WEX Inc. (WEX) Price Target Raised to $129.00
WEX Inc. (NYSE:WEX) had its price objective raised by Barclays PLC from $124.00 to $129.00 in a research report sent to investors on Thursday morning. They currently have an equal weight rating on the business services provider’s stock.
A number of other research analysts also recently weighed in on the company. William Blair reiterated an outperform rating on shares of WEX in a report on Wednesday, July 12th. BidaskClub upgraded WEX from a sell rating to a hold rating in a report on Saturday, August 26th. Raymond James Financial, Inc. initiated coverage on WEX in a report on Friday, August 25th. They set an outperform rating and a $115.00 price target on the stock. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $120.00 price target on shares of WEX in a report on Thursday, August 10th. Finally, Wedbush reiterated an outperform rating on shares of WEX in a report on Friday, October 20th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $127.67.
WEX (NYSE WEX) opened at $121.36 on Thursday. The company has a quick ratio of 0.66, a current ratio of 0.69 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $5,208.89, a price-to-earnings ratio of 25.34, a P/E/G ratio of 1.74 and a beta of 1.88. WEX has a 1-year low of $97.26 and a 1-year high of $125.00.
WEX (NYSE:WEX) last issued its earnings results on Wednesday, November 1st. The business services provider reported $1.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.14. The business had revenue of $324.00 million for the quarter, compared to analysts’ expectations of $312.57 million. WEX had a return on equity of 13.16% and a net margin of 7.09%. The company’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.25 EPS. analysts anticipate that WEX will post 4.86 earnings per share for the current fiscal year.
WEX announced that its board has initiated a share repurchase plan on Tuesday, September 26th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the business services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
In other WEX news, Director James Neary sold 2,390,000 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $102.25, for a total value of $244,377,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Melissa D. Smith sold 3,333 shares of the business’s stock in a transaction dated Thursday, October 12th. The stock was sold at an average price of $120.00, for a total value of $399,960.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,399,171 shares of company stock valued at $245,448,880. Insiders own 0.86% of the company’s stock.
Large investors have recently made changes to their positions in the business. First Bank & Trust lifted its position in shares of WEX by 5.1% in the second quarter. First Bank & Trust now owns 1,686 shares of the business services provider’s stock worth $176,000 after buying an additional 82 shares during the last quarter. Fiduciary Trust Co. acquired a new stake in shares of WEX in the second quarter worth about $192,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of WEX by 9.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,850 shares of the business services provider’s stock worth $193,000 after buying an additional 162 shares during the last quarter. Huntington National Bank lifted its position in shares of WEX by 13.3% in the second quarter. Huntington National Bank now owns 1,908 shares of the business services provider’s stock worth $199,000 after buying an additional 224 shares during the last quarter. Finally, Raymond James Trust N.A. acquired a new stake in shares of WEX in the second quarter worth about $202,000.
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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