Needham & Company LLC Reaffirms Buy Rating for WageWorks Inc. (WAGE)
Needham & Company LLC reiterated their buy rating on shares of WageWorks Inc. (NYSE:WAGE) in a research note issued to investors on Thursday morning. Needham & Company LLC currently has a $74.00 price target on the stock, up from their prior price target of $65.00.
Other analysts also recently issued reports about the stock. JMP Securities lifted their price objective on shares of WageWorks from $60.00 to $70.00 and gave the stock a market outperform rating in a report on Wednesday, August 10th. William Blair reaffirmed an outperform rating and set a $67.20 price objective on shares of WageWorks in a report on Thursday, November 10th. Finally, Zacks Investment Research raised shares of WageWorks from a strong sell rating to a hold rating in a research note on Wednesday, October 12th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. WageWorks presently has an average rating of Buy and a consensus target price of $66.60.
Shares of WageWorks (NYSE:WAGE) opened at 72.75 on Thursday. The firm has a market capitalization of $2.67 billion, a PE ratio of 129.91 and a beta of 0.95. WageWorks has a 1-year low of $38.99 and a 1-year high of $73.55. The stock has a 50 day moving average price of $60.88 and a 200 day moving average price of $59.60.
WageWorks (NYSE:WAGE) last posted its quarterly earnings data on Wednesday, November 9th. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. WageWorks had a net margin of 5.98% and a return on equity of 9.09%. The company earned $88.90 million during the quarter. During the same period in the prior year, the firm posted $0.36 earnings per share. The business’s revenue was up 6.9% on a year-over-year basis. Equities research analysts anticipate that WageWorks will post $1.38 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in WAGE. Capstone Asset Management Co. boosted its stake in shares of WageWorks by 5.0% in the second quarter. Capstone Asset Management Co. now owns 10,913 shares of the company’s stock worth $653,000 after buying an additional 520 shares during the period. Cohen Capital Management Inc. bought a new position in WageWorks during the second quarter valued at $389,000. GW&K Investment Management LLC boosted its position in WageWorks by 16.1% in the second quarter. GW&K Investment Management LLC now owns 376,979 shares of the company’s stock valued at $22,547,000 after buying an additional 52,358 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in WageWorks by 115.2% in the second quarter. BNP Paribas Arbitrage SA now owns 11,322 shares of the company’s stock valued at $677,000 after buying an additional 6,062 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in WageWorks by 338.5% in the first quarter. Envestnet Asset Management Inc. now owns 31,861 shares of the company’s stock valued at $1,612,000 after buying an additional 24,595 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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