Maverick Capital Ltd. Increases Position in WEX Inc. (NYSE:WEX)

Maverick Capital Ltd. grew its position in WEX Inc. (NYSE:WEX) by 401.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,247 shares of the business services provider’s stock after buying an additional 8,203 shares during the quarter. Maverick Capital Ltd.’s holdings in WEX were worth $1,815,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of WEX. American Century Companies Inc. boosted its stake in shares of WEX by 0.7% in the second quarter. American Century Companies Inc. now owns 10,425 shares of the business services provider’s stock valued at $1,847,000 after purchasing an additional 68 shares during the period. Ballentine Partners LLC increased its holdings in WEX by 3.3% during the 2nd quarter. Ballentine Partners LLC now owns 2,238 shares of the business services provider’s stock worth $396,000 after purchasing an additional 72 shares during the period. Cozad Asset Management Inc. raised its position in WEX by 2.1% in the 1st quarter. Cozad Asset Management Inc. now owns 4,831 shares of the business services provider’s stock valued at $1,148,000 after purchasing an additional 100 shares in the last quarter. Long Road Investment Counsel LLC boosted its stake in shares of WEX by 0.4% in the 2nd quarter. Long Road Investment Counsel LLC now owns 26,699 shares of the business services provider’s stock valued at $4,729,000 after buying an additional 100 shares during the period. Finally, Mercer Global Advisors Inc. ADV grew its holdings in WEX by 8.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 1,292 shares of the business services provider’s stock worth $229,000 after acquiring an additional 102 shares in the last quarter. Hedge funds and other institutional investors own 97.47% of the company’s stock.

Insider Transactions at WEX

In related news, CFO Jagtar Narula sold 508 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $200.00, for a total value of $101,600.00. Following the completion of the sale, the chief financial officer now owns 7,120 shares in the company, valued at $1,424,000. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other WEX news, insider Melanie J. Tinto sold 1,564 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $185.04, for a total transaction of $289,402.56. Following the sale, the insider now directly owns 8,461 shares in the company, valued at approximately $1,565,623.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jagtar Narula sold 508 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $200.00, for a total transaction of $101,600.00. Following the completion of the transaction, the chief financial officer now owns 7,120 shares of the company’s stock, valued at approximately $1,424,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,985 shares of company stock worth $1,094,907. Company insiders own 1.10% of the company’s stock.

WEX Price Performance

Shares of WEX opened at $209.10 on Friday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.03 and a current ratio of 1.03. WEX Inc. has a fifty-two week low of $161.95 and a fifty-two week high of $244.04. The firm has a 50-day simple moving average of $187.34 and a 200-day simple moving average of $198.48. The company has a market capitalization of $8.76 billion, a price-to-earnings ratio of 34.00, a price-to-earnings-growth ratio of 1.25 and a beta of 1.54.

WEX (NYSE:WEX) last posted its quarterly earnings data on Thursday, July 25th. The business services provider reported $3.29 earnings per share for the quarter, topping 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 company had revenue of $673.50 million during the quarter, compared to analysts’ expectations of $677.44 million. On average, equities research analysts anticipate that WEX Inc. will post 13.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of WEX from $275.00 to $230.00 and set an “outperform” rating on the stock in a report on Monday, July 8th. William Blair raised WEX to a “strong-buy” rating in a research report on Friday, July 26th. Wells Fargo & Company lowered their price target on WEX from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. cut their price objective on shares of WEX from $210.00 to $200.00 and set a “neutral” rating on the stock in a report on Tuesday, August 20th. Six investment 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.