Wells Fargo & Company Boosts WEX (NYSE:WEX) Price Target to $200.00

WEX (NYSE:WEX) had its price objective boosted by Wells Fargo & Company from $190.00 to $200.00 in a research note published on Monday, Benzinga reports. They currently have an equal weight rating on the business services provider’s stock.

A number of other brokerages have also recently weighed in on WEX. Jefferies Financial Group upped their price target on WEX from $190.00 to $210.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods lowered their price target on WEX from $275.00 to $230.00 and set an “outperform” rating on the stock in a research report on Monday, July 8th. JPMorgan Chase & Co. lowered their price target on WEX from $210.00 to $200.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 20th. Bank of America upped their price target on WEX from $238.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Finally, William Blair upgraded WEX to a “strong-buy” rating in a research report on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, WEX has a consensus rating of “Moderate Buy” and a consensus target price of $239.17.

WEX Stock Performance

WEX opened at $213.04 on Monday. The stock has a market cap of $8.93 billion, a PE ratio of 34.64, a P/E/G ratio of 1.22 and a beta of 1.55. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.66. WEX has a 1 year low of $161.95 and a 1 year high of $244.04. The stock’s 50 day simple moving average is $199.61 and its 200-day simple moving average is $195.12.

WEX (NYSE:WEX) last released its quarterly earnings data 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 business had revenue of $673.50 million for the quarter, compared to analysts’ expectations of $677.44 million. Sell-side analysts forecast that WEX will post 13.68 EPS for the current year.

Insider Activity

In other news, insider Melanie J. Tinto sold 1,564 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $185.04, for a total transaction of $289,402.56. Following the transaction, the insider now owns 8,461 shares of the company’s stock, valued at $1,565,623.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Ann Elena Drew sold 1,182 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $172.73, for a total transaction of $204,166.86. Following the transaction, the insider now owns 5,584 shares of the company’s stock, valued at $964,524.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Melanie J. Tinto sold 1,564 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $185.04, for a total value of $289,402.56. Following the completion of the transaction, the insider now directly owns 8,461 shares in the company, valued at $1,565,623.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,905 shares of company stock valued at $895,107 over the last 90 days. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On WEX

Several hedge funds have recently added to or reduced their stakes in WEX. Wealth Enhancement Advisory Services LLC lifted its stake in WEX by 96.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,596 shares of the business services provider’s stock valued at $1,804,000 after buying an additional 3,722 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in WEX by 44.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 51,422 shares of the business services provider’s stock valued at $12,214,000 after buying an additional 15,884 shares during the period. State of Michigan Retirement System lifted its stake in WEX by 1.9% in the first quarter. State of Michigan Retirement System now owns 10,475 shares of the business services provider’s stock valued at $2,488,000 after buying an additional 200 shares during the period. Norden Group LLC acquired a new position in WEX in the first quarter valued at about $279,000. Finally, Principal Financial Group Inc. raised its position in shares of WEX by 2.2% during the first quarter. Principal Financial Group Inc. now owns 161,266 shares of the business services provider’s stock worth $38,306,000 after purchasing an additional 3,532 shares during the period. Institutional investors and hedge funds own 97.47% of the company’s stock.

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.