Wells Fargo & Company Lowers WEX (NYSE:WEX) Price Target to $180.00

WEX (NYSE:WEX) had its target price reduced by investment analysts at Wells Fargo & Company from $200.00 to $180.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the business services provider’s stock. Wells Fargo & Company‘s target price would suggest a potential downside of 0.61% from the stock’s previous close.

WEX has been the subject of a number of other reports. Keefe, Bruyette & Woods decreased their price objective on WEX from $275.00 to $230.00 and set an “outperform” rating for the company in a research report on Monday, July 8th. Jefferies Financial Group raised their price objective on WEX from $190.00 to $210.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. decreased their price objective on WEX from $210.00 to $200.00 and set a “neutral” rating for the company in a research report on Tuesday, August 20th. William Blair upgraded WEX to a “strong-buy” rating in a research report on Friday, July 26th. Finally, Bank of America raised their price objective on WEX from $238.00 to $255.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $232.92.

WEX Trading Down 15.0 %

Shares of WEX opened at $181.11 on Friday. The business’s 50-day moving average price is $199.67 and its 200 day moving average price is $195.02. The stock has a market capitalization of $7.44 billion, a P/E ratio of 31.33, a P/E/G ratio of 1.19 and a beta of 1.55. WEX has a 1-year low of $161.95 and a 1-year high of $244.04. 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 (NYSE:WEX) last announced its quarterly earnings data on Thursday, July 25th. The business services provider reported $3.29 EPS for the quarter, topping 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 firm had revenue of $673.50 million during the quarter, compared to analyst estimates of $677.44 million. Analysts expect that WEX will post 13.68 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Jagtar Narula sold 508 shares of the business’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 completion of the sale, the chief financial officer now directly owns 7,120 shares in the company, valued at approximately $1,424,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Jagtar Narula sold 508 shares of the business’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 completion of the sale, the chief financial officer now directly owns 7,120 shares in the company, valued at approximately $1,424,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Robert Joseph Deshaies sold 1,651 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $181.67, for a total value of $299,937.17. Following the completion of the sale, the chief operating officer now owns 7,757 shares of the company’s stock, valued at approximately $1,409,214.19. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,905 shares of company stock worth $895,107. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in WEX by 5.6% in 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 buying an additional 48,182 shares during the period. Bessemer Group Inc. increased its position in shares of WEX by 0.6% during the first quarter. Bessemer Group Inc. now owns 735,313 shares of the business services provider’s stock valued at $174,660,000 after purchasing an additional 4,262 shares during the period. Dimensional Fund Advisors LP increased its position in shares of WEX by 34.3% during the second quarter. Dimensional Fund Advisors LP now owns 495,527 shares of the business services provider’s stock valued at $87,772,000 after purchasing an additional 126,663 shares during the period. Federated Hermes Inc. increased its position in shares of WEX by 3.0% during the second quarter. Federated Hermes Inc. now owns 402,365 shares of the business services provider’s stock valued at $71,275,000 after purchasing an additional 11,821 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of WEX by 5.0% during the second quarter. Bank of New York Mellon Corp now owns 378,969 shares of the business services provider’s stock valued at $67,131,000 after purchasing an additional 17,989 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.