WEX (NYSE:WEX) Price Target Raised to $255.00 at Bank of America

WEX (NYSE:WEX) had its price target increased by investment analysts at Bank of America from $238.00 to $255.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the business services provider’s stock. Bank of America‘s target price points to a potential upside of 19.05% from the company’s previous close.

A number of other research analysts have also recently commented on WEX. William Blair upgraded WEX to a “strong-buy” rating in a report on Friday, July 26th. Wells Fargo & Company dropped their price objective on WEX from $200.00 to $190.00 and set an “equal weight” rating for the company in a research note on Friday, July 26th. Keefe, Bruyette & Woods lowered their target price on WEX from $275.00 to $230.00 and set an “outperform” rating for the company in a report on Monday, July 8th. Finally, JPMorgan Chase & Co. cut their price objective on WEX from $210.00 to $200.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 20th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $240.77.

WEX Stock Down 0.2 %

WEX stock traded down $0.38 on Tuesday, hitting $214.19. 137,347 shares of the company’s stock were exchanged, compared to its average volume of 340,405. The firm has a 50 day moving average price of $193.94 and a two-hundred day moving average price of $196.06. 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 has a 12-month low of $161.95 and a 12-month high of $244.04. The stock has a market cap of $8.97 billion, a P/E ratio of 34.83, a price-to-earnings-growth ratio of 1.25 and a beta of 1.55.

WEX (NYSE:WEX) last issued its earnings results on Thursday, July 25th. The business services provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.09. The firm had revenue of $673.50 million during the quarter, compared to analysts’ expectations of $677.44 million. WEX had a net margin of 9.32% and a return on equity of 31.05%. As a group, equities research analysts expect that WEX will post 13.75 EPS for the current fiscal year.

Insider Transactions at WEX

In other WEX news, insider Ann Elena Drew sold 1,182 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $172.73, for a total value of $204,166.86. Following the transaction, the insider now directly owns 5,584 shares of the company’s stock, valued at approximately $964,524.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other WEX news, COO Robert Joseph Deshaies sold 1,651 shares of the company’s stock in a transaction dated 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 directly owns 7,757 shares in the company, valued at approximately $1,409,214.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ann Elena Drew sold 1,182 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $172.73, for a total value of $204,166.86. Following the sale, the insider now directly owns 5,584 shares in the company, valued at $964,524.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,905 shares of company stock worth $895,107. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On WEX

Several hedge funds have recently bought and sold shares of the stock. Westfield Capital Management Co. LP increased its holdings in shares of WEX by 13.3% during the 1st quarter. Westfield Capital Management Co. LP now owns 258,384 shares of the business services provider’s stock worth $61,374,000 after buying an additional 30,306 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of WEX by 229.7% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,164 shares of the business services provider’s stock worth $989,000 after purchasing an additional 2,901 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in WEX by 5.6% during the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 914,250 shares of the business services provider’s stock worth $173,561,000 after purchasing an additional 48,182 shares in the last quarter. Sei Investments Co. raised its holdings in WEX by 60.0% in the first quarter. Sei Investments Co. now owns 44,981 shares of the business services provider’s stock valued at $10,684,000 after buying an additional 16,860 shares during the period. Finally, Swedbank AB acquired a new position in WEX during the second quarter valued at approximately $6,253,000. Hedge funds and other institutional investors own 97.47% of the company’s stock.

About WEX

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.