Zacks Investment Research Upgrades WageWorks Inc. (WAGE) to Hold
WageWorks Inc. (NYSE:WAGE) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “WageWorks, Inc. is an on-demand provider of tax-advantaged programs for consumer-directed health, commuter and other employee spending account benefits, or CDBs, in the United States. The Company administers and operates an array of CDBs, including spending account management programs, such as health and dependent care flexible spending accounts, health savings accounts, health reimbursement arrangements and commuter benefits, such as transit and parking programs. The Company delivers its CDB programs through a benefits-as-a-service delivery model. WageWorks, Inc. is headquartered in San Mateo, California. “
Several other brokerages have also recently weighed in on WAGE. JMP Securities restated a “buy” rating on shares of WageWorks in a research note on Wednesday, August 31st. Needham & Company LLC reiterated a “buy” rating and set a $65.00 target price (up from $60.00) on shares of WageWorks in a research note on Thursday, August 11th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $64.14.
Shares of WageWorks (NYSE:WAGE) traded up 0.38% during midday trading on Wednesday, hitting $60.58. 11,649 shares of the stock traded hands. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 99.31 and a beta of 0.92. The firm’s 50-day moving average is $61.99 and its 200 day moving average is $58.14. WageWorks has a 52 week low of $38.99 and a 52 week high of $65.43.
WageWorks (NYSE:WAGE) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.02. WageWorks had a return on equity of 10.39% and a net margin of 6.58%. The business had revenue of $87.70 million for the quarter, compared to analysts’ expectations of $87.42 million. During the same period last year, the business earned $0.28 EPS. The business’s revenue was up 6.0% on a year-over-year basis. Equities analysts forecast that WageWorks will post $1.40 earnings per share for the current year.
A number of large investors have recently made changes to their positions in WAGE. Vanguard Group Inc. raised its position in WageWorks by 5.0% in the second quarter. Vanguard Group Inc. now owns 2,863,666 shares of the company’s stock worth $171,276,000 after buying an additional 135,398 shares during the last quarter. BlackRock Fund Advisors raised its position in WageWorks by 4.2% in the second quarter. BlackRock Fund Advisors now owns 2,339,068 shares of the company’s stock worth $139,900,000 after buying an additional 94,093 shares during the last quarter. Columbia Wanger Asset Management LLC bought a new position in WageWorks during the second quarter worth $60,595,000. Lord Abbett & CO. LLC raised its position in WageWorks by 75.7% in the second quarter. Lord Abbett & CO. LLC now owns 948,642 shares of the company’s stock worth $56,738,000 after buying an additional 408,754 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in WageWorks by 2.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 914,366 shares of the company’s stock worth $54,688,000 after buying an additional 20,061 shares during the last quarter.
WageWorks, Inc is engaged in administering Consumer-Directed Benefits (CDBs). The Company administers CBDs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, Consolidated Omnibus Budget Reconciliation Act and other employee benefits.
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