WEX (NYSE:WEX) CFO Sells 1,667 Shares of Company Stock

WEX Inc. (NYSE:WEX) CFO Jagtar Narula sold 1,667 shares of the stock in a transaction on Monday, November 9th. The shares were sold at an average price of $180.73, for a total value of $301,276.91. Following the sale, the chief financial officer owned 25,184 shares in the company, valued at approximately $4,551,504.32. This trade represents a 6.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

WEX Price Performance

WEX stock traded down $2.55 during mid-day trading on Thursday, hitting $179.74. 590,924 shares of the company were exchanged, compared to its average volume of 580,810. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.03 and a quick ratio of 1.03. The business’s 50 day simple moving average is $183.72 and its two-hundred day simple moving average is $165.48. The company has a market capitalization of $5.91 billion, a P/E ratio of 15.47, a PEG ratio of 0.71 and a beta of 0.93. WEX Inc. has a 12-month low of $125.29 and a 12-month high of $203.99.

WEX (NYSE:WEX) last released its quarterly earnings results on Wednesday, October 28th. The business services provider reported $6.13 earnings per share for the quarter, topping analysts’ consensus estimates of $5.68 by $0.45. WEX had a return on equity of 45.74% and a net margin of 14.05%. The company had revenue of $780.10 million during the quarter, compared to analysts’ expectations of $749.74 million. During the same period in the previous year, the firm posted $4.59 earnings per share. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. Analysts forecast that WEX Inc. will post 18.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on WEX shares. Deutsche Bank reissued a “hold” rating on shares of WEX in a research note on Thursday, September 24th. Mizuho raised their price target on shares of WEX from $170.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Keefe, Bruyette & Woods raised their price target on shares of WEX from $200.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Weiss Ratings upgraded shares of WEX from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, October 30th. Finally, Zacks Research raised shares of WEX from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, WEX has an average rating of “Moderate Buy” and a consensus target price of $191.10.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Jupiter Topco LLC purchased a new position in shares of WEX during the 2nd quarter worth $559,710,000. BlackRock Inc. purchased a new stake in shares of WEX in the second quarter valued at $446,833,000. Bank of America Corp DE purchased a new stake in shares of WEX in the second quarter valued at $115,086,000. Turtle Creek Asset Management Inc. grew its position in shares of WEX by 58.5% in the first quarter. Turtle Creek Asset Management Inc. now owns 669,335 shares of the business services provider’s stock valued at $102,435,000 after purchasing an additional 246,923 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in WEX in the second quarter valued at $30,672,000. Hedge funds and other institutional investors own 97.47% of the company’s stock.

About WEX

WEX Inc. is a financial technology company that provides payment processing and business management solutions. Founded in 1983 as Wright Express, the company adopted the WEX name in 2012 and is headquartered in Portland, Maine. WEX’s fleet business offers payment cards and related services for commercial and government fleets, including tools to manage fuel purchases, vehicle expenses and fleet operations. Its travel and corporate payments business provides solutions such as virtual cards and payment services for travel companies and other businesses.