WEX (NYSE:WEX) Stock Price Target Raised at Cantor Fitzgerald

WEX (NYSE:WEX) had its price target increased by Cantor Fitzgerald from $178.00 to $189.00 in a research report report published on Friday morning,Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the business services provider’s stock.

Other analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of WEX in a report on Thursday, September 24th. Weiss Ratings upgraded WEX from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday. Mizuho increased their target price on WEX from $170.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Morgan Stanley raised their target price on WEX from $172.00 to $178.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 27th. Finally, Piper Sandler started coverage on WEX in a research note on Thursday, September 10th. They issued a “neutral” rating and a $209.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, WEX presently has a consensus rating of “Hold” and an average target price of $191.10.

WEX Stock Performance

Shares of NYSE:WEX opened at $184.69 on Friday. WEX has a 12-month low of $125.29 and a 12-month high of $203.99. The company’s 50 day moving average price is $186.09 and its two-hundred day moving average price is $164.54. The firm has a market cap of $6.07 billion, a PE ratio of 15.89, a PEG ratio of 0.94 and a beta of 0.93. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 3.00.

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

Insider Buying and Selling at WEX

In other news, COO Robert Deshaies sold 2,000 shares of WEX stock in a transaction dated 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 directly owned 17,288 shares in the company, valued at approximately $3,000,505.28. The trade was a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Melissa Smith sold 28,109 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $190.09, for a total value of $5,343,239.81. Following the completion of the sale, the chief executive officer owned 126,625 shares in the company, valued at $24,070,146.25. The trade was a 18.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 34,527 shares of company stock valued at $6,558,910 over the last three months. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of WEX

A number of hedge funds and other institutional investors have recently bought and sold shares of WEX. Root Financial Partners LLC purchased a new position in WEX during the third quarter valued at approximately $25,000. Global Retirement Partners LLC purchased a new position in shares of WEX in the 2nd quarter valued at $26,000. Covestor Ltd grew its stake in WEX by 97.8% in the third quarter. Covestor Ltd now owns 267 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 132 shares during the last quarter. Reyes Financial Architecture Inc. bought a new position in WEX in the third quarter worth about $47,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in WEX in the second quarter worth about $41,000. Hedge funds and other institutional investors own 97.47% of the company’s stock.

WEX Company Profile

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.