WEX (NYSE:WEX) Price Target Raised to $172.00 at Morgan Stanley

WEX (NYSE:WEX) had its price target hoisted by Morgan Stanley from $161.00 to $172.00 in a research note issued to investors on Tuesday, MarketBeat.com reports. Morgan Stanley currently has an equal weight rating on the business services provider’s stock.

WEX has been the topic of a number of other reports. Wall Street Zen downgraded shares of WEX from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Cantor Fitzgerald lowered their price objective on shares of WEX from $173.00 to $152.00 and set a “neutral” rating for the company in a research report on Monday, June 29th. Loop Capital assumed coverage on shares of WEX in a research note on Monday, April 27th. They set a “buy” rating and a $195.00 price objective on the stock. Evercore raised shares of WEX to an “outperform” rating in a report on Tuesday. Finally, Robert W. Baird lifted their target price on WEX from $210.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Five analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, WEX presently has an average rating of “Hold” and an average price target of $173.70.

WEX Price Performance

Shares of NYSE WEX opened at $160.76 on Tuesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 2.83. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 1.00 and a beta of 0.85. WEX has a twelve month low of $125.29 and a twelve month high of $186.85. The business has a 50 day simple moving average of $144.52 and a 200-day simple moving average of $152.36.

WEX (NYSE:WEX) last announced its quarterly earnings data on Wednesday, April 22nd. The business services provider reported $4.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.23. WEX had a return on equity of 42.66% and a net margin of 11.50%.The firm had revenue of $673.80 million for the quarter, compared to analysts’ expectations of $660.96 million. During the same period last year, the business posted $3.51 earnings per share. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, equities research analysts expect that WEX will post 16.81 earnings per share for the current year.

WEX announced that its board has initiated a share repurchase plan on Thursday, May 14th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the business services provider to repurchase up to 21.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at WEX

In other news, Director James R. Groch acquired 1,500 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were purchased at an average cost of $142.95 per share, for a total transaction of $214,425.00. Following the transaction, the director directly owned 17,957 shares in the company, valued at $2,566,953.15. This trade represents a 9.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Robert Joseph Deshaies sold 2,000 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $148.40, for a total transaction of $296,800.00. Following the transaction, the chief operating officer directly owned 20,288 shares of the company’s stock, valued at $3,010,739.20. The trade was a 8.97% decrease in their ownership of the stock. 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 own 1.40% of the company’s stock.

Institutional Investors Weigh In On WEX

Large investors have recently made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new position in shares of WEX during the fourth quarter worth approximately $25,000. First Horizon Corp increased its position in WEX by 65.7% in the 4th quarter. First Horizon Corp now owns 237 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 94 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in WEX by 368.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 220 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 173 shares in the last quarter. Root Financial Partners LLC boosted its position in WEX by 255.0% during the 1st quarter. Root Financial Partners LLC now owns 355 shares of the business services provider’s stock worth $54,000 after acquiring an additional 255 shares during the period. Finally, IFP Advisors Inc boosted its position in WEX by 225.4% during the 4th quarter. IFP Advisors Inc now owns 371 shares of the business services provider’s stock worth $55,000 after acquiring an additional 257 shares during the period. Institutional investors and hedge funds own 97.47% of the company’s stock.

About WEX

WEX Inc is a global financial technology company specializing in business payment solutions for fleet, travel, and corporate payments. The company delivers software-driven platforms and card-based services that help businesses automate payment processes, manage expenses and improve operational efficiency across a range of industries, including transportation, healthcare and government.

Founded in 1983 as Wright Express in Portland, Maine, the company began by offering fuel card services to trucking fleets.