Algert Global LLC Raises Stock Holdings in WEX Inc. $WEX

Key Points

• Algert Global LLC increased its stake in WEX Inc. by 58.7% in Q1, acquiring a total of 39,682 shares now valued at approximately $6.23 million.
• In addition to Algert, other institutional investors, including GAMMA Investing LLC and Cerity Partners LLC, also made significant increases in their holdings during the same quarter.
• WEX currently has an average target price of $181.50, with twelve analysts rating the stock as a hold and three as a buy.

Algert Global LLC boosted its holdings in WEX Inc. (NYSE:WEX - Free Report) by 58.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 39,682 shares of the business services provider's stock after purchasing an additional 14,680 shares during the period. Algert Global LLC owned about 0.12% of WEX worth $6,231,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its holdings in WEX by 1.0% in the first quarter. Envestnet Asset Management Inc. now owns 59,053 shares of the business services provider's stock valued at $9,272,000 after purchasing an additional 578 shares during the last quarter. GAMMA Investing LLC boosted its holdings in WEX by 27,871.3% in the first quarter. GAMMA Investing LLC now owns 69,089 shares of the business services provider's stock valued at $10,848,000 after purchasing an additional 68,842 shares during the last quarter. Cerity Partners LLC lifted its holdings in WEX by 88.5% during the 1st quarter. Cerity Partners LLC now owns 10,002 shares of the business services provider's stock worth $1,571,000 after buying an additional 4,695 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in WEX by 161.5% during the 1st quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider's stock worth $44,000 after buying an additional 168 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in WEX during the 1st quarter worth approximately $279,000. Hedge funds and other institutional investors own 97.47% of the company's stock.

Insider Buying and Selling

In related news, insider Ann Elena Drew sold 1,931 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $171.69, for a total value of $331,533.39. Following the sale, the insider owned 7,295 shares of the company's stock, valued at approximately $1,252,478.55. This trade represents a 20.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Melissa D. Smith bought 3,721 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was acquired at an average price of $134.57 per share, for a total transaction of $500,734.97. Following the completion of the transaction, the chief executive officer owned 101,182 shares in the company, valued at $13,616,061.74. This trade represents a 3.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 4,206 shares of company stock worth $665,265. Company insiders own 1.40% of the company's stock.

WEX Trading Down 0.6%

Shares of NYSE WEX opened at $174.10 on Monday. The company has a market cap of $5.96 billion, a price-to-earnings ratio of 22.01, a price-to-earnings-growth ratio of 1.63 and a beta of 1.28. WEX Inc. has a 12-month low of $110.45 and a 12-month high of $217.47. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99. The stock's 50 day simple moving average is $156.02 and its 200 day simple moving average is $147.67.

Analysts Set New Price Targets

WEX has been the topic of a number of research analyst reports. UBS Group increased their target price on WEX from $138.00 to $185.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Oppenheimer initiated coverage on WEX in a report on Thursday, May 15th. They set a "market perform" rating on the stock. Robert W. Baird increased their target price on WEX from $186.00 to $198.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. William Blair reaffirmed a "market perform" rating on shares of WEX in a report on Friday, July 25th. Finally, Barclays increased their target price on WEX from $135.00 to $170.00 and gave the stock an "equal weight" rating in a report on Monday, July 28th. Twelve equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, WEX currently has an average rating of "Hold" and an average price target of $181.50.

WEX 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.

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