Stifel Nicolaus restated their buy rating on shares of WageWorks, Inc. (NYSE:WAGE) in a report released on Monday, July 17th. The brokerage currently has a $85.00 price target on the business services provider’s stock.
Several other brokerages have also recently issued reports on WAGE. TheStreet upgraded WageWorks from a c+ rating to a b rating in a research note on Friday, May 5th. Zacks Investment Research upgraded WageWorks from a hold rating to a buy rating and set a $79.00 price objective for the company in a research note on Wednesday, May 10th. Wells Fargo & Company cut WageWorks from an outperform rating to a market perform rating in a research note on Monday, March 27th. Finally, BidaskClub cut WageWorks from a sell rating to a strong sell rating in a research note on Wednesday, June 14th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $80.04.
Shares of WageWorks (NYSE WAGE) opened at 57.55 on Monday. WageWorks has a 1-year low of $55.65 and a 1-year high of $80.50. The company has a 50-day moving average of $64.14 and a 200-day moving average of $70.73. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 52.56 and a beta of 0.86.
WageWorks (NYSE:WAGE) last announced its quarterly earnings data on Tuesday, August 1st. The business services provider reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by $0.11. The company had revenue of $119.90 million during the quarter, compared to analysts’ expectations of $119.18 million. WageWorks had a net margin of 9.60% and a return on equity of 9.52%. The business’s quarterly revenue was up 36.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 EPS. On average, equities research analysts expect that WageWorks will post $1.75 EPS for the current fiscal year.
In related news, COO Edgar O. Montes sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $69.25, for a total transaction of $3,462,500.00. Following the completion of the sale, the chief operating officer now owns 71,895 shares in the company, valued at $4,978,728.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joseph L. Jackson sold 495,148 shares of the business’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $69.25, for a total value of $34,288,999.00. Following the sale, the chief executive officer now owns 103,363 shares of the company’s stock, valued at approximately $7,157,887.75. The disclosure for this sale can be found here. 3.54% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in WageWorks by 9.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,585 shares of the business services provider’s stock valued at $107,000 after buying an additional 139 shares during the period. Advisor Group Inc. raised its position in WageWorks by 10.8% in the second quarter. Advisor Group Inc. now owns 1,594 shares of the business services provider’s stock valued at $107,000 after buying an additional 156 shares during the period. First Mercantile Trust Co. raised its position in WageWorks by 20.7% in the second quarter. First Mercantile Trust Co. now owns 1,925 shares of the business services provider’s stock valued at $129,000 after buying an additional 330 shares during the period. Victory Capital Management Inc. raised its position in WageWorks by 8.0% in the first quarter. Victory Capital Management Inc. now owns 1,819 shares of the business services provider’s stock valued at $132,000 after buying an additional 134 shares during the period. Finally, LS Investment Advisors LLC raised its position in WageWorks by 86.1% in the first quarter. LS Investment Advisors LLC now owns 2,637 shares of the business services provider’s stock valued at $191,000 after buying an additional 1,220 shares during the period. 96.28% of the stock is currently owned by institutional investors.
WageWorks Company Profile
WageWorks, Inc is engaged in administering Consumer-Directed Benefits (CDBs). The Company administers CBDs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, Consolidated Omnibus Budget Reconciliation Act (COBRA) and other employee benefits.
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