Panagora Asset Management Inc. Has $22.22 Million Stock Position in WEX Inc. (NYSE:WEX)

Panagora Asset Management Inc. reduced its position in shares of WEX Inc. (NYSE:WEX - Free Report) by 40.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,224 shares of the business services provider's stock after selling 77,367 shares during the period. Panagora Asset Management Inc. owned about 0.27% of WEX worth $22,222,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in WEX. Vanguard Group Inc. raised its holdings in shares of WEX by 2.1% during the third quarter. Vanguard Group Inc. now owns 4,131,124 shares of the business services provider's stock valued at $777,023,000 after acquiring an additional 83,102 shares during the period. JPMorgan Chase & Co. raised its position in shares of WEX by 4.2% during the third quarter. JPMorgan Chase & Co. now owns 1,324,624 shares of the business services provider's stock valued at $249,149,000 after buying an additional 52,897 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in WEX by 2.7% during the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 866,363 shares of the business services provider's stock worth $177,076,000 after buying an additional 22,865 shares in the last quarter. Federated Hermes Inc. increased its stake in WEX by 8.4% during the fourth quarter. Federated Hermes Inc. now owns 372,006 shares of the business services provider's stock valued at $72,374,000 after acquiring an additional 28,782 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of WEX by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 338,388 shares of the business services provider's stock valued at $65,838,000 after purchasing an additional 7,867 shares in the last quarter. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at WEX

In other news, insider Ann Elena Drew sold 4,531 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $218.03, for a total transaction of $987,893.93. Following the completion of the sale, the insider now owns 3,653 shares of the company's stock, valued at approximately $796,463.59. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other WEX news, COO Robert Joseph Deshaies sold 1,500 shares of WEX stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $221.85, for a total transaction of $332,775.00. Following the completion of the transaction, the chief operating officer now owns 5,570 shares in the company, valued at approximately $1,235,704.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ann Elena Drew sold 4,531 shares of the company's stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $218.03, for a total value of $987,893.93. Following the sale, the insider now owns 3,653 shares of the company's stock, valued at approximately $796,463.59. The disclosure for this sale can be found here. Insiders have sold a total of 11,896 shares of company stock worth $2,582,687 in the last 90 days. Corporate insiders own 1.10% of the company's stock.

WEX Trading Down 2.6 %

Shares of WEX stock traded down $5.30 during trading on Friday, hitting $198.21. The company's stock had a trading volume of 368,909 shares, compared to its average volume of 360,111. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of 32.23, a price-to-earnings-growth ratio of 1.18 and a beta of 1.60. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.06 and a quick ratio of 1.06. WEX Inc. has a 52 week low of $161.95 and a 52 week high of $244.04. The stock has a 50-day moving average price of $226.36 and a two-hundred day moving average price of $206.57.

WEX (NYSE:WEX - Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The business services provider reported $2.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.83 by $0.15. WEX had a net margin of 10.21% and a return on equity of 30.92%. The firm had revenue of $652.70 million for the quarter, compared to the consensus estimate of $653.52 million. Equities research analysts anticipate that WEX Inc. will post 13.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. StockNews.com downgraded WEX from a "buy" rating to a "hold" rating in a report on Tuesday, March 26th. William Blair restated an "outperform" rating on shares of WEX in a research note on Thursday, February 8th. Jefferies Financial Group upped their price target on shares of WEX from $235.00 to $240.00 and gave the stock a "hold" rating in a research report on Friday, April 12th. Barclays increased their price objective on shares of WEX from $255.00 to $280.00 and gave the stock an "overweight" rating in a report on Tuesday, April 16th. Finally, Truist Financial upped their target price on shares of WEX from $185.00 to $220.00 and gave the stock a "hold" rating in a research report on Friday, February 9th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, WEX has an average rating of "Moderate Buy" and an average price target of $240.00.

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.