Oppenheimer Asset Management Inc. Cuts Stock Holdings in WEX Inc. $WEX

Oppenheimer Asset Management Inc. lowered its stake in shares of WEX Inc. (NYSE:WEX) by 2.4% during the second quarter, HoldingsChannel.com reports. The firm owned 14,903 shares of the business services provider’s stock after selling 361 shares during the period. Oppenheimer Asset Management Inc.’s holdings in WEX were worth $2,189,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of WEX. GAMMA Investing LLC raised its stake in WEX by 78.1% during the first quarter. GAMMA Investing LLC now owns 440 shares of the business services provider’s stock worth $69,000 after purchasing an additional 193 shares during the period. Palisade Capital Management LP raised its stake in WEX by 54.3% during the first quarter. Palisade Capital Management LP now owns 8,205 shares of the business services provider’s stock worth $1,288,000 after purchasing an additional 2,888 shares during the period. Lightrock Netherlands B.V. purchased a new position in WEX during the first quarter worth approximately $1,887,000. Eukles Asset Management raised its stake in WEX by 18.2% during the first quarter. Eukles Asset Management now owns 3,226 shares of the business services provider’s stock worth $507,000 after purchasing an additional 497 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in WEX by 1.0% during the first quarter. Envestnet Asset Management Inc. now owns 59,053 shares of the business services provider’s stock worth $9,272,000 after purchasing an additional 578 shares during the period. Hedge funds and other institutional investors own 97.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Bank of America raised shares of WEX from a “neutral” rating to a “buy” rating and set a $178.00 price objective for the company in a research report on Wednesday, October 22nd. UBS Group increased their price objective on shares of WEX from $138.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, July 25th. Robert W. Baird increased their price objective on shares of WEX from $198.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Zacks Research lowered shares of WEX from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 15th. Finally, Mizuho increased their price objective on shares of WEX from $150.00 to $185.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Four research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $173.91.

Insiders Place Their Bets

In related news, insider Ann Elena Drew sold 1,931 shares of the firm’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $171.69, for a total transaction of $331,533.39. Following the completion of the sale, the insider directly owned 7,295 shares of the company’s stock, valued at approximately $1,252,478.55. This trade represents a 20.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.40% of the company’s stock.

WEX Price Performance

WEX opened at $153.97 on Thursday. The company has a fifty day simple moving average of $162.95 and a 200 day simple moving average of $151.74. The firm has a market cap of $5.28 billion, a price-to-earnings ratio of 19.46, a PEG ratio of 1.38 and a beta of 1.26. WEX Inc. has a twelve month low of $110.45 and a twelve month high of $191.43. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99.

WEX Company Profile

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.