Neuberger Berman Group LLC Has $43.49 Million Stock Position in WEX Inc. (NYSE:WEX)

Key Points

• Neuberger Berman Group LLC reduced its holdings in WEX Inc. by 22.5% in the first quarter, now owning 276,978 shares valued at approximately $43.49 million.
• Analyst ratings for WEX include a price target increase from $135 to $170 by Barclays and an upgrade to $185 by Mizuho, with a consensus rating of "Hold."
• Insider sales have been notable, with executives selling a total of 4,206 shares in the past three months, indicating a 20.93% decrease in ownership for one insider.

Neuberger Berman Group LLC lowered its holdings in shares of WEX Inc. (NYSE:WEX - Free Report) by 22.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 276,978 shares of the business services provider's stock after selling 80,319 shares during the period. Neuberger Berman Group LLC owned 0.81% of WEX worth $43,491,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of WEX. Investment Management Corp VA ADV acquired a new position in shares of WEX in the fourth quarter valued at approximately $25,000. State of Wyoming purchased a new stake in WEX in the fourth quarter valued at approximately $35,000. Farther Finance Advisors LLC grew its stake in WEX by 161.5% during the first 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 period. GAMMA Investing LLC grew its stake in WEX by 78.1% during the first quarter. GAMMA Investing LLC now owns 440 shares of the business services provider's stock worth $69,000 after buying an additional 193 shares during the period. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in WEX during the first quarter worth approximately $201,000. Institutional investors and hedge funds own 97.47% of the company's stock.

Insider Activity

In related news, CAO Jennifer Kimball sold 1,400 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $131.08, for a total value of $183,512.00. Following the completion of the transaction, the chief accounting officer directly owned 3,177 shares in the company, valued at approximately $416,441.16. The trade was a 30.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ann Elena Drew sold 1,931 shares of the company'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 transaction, the insider directly 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 disclosure for this sale can be found here. Insiders have sold a total of 4,206 shares of company stock worth $665,265 in the last ninety days. Company insiders own 1.40% of the company's stock.

WEX Trading Down 0.6%

WEX stock traded down $1.03 during midday trading on Friday, reaching $174.10. The stock had a trading volume of 347,355 shares, compared to its average volume of 510,112. The business has a fifty day simple moving average of $156.02 and a two-hundred day simple moving average of $147.94. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 3.99. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of 22.01, a PEG ratio of 1.64 and a beta of 1.28. WEX Inc. has a twelve month low of $110.45 and a twelve month high of $217.47.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on WEX shares. William Blair restated a "market perform" rating on shares of WEX in a research note on Friday, July 25th. Barclays upped their price target on shares of WEX from $135.00 to $170.00 and gave the stock an "equal weight" rating in a research report on Monday, July 28th. Oppenheimer assumed coverage on shares of WEX in a research report on Thursday, May 15th. They set a "market perform" rating for the company. Morgan Stanley increased their target price on shares of WEX from $142.00 to $170.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. Finally, Jefferies Financial Group increased their target price on shares of WEX from $130.00 to $135.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $181.50.

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.