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Mizuho Issues Positive Forecast for WEX (NYSE:WEX) Stock Price

WEX logo with Business Services background

Key Points

  • Mizuho has raised its price target for WEX stock from $150.00 to $185.00, reflecting a potential upside of 10.84% from its current price and maintaining an "outperform" rating.
  • The stock's average rating is currently "Hold," with a consensus target price of $181.50 based on analysis from multiple brokerage firms.
  • WEX's latest quarterly earnings showed $3.51 EPS, exceeding expectations, despite a 2.5% year-over-year revenue decline to $636.60 million.
  • MarketBeat previews top five stocks to own in September.

WEX (NYSE:WEX - Get Free Report) had its price target boosted by investment analysts at Mizuho from $150.00 to $185.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the business services provider's stock. Mizuho's price target would indicate a potential upside of 10.84% from the company's current price.

Several other research analysts also recently commented on WEX. William Blair reiterated a "market perform" rating on shares of WEX in a report on Friday, July 25th. Jefferies Financial Group boosted their price target on WEX from $130.00 to $135.00 and gave the company a "hold" rating in a report on Tuesday, May 27th. Oppenheimer began coverage on WEX in a report on Thursday, May 15th. They set a "market perform" rating on the stock. Wells Fargo & Company reduced their price target on WEX from $160.00 to $140.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Finally, UBS Group lifted their price objective on WEX from $138.00 to $185.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $181.50.

Get Our Latest Research Report on WEX

WEX Price Performance

WEX stock traded down $2.78 during mid-day trading on Friday, hitting $166.90. 108,135 shares of the stock were exchanged, compared to its average volume of 727,212. 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 has a fifty day moving average price of $148.21 and a 200 day moving average price of $149.06. WEX has a 12 month low of $110.45 and a 12 month high of $217.47. The stock has a market capitalization of $5.72 billion, a price-to-earnings ratio of 21.05, a PEG ratio of 1.64 and a beta of 1.23.

WEX (NYSE:WEX - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.51 EPS for the quarter, topping the consensus estimate of $3.40 by $0.11. The firm had revenue of $636.60 million for the quarter, compared to the consensus estimate of $631.42 million. WEX had a return on equity of 41.87% and a net margin of 11.79%. The company's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.46 earnings per share. On average, sell-side analysts anticipate that WEX will post 14.09 EPS for the current year.

Insider Activity

In related news, CEO Melissa D. Smith acquired 3,721 shares of the company's stock in a transaction on Thursday, May 29th. The stock was acquired at an average price of $134.57 per share, with a total value of $500,734.97. Following the acquisition, the chief executive officer directly owned 101,182 shares of the company's stock, valued at approximately $13,616,061.74. This trade represents a 3.82% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CAO Jennifer Kimball sold 1,400 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $131.08, for a total transaction of $183,512.00. Following the transaction, the chief accounting officer directly owned 3,177 shares of the company's stock, valued at $416,441.16. This trade represents a 30.59% decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. lifted its holdings in shares of WEX by 44.9% in the 2nd quarter. Bessemer Group Inc. now owns 4,248 shares of the business services provider's stock valued at $624,000 after acquiring an additional 1,316 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of WEX by 16.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 68,716 shares of the business services provider's stock valued at $10,094,000 after acquiring an additional 9,663 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of WEX in the 2nd quarter valued at about $987,000. William Blair Investment Management LLC lifted its holdings in shares of WEX by 28.2% in the 2nd quarter. William Blair Investment Management LLC now owns 3,222 shares of the business services provider's stock valued at $473,000 after acquiring an additional 709 shares during the last quarter. Finally, Empirical Asset Management LLC lifted its holdings in shares of WEX by 33.7% in the 2nd quarter. Empirical Asset Management LLC now owns 4,154 shares of the business services provider's stock valued at $610,000 after acquiring an additional 1,047 shares during the last quarter. Institutional investors own 97.47% of the company's stock.

About WEX

(Get Free Report)

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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Analyst Recommendations for WEX (NYSE:WEX)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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