Swiss National Bank Has $9.76 Million Stock Position in WEX Inc. $WEX

Key Points

• Swiss National Bank reduced its holdings in WEX Inc. by 23% during the first quarter, selling 18,600 shares, bringing their ownership to approximately $9.76 million.
• Several hedge funds recently adjusted their stakes in WEX, with Farther Finance Advisors LLC increasing their investment by 161.5% and GAMMA Investing LLC by 78.1% in the first quarter.
• Analyst upgrades for WEX saw price targets raised by firms like UBS Group and Robert W. Baird, with the stock currently having a consensus price target of $181.50 and an average rating of "Hold."

Swiss National Bank trimmed its position in WEX Inc. (NYSE:WEX - Free Report) by 23.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,126 shares of the business services provider's stock after selling 18,600 shares during the quarter. Swiss National Bank owned 0.18% of WEX worth $9,755,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of WEX. D. E. Shaw & Co. Inc. raised its stake in shares of WEX by 1,684.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 201,922 shares of the business services provider's stock valued at $35,401,000 after purchasing an additional 190,605 shares in the last quarter. Ariel Investments LLC raised its stake in shares of WEX by 113.0% in the fourth quarter. Ariel Investments LLC now owns 318,272 shares of the business services provider's stock valued at $55,799,000 after purchasing an additional 168,832 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of WEX by 5,562.2% in the fourth quarter. AQR Capital Management LLC now owns 151,125 shares of the business services provider's stock valued at $26,117,000 after purchasing an additional 148,456 shares in the last quarter. Invenomic Capital Management LP acquired a new position in shares of WEX in the fourth quarter valued at $16,677,000. Finally, GAMMA Investing LLC raised its stake in shares of 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 in the last quarter. 97.47% of the stock is currently owned by institutional investors and hedge funds.

WEX Price Performance

Shares of NYSE:WEX traded up $0.2520 during midday trading on Thursday, reaching $169.3020. The company's stock had a trading volume of 294,609 shares, compared to its average volume of 476,348. WEX Inc. has a fifty-two week low of $110.45 and a fifty-two week high of $217.47. The company has a market capitalization of $5.80 billion, a P/E ratio of 21.40, a P/E/G ratio of 1.58 and a beta of 1.28. The company has a debt-to-equity ratio of 3.99, a current ratio of 1.04 and a quick ratio of 1.04. The business's fifty day simple moving average is $158.43 and its 200-day simple moving average is $147.81.

Wall Street Analysts Forecast Growth

WEX has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft assumed coverage on WEX in a research note on Thursday, July 17th. They issued a "hold" rating and a $150.00 target price for the company. Barclays increased their price objective on WEX from $135.00 to $170.00 and gave the stock an "equal weight" rating in a research note on Monday, July 28th. Robert W. Baird increased their price objective on WEX from $186.00 to $198.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. William Blair reiterated a "market perform" rating on shares of WEX in a research note on Friday, July 25th. Finally, UBS Group increased their price objective on WEX from $138.00 to $185.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Three research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, WEX has an average rating of "Hold" and an average target price of $179.82.

Insiders Place Their Bets

In other news, insider Ann Elena Drew sold 1,931 shares of the firm's stock in a transaction 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 completion of the sale, the insider directly owned 7,295 shares in the company, valued at approximately $1,252,478.55. This trade represents a 20.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Carlos Carriedo sold 875 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $171.68, for a total value of $150,220.00. Following the completion of the sale, the chief operating officer owned 5,270 shares of the company's stock, valued at approximately $904,753.60. This trade represents a 14.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,206 shares of company stock valued at $665,265. 1.40% of the stock is owned by corporate insiders.

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.