WEX (NYSE:WEX) Stock Gets Price Target Bump from Cantor Fitzgerald

WEX (NYSE:WEX) had its target price upped by analysts at Cantor Fitzgerald from $178.00 to $189.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the business services provider’s stock. Cantor Fitzgerald‘s target price suggests a potential upside of 2.33% from the company’s current price.

A number of other research firms have also recently issued reports on WEX. Mizuho upped their price objective on WEX from $170.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Evercore raised shares of WEX to an “outperform” rating in a report on Tuesday, July 21st. Piper Sandler assumed coverage on WEX in a research note on Thursday, September 10th. They issued a “neutral” rating and a $209.00 price objective on the stock. Keefe, Bruyette & Woods lifted their price target on shares of WEX from $200.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Finally, Morgan Stanley upped their price target on shares of WEX from $172.00 to $178.00 and gave the company an “equal weight” rating in a report on Tuesday, October 27th. Five analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $191.10.

WEX Stock Up 0.0%

WEX stock opened at $184.69 on Friday. The firm’s 50-day simple moving average is $186.09 and its 200 day simple moving average is $164.54. The company has a debt-to-equity ratio of 3.00, a quick ratio of 1.03 and a current ratio of 1.03. WEX has a fifty-two week low of $125.29 and a fifty-two week high of $203.99. The stock has a market cap of $6.07 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 0.94 and a beta of 0.93.

WEX (NYSE:WEX) last announced its quarterly earnings data on Wednesday, October 28th. The business services provider reported $6.13 EPS for the quarter, topping the consensus estimate of $5.68 by $0.45. The business had revenue of $780.10 million for the quarter, compared to analyst estimates of $749.74 million. WEX had a net margin of 14.05% and a return on equity of 45.74%. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.59 earnings per share. Research analysts predict that WEX will post 17.32 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Joel Alan Dearborn, Jr. sold 3,343 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $200.00, for a total transaction of $668,600.00. Following the completion of the transaction, the chief operating officer owned 17,021 shares in the company, valued at $3,404,200. This represents a 16.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Robert Deshaies sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $173.56, for a total value of $347,120.00. Following the transaction, the chief operating officer owned 17,288 shares in the company, valued at approximately $3,000,505.28. This represents a 10.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 34,527 shares of company stock worth $6,558,910 over the last ninety days. 1.40% of the stock is owned by corporate insiders.

Institutional Trading of WEX

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Jupiter Topco LLC purchased a new stake in WEX during the second quarter worth approximately $559,710,000. BlackRock Inc. purchased a new position in WEX during the second quarter worth $446,833,000. Bank of America Corp DE purchased a new position in WEX in the 2nd quarter valued at about $115,086,000. Turtle Creek Asset Management Inc. boosted its holdings in shares of WEX by 58.5% during the first quarter. Turtle Creek Asset Management Inc. now owns 669,335 shares of the business services provider’s stock worth $102,435,000 after purchasing an additional 246,923 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in WEX during the second quarter worth approximately $30,672,000. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

About WEX

WEX Inc (NYSE:WEX) is a financial technology company that provides payment-processing and business-management solutions. Its products are designed to help organizations manage corporate spending, employee benefits and mobility-related expenses through specialized payment accounts, software and data tools.

WEX’s mobility business serves commercial vehicle fleets with fuel cards, fleet-payment programs, expense controls, telematics integrations and related solutions. The company also supports emerging mobility needs, including electric-vehicle charging payments.