Envestnet Portfolio Solutions Inc. Cuts Holdings in WEX Inc. (NYSE:WEX)

Envestnet Portfolio Solutions Inc. decreased its position in WEX Inc. (NYSE:WEX) by 40.8% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,333 shares of the business services provider’s stock after selling 920 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in WEX were worth $236,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. Diversified Trust Co purchased a new position in WEX in the second quarter valued at about $319,000. Wedmont Private Capital purchased a new stake in WEX in the second quarter worth $212,000. SG Americas Securities LLC bought a new stake in shares of WEX in the second quarter valued at $390,000. CHICAGO TRUST Co NA raised its stake in shares of WEX by 72.9% in the second quarter. CHICAGO TRUST Co NA now owns 1,565 shares of the business services provider’s stock valued at $277,000 after buying an additional 660 shares during the period. Finally, Boit C F David lifted its position in shares of WEX by 34.5% during the 2nd quarter. Boit C F David now owns 2,340 shares of the business services provider’s stock valued at $415,000 after buying an additional 600 shares during the last quarter. Institutional investors own 97.47% of the company’s stock.

WEX Price Performance

NYSE:WEX opened at $185.57 on Friday. WEX Inc. has a 52-week low of $161.95 and a 52-week high of $244.04. The stock has a fifty day moving average of $178.13 and a 200 day moving average of $202.35. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $7.78 billion, a price-to-earnings ratio of 30.17, a P/E/G ratio of 1.06 and a beta of 1.54.

WEX (NYSE:WEX) last issued its quarterly earnings results on Thursday, July 25th. The business services provider reported $3.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.09. WEX had a return on equity of 31.05% and a net margin of 9.32%. The firm had revenue of $673.50 million during the quarter, compared to the consensus estimate of $677.44 million. On average, research analysts expect that WEX Inc. will post 13.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Robert Joseph Deshaies sold 1,651 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $181.67, for a total transaction of $299,937.17. Following the sale, the chief operating officer now owns 7,757 shares in the company, valued at approximately $1,409,214.19. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other WEX news, CFO Jagtar Narula sold 540 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $190.00, for a total value of $102,600.00. Following the completion of the sale, the chief financial officer now owns 7,628 shares of the company’s stock, valued at $1,449,320. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Robert Joseph Deshaies sold 1,651 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $181.67, for a total transaction of $299,937.17. Following the transaction, the chief operating officer now owns 7,757 shares in the company, valued at $1,409,214.19. The disclosure for this sale can be found here. Insiders sold a total of 5,477 shares of company stock valued at $993,307 in the last quarter. Corporate insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

WEX has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price objective on WEX from $210.00 to $200.00 and set a “neutral” rating for the company in a report on Tuesday. Wells Fargo & Company lowered their price target on shares of WEX from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Friday, July 26th. Keefe, Bruyette & Woods cut their price objective on shares of WEX from $275.00 to $230.00 and set an “outperform” rating for the company in a report on Monday, July 8th. Finally, William Blair upgraded shares of WEX to a “strong-buy” rating in a research note on Friday, July 26th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $239.58.

WEX Company Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.