WEX (NYSE:WEX) Given New $189.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald raised WEX’s price target from $178 to $189 while maintaining a “neutral” rating, implying approximately 2.33% upside. Analysts overall have a consensus “Hold” rating and an average target of $191.10.
• WEX exceeded quarterly expectations, reporting $6.13 in EPS versus $5.68 expected and $780.1 million in revenue versus $749.74 million estimated. Revenue increased 12.8% year over year.
• WEX shares opened at $184.69, with a market capitalization of about $6.07 billion; insiders sold roughly $6.56 million worth of stock over the past 90 days, while institutional investors own 97.47% of shares.

WEX (NYSE:WEX - Get Free Report) had its price objective lifted by equities researchers at Cantor Fitzgerald from $178.00 to $189.00 in a research note issued on Friday, Benzinga reports. The firm presently has a "neutral" rating on the business services provider's stock. Cantor Fitzgerald's target price points to a potential upside of 2.33% from the stock's current price.

WEX has been the topic of several other research reports. Mizuho boosted 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 shares of WEX from $172.00 to $178.00 and gave the company an "equal weight" rating in a report on Tuesday, October 27th. Evercore upgraded shares of WEX to an "outperform" rating in a research report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of WEX in a research report on Thursday, September 24th. Finally, Piper Sandler began coverage on WEX in a research report on Thursday, September 10th. They issued a "neutral" rating and a $209.00 price objective on the stock. Five research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $191.10.

WEX Stock Up 0.0%

WEX stock opened at $184.69 on Friday. 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 has a 50 day simple moving average of $186.09 and a 200-day simple moving average of $164.54. The stock has a market capitalization of $6.07 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 0.94 and a beta of 0.93. WEX has a 12 month low of $125.29 and a 12 month high of $203.99.

WEX (NYSE:WEX - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The business services provider reported $6.13 EPS for the quarter, beating the consensus estimate of $5.68 by $0.45. WEX had a net margin of 14.05% and a return on equity of 45.74%. The firm had revenue of $780.10 million for the quarter, compared to analyst estimates of $749.74 million. During the same quarter in the previous year, the company earned $4.59 EPS. The business's revenue for the quarter was up 12.8% compared to the same quarter last year. On average, analysts anticipate that WEX will post 17.32 EPS for the current fiscal year.

Insider Transactions at WEX

In related news, CEO Melissa D. Smith sold 28,109 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $190.09, for a total value of $5,343,239.81. Following the completion of the transaction, the chief executive officer directly owned 126,625 shares of the company's stock, valued at $24,070,146.25. This represents a 18.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Carlos Carriedo sold 1,075 shares of the company's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $186.00, for a total transaction of $199,950.00. Following the completion of the sale, the chief operating officer directly owned 11,076 shares of the company's stock, valued at $2,060,136. The trade was a 8.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 34,527 shares of company stock valued at $6,558,910 over the last ninety days. 1.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On WEX

Large investors have recently made changes to their positions in the business. Root Financial Partners LLC acquired a new position in shares of WEX during the 3rd quarter worth $25,000. Global Retirement Partners LLC acquired a new position in shares of WEX in the second quarter valued at $26,000. Covestor Ltd lifted its stake in WEX by 97.8% during the third quarter. Covestor Ltd now owns 267 shares of the business services provider's stock worth $45,000 after purchasing an additional 132 shares during the period. Reyes Financial Architecture Inc. bought a new stake in shares of WEX in the 3rd quarter worth about $47,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of WEX in the 2nd quarter worth approximately $41,000. Institutional investors and hedge funds 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.

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