company operates in two segments: Fleet Payment Solutions and Other Payment Solutions. The Fleet Payment Solutions segment provides customers with fleet vehicle payment processing services. The Other Payment Solutions segment provides customers with payment processing solutions for their corporate purchasing and transaction monitoring needs through its corporate purchase card, its prepaid and gift card products and services. WEX Inc., formerly known as Wright Express Corporation, is headquartered in South Portland, Maine. “
A number of other analysts have also issued reports on WEX. Morgan Stanley boosted their target price on Wex from $94.00 to $95.00 and gave the company an equal weight rating in a research report on Thursday, July 28th. Deutsche Bank AG boosted their target price on Wex from $83.00 to $90.00 and gave the company a hold rating in a research report on Thursday, July 28th. Jefferies Group boosted their target price on Wex from $114.00 to $120.00 and gave the company a buy rating in a research report on Monday, September 19th. TheStreet lowered Wex from a buy rating to a hold rating in a research report on Wednesday, July 27th. Finally, Barclays PLC raised Wex from an underweight rating to an equal weight rating and boosted their target price for the company from $80.00 to $98.00 in a research report on Thursday, July 7th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Wex currently has a consensus rating of Hold and an average target price of $95.13.
Shares of Wex (NYSE:WEX) opened at 106.16 on Thursday. The firm has a market cap of $4.54 billion, a PE ratio of 46.56 and a beta of 1.92. The stock has a 50 day moving average price of $102.62 and a 200-day moving average price of $93.07. Wex has a 52-week low of $54.42 and a 52-week high of $108.86.
Wex (NYSE:WEX) last announced its earnings results on Wednesday, July 27th. The company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.06. The company had revenue of $233.90 million for the quarter, compared to analyst estimates of $221.64 million. Wex had a return on equity of 14.77% and a net margin of 10.10%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.25 earnings per share. On average, equities analysts anticipate that Wex will post $4.31 EPS for the current fiscal year.
In other Wex news, Director Eric Duprat sold 1,100 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $93.73, for a total value of $103,103.00. Following the completion of the transaction, the director now owns 1,593 shares in the company, valued at $149,311.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Stephen R. Crowley sold 1,808 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $90.95, for a total transaction of $164,437.60. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Forward Management LLC increased its stake in shares of Wex by 6.1% in the first quarter. Forward Management LLC now owns 8,692 shares of the company’s stock valued at $725,000 after buying an additional 497 shares during the period. Rafferty Asset Management LLC increased its stake in shares of Wex by 49.5% in the first quarter. Rafferty Asset Management LLC now owns 5,107 shares of the company’s stock valued at $426,000 after buying an additional 1,691 shares during the period. State Street Corp increased its stake in shares of Wex by 1.9% in the first quarter. State Street Corp now owns 1,025,183 shares of the company’s stock valued at $85,459,000 after buying an additional 19,307 shares during the period. OMERS ADMINISTRATION Corp acquired a new stake in shares of Wex during the first quarter valued at $542,000. Finally, Canada Pension Plan Investment Board increased its stake in shares of Wex by 70.2% in the first quarter. Canada Pension Plan Investment Board now owns 105,200 shares of the company’s stock valued at $8,769,000 after buying an additional 43,400 shares during the period. Institutional investors own 93.03% of the company’s stock.
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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