WEX (NYSE:WEX) Given New $255.00 Price Target at Bank of America

WEX (NYSE:WEX) had its price target upped by Bank of America from $238.00 to $255.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the business services provider’s stock.

Other analysts have also issued research reports about the company. Wells Fargo & Company cut their price objective on WEX from $200.00 to $190.00 and set an equal weight rating for the company in a report on Friday, July 26th. William Blair raised WEX to a strong-buy rating in a report on Friday, July 26th. Keefe, Bruyette & Woods reduced 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. reduced their target price on WEX from $210.00 to $200.00 and set a neutral rating for the company in a report on Tuesday, August 20th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $240.77.

WEX Trading Down 0.3 %

NYSE:WEX opened at $213.98 on Tuesday. 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 stock has a market cap of $8.79 billion, a price-to-earnings ratio of 37.02, a PEG ratio of 1.28 and a beta of 1.55. The business has a fifty day moving average of $193.94 and a 200-day moving average of $196.06. WEX has a 1 year low of $161.95 and a 1 year high of $244.04.

WEX (NYSE:WEX) last announced its quarterly earnings data on Thursday, July 25th. The business services provider reported $3.29 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.09. The business had revenue of $673.50 million during the quarter, compared to analyst estimates of $677.44 million. WEX had a return on equity of 31.05% and a net margin of 9.32%. Equities analysts predict that WEX will post 13.75 earnings per share for the current year.

Insiders Place Their Bets

In other WEX news, insider Ann Elena Drew sold 1,182 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was 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 $964,524.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Jagtar Narula sold 508 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $200.00, for a total value of $101,600.00. Following the transaction, the chief financial officer now directly owns 7,120 shares of the company’s stock, valued at approximately $1,424,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ann Elena Drew sold 1,182 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 5,584 shares in the company, valued at $964,524.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,905 shares of company stock valued at $895,107 in the last three months. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in WEX. Rise Advisors LLC bought a new position in shares of WEX in the 1st quarter valued at approximately $29,000. International Assets Investment Management LLC bought a new position in WEX in the 2nd quarter worth approximately $33,000. Quarry LP increased its position in WEX by 717.4% in the 2nd quarter. Quarry LP now owns 188 shares of the business services provider’s stock worth $33,000 after buying an additional 165 shares during the period. Blue Trust Inc. increased its position in WEX by 456.1% in the 2nd quarter. Blue Trust Inc. now owns 228 shares of the business services provider’s stock worth $40,000 after buying an additional 187 shares during the period. Finally, Covestor Ltd increased its position in WEX by 233.9% in the 1st quarter. Covestor Ltd now owns 187 shares of the business services provider’s stock worth $44,000 after buying an additional 131 shares during the period. 97.47% of the stock is owned by institutional investors.

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.