Spark Investment Management LLC Maintains Stake in WageWorks, Inc. (WAGE)
Spark Investment Management LLC maintained its position in WageWorks, Inc. (NYSE:WAGE) during the second quarter, Holdings Channel reports. The firm owned 15,200 shares of the business services provider’s stock at the end of the second quarter. Spark Investment Management LLC’s holdings in WageWorks were worth $1,021,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its position in WageWorks by 8.0% in the first quarter. Victory Capital Management Inc. now owns 1,819 shares of the business services provider’s stock worth $132,000 after buying an additional 134 shares in the last quarter. LS Investment Advisors LLC boosted its position in WageWorks by 86.1% in the first quarter. LS Investment Advisors LLC now owns 2,637 shares of the business services provider’s stock worth $191,000 after buying an additional 1,220 shares in the last quarter. BlueCrest Capital Management Ltd bought a new position in WageWorks during the first quarter worth approximately $200,000. Nomura Holdings Inc. bought a new position in WageWorks during the first quarter worth approximately $213,000. Finally, Teacher Retirement System of Texas boosted its position in WageWorks by 2.5% in the first quarter. Teacher Retirement System of Texas now owns 2,969 shares of the business services provider’s stock worth $215,000 after buying an additional 73 shares in the last quarter. 96.28% of the stock is owned by institutional investors and hedge funds.
WageWorks, Inc. (NYSE WAGE) opened at 58.00 on Thursday. The stock has a market cap of $2.30 billion, a PE ratio of 52.97 and a beta of 0.86. WageWorks, Inc. has a 1-year low of $55.65 and a 1-year high of $80.50. The firm has a 50-day moving average of $64.78 and a 200-day moving average of $70.93.
WageWorks (NYSE:WAGE) last announced its quarterly earnings data on Tuesday, August 1st. The business services provider reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by $0.11. WageWorks had a net margin of 9.60% and a return on equity of 9.52%. The company had revenue of $119.90 million for the quarter, compared to analysts’ expectations of $119.18 million. During the same period last year, the business earned $0.36 earnings per share. The company’s quarterly revenue was up 36.7% compared to the same quarter last year. Analysts expect that WageWorks, Inc. will post $1.75 EPS for the current fiscal year.
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A number of research firms have commented on WAGE. Zacks Investment Research cut shares of WageWorks from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Stifel Nicolaus reissued a “buy” rating and issued a $85.00 price target on shares of WageWorks in a research note on Monday, July 17th. BidaskClub cut shares of WageWorks from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 14th. Finally, TheStreet raised shares of WageWorks from a “c+” rating to a “b” rating in a research note on Friday, May 5th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. WageWorks presently has a consensus rating of “Hold” and a consensus price target of $78.37.
In other WageWorks news, COO Edgar O. Montes sold 50,000 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $69.25, for a total transaction of $3,462,500.00. Following the completion of the sale, the chief operating officer now directly owns 71,895 shares of the company’s stock, valued at approximately $4,978,728.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Joseph L. Jackson sold 495,148 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $69.25, for a total transaction of $34,288,999.00. Following the sale, the chief executive officer now directly owns 103,363 shares of the company’s stock, valued at $7,157,887.75. The disclosure for this sale can be found here. Company insiders own 3.54% of the company’s stock.
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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