Citigroup Raises WEX (NYSE:WEX) Price Target to $280.00

WEX (NYSE:WEX) had its price objective upped by Citigroup from $240.00 to $280.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the business services provider’s stock.

Several other brokerages have also weighed in on WEX. Evercore ISI increased their price objective on WEX from $250.00 to $275.00 and gave the company an outperform rating in a report on Tuesday, March 26th. JPMorgan Chase & Co. raised their price target on WEX from $205.00 to $239.00 and gave the stock a neutral rating in a report on Friday, February 9th. Mizuho raised their price target on WEX from $225.00 to $235.00 and gave the stock a buy rating in a report on Tuesday, February 13th. William Blair reaffirmed an outperform rating on shares of WEX in a report on Thursday, February 8th. Finally, Barclays increased their price objective on WEX from $255.00 to $280.00 and gave the stock an overweight rating in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $240.00.

WEX Stock Performance

Shares of WEX stock opened at $230.48 on Wednesday. The company has a market cap of $9.62 billion, a PE ratio of 37.42, a price-to-earnings-growth ratio of 1.49 and a beta of 1.59. WEX has a 52 week low of $161.95 and a 52 week high of $244.04. The business has a 50 day moving average price of $229.66 and a 200-day moving average price of $202.31. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.55.

WEX (NYSE:WEX) last issued its quarterly earnings data on Thursday, February 8th. The business services provider reported $3.14 EPS for the quarter, missing the consensus estimate of $3.29 by ($0.15). The company had revenue of $663.30 million during the quarter, compared to analysts’ expectations of $656.75 million. WEX had a return on equity of 31.33% and a net margin of 10.46%. Equities analysts anticipate that WEX will post 13.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Ann Elena Drew sold 4,531 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $218.03, for a total value of $987,893.93. Following the completion of the sale, the insider now owns 3,653 shares of the company’s stock, valued at approximately $796,463.59. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Melissa D. Smith sold 41,107 shares of the business’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $205.00, for a total transaction of $8,426,935.00. Following the transaction, the chief executive officer now owns 81,998 shares in the company, valued at approximately $16,809,590. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ann Elena Drew sold 4,531 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $218.03, for a total value of $987,893.93. Following the transaction, the insider now owns 3,653 shares in the company, valued at approximately $796,463.59. The disclosure for this sale can be found here. Insiders sold a total of 69,433 shares of company stock valued at $14,708,896 over the last 90 days. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. FinTrust Capital Advisors LLC purchased a new position in shares of WEX during the 4th quarter worth approximately $25,000. VisionPoint Advisory Group LLC grew its holdings in shares of WEX by 74.7% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 145 shares of the business services provider’s stock worth $27,000 after acquiring an additional 62 shares during the period. GAMMA Investing LLC purchased a new position in shares of WEX during the 4th quarter worth approximately $27,000. Rise Advisors LLC purchased a new position in shares of WEX during the 1st quarter worth approximately $29,000. Finally, Principal Securities Inc. purchased a new position in shares of WEX during the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 97.47% of the company’s stock.

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.