Wells Fargo & Company Initiates Coverage on Wingstop (NASDAQ:WING)

Wells Fargo & Company assumed coverage on shares of Wingstop (NASDAQ:WING) in a research note issued on Wednesday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $270.00 price target on the restaurant operator’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 17.75% from the company’s previous close.

Several other equities analysts have also commented on WING. Northcoast Research lowered shares of Wingstop from a “buy” rating to a “neutral” rating in a report on Friday, February 21st. Morgan Stanley cut their price target on shares of Wingstop from $389.00 to $375.00 and set an “overweight” rating for the company in a research report on Thursday, February 20th. Benchmark decreased their price objective on Wingstop from $340.00 to $325.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Stephens restated an “overweight” rating and set a $450.00 target price on shares of Wingstop in a report on Wednesday, February 19th. Finally, Wedbush reduced their price target on Wingstop from $390.00 to $355.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Seven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $353.68.

Wingstop Trading Up 4.0 %

Shares of NASDAQ WING opened at $229.29 on Wednesday. The stock’s 50-day moving average is $258.42 and its 200 day moving average is $313.98. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of 61.80, a P/E/G ratio of 2.27 and a beta of 1.88. Wingstop has a 1-year low of $205.60 and a 1-year high of $433.86.

Wingstop announced that its board has authorized a stock buyback plan on Thursday, December 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the restaurant operator to repurchase up to 5.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Wingstop

Several institutional investors and hedge funds have recently added to or reduced their stakes in WING. Alyeska Investment Group L.P. bought a new position in shares of Wingstop in the 4th quarter worth about $151,802,000. Raymond James Financial Inc. purchased a new stake in Wingstop in the fourth quarter worth about $115,301,000. Norges Bank bought a new position in shares of Wingstop during the fourth quarter valued at approximately $106,123,000. Ameriprise Financial Inc. increased its stake in shares of Wingstop by 760.9% during the fourth quarter. Ameriprise Financial Inc. now owns 381,745 shares of the restaurant operator’s stock valued at $108,497,000 after purchasing an additional 337,401 shares in the last quarter. Finally, Champlain Investment Partners LLC purchased a new position in shares of Wingstop during the fourth quarter valued at approximately $77,855,000.

About Wingstop

Wingstop Inc, together with its subsidiaries, franchises and operates restaurants under the Wingstop brand. Its restaurants offer classic wings, boneless wings, tenders, and hand-sauced-and-tossed in various flavors, as well as chicken sandwiches with fries and hand-cut carrots and celery that are cooked-to-order.