Raymond James Financial, Inc. initiated coverage on shares of WEX Inc. (NYSE:WEX) in a report issued on Friday morning. The brokerage issued an outperform rating and a $115.00 price objective on the business services provider’s stock.

WEX has been the topic of several other reports. Zacks Investment Research cut shares of WEX from a hold rating to a sell rating in a report on Thursday, April 27th. Credit Suisse Group raised shares of WEX from a neutral rating to an outperform rating in a report on Thursday, April 27th. Jefferies Group LLC reaffirmed a buy rating and issued a $135.00 price target on shares of WEX in a report on Friday, May 5th. Deutsche Bank AG raised shares of WEX from a hold rating to a buy rating and upped their price target for the company from $116.00 to $125.00 in a report on Monday, June 5th. Finally, BidaskClub cut shares of WEX from a hold rating to a sell rating in a report on Friday, June 23rd. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. WEX has an average rating of Buy and an average price target of $120.91.

WEX (WEX) traded up 1.46% during trading on Friday, reaching $106.57. 390,172 shares of the company’s stock traded hands. The company has a market cap of $4.57 billion, a PE ratio of 64.28 and a beta of 1.80. WEX has a 12-month low of $97.26 and a 12-month high of $122.91. The company has a 50 day moving average price of $107.40 and a 200-day moving average price of $105.68.

WEX (NYSE:WEX) last posted its earnings results on Thursday, July 27th. The business services provider reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. WEX had a net margin of 6.09% and a return on equity of 13.03%. The business had revenue of $303.90 million for the quarter, compared to analysts’ expectations of $293.91 million. During the same period in the previous year, the company posted $1.08 earnings per share. The business’s revenue for the quarter was up 29.9% compared to the same quarter last year. On average, equities research analysts forecast that WEX will post $5.27 EPS for the current fiscal year.

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In other WEX news, Director James Neary sold 2,390,000 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $102.25, for a total transaction of $244,377,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP George W. Hogan sold 4,500 shares of the business’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $110.00, for a total transaction of $495,000.00. Following the sale, the senior vice president now owns 15,615 shares of the company’s stock, valued at approximately $1,717,650. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,396,500 shares of company stock valued at $245,082,500. 0.86% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in WEX. JPMorgan Chase & Co. raised its stake in WEX by 24.9% in the second quarter. JPMorgan Chase & Co. now owns 3,524,870 shares of the business services provider’s stock valued at $367,539,000 after buying an additional 701,688 shares during the last quarter. Vanguard Group Inc. raised its stake in WEX by 5.0% in the second quarter. Vanguard Group Inc. now owns 3,228,500 shares of the business services provider’s stock valued at $336,635,000 after buying an additional 153,106 shares during the last quarter. Janus Henderson Group PLC raised its stake in WEX by 1,678.3% in the second quarter. Janus Henderson Group PLC now owns 3,171,873 shares of the business services provider’s stock valued at $330,733,000 after buying an additional 2,993,511 shares during the last quarter. BlackRock Inc. raised its stake in WEX by 0.7% in the second quarter. BlackRock Inc. now owns 3,065,817 shares of the business services provider’s stock valued at $319,673,000 after buying an additional 21,065 shares during the last quarter. Finally, Atlanta Capital Management Co. L L C raised its stake in WEX by 18.6% in the second quarter. Atlanta Capital Management Co. L L C now owns 3,003,407 shares of the business services provider’s stock valued at $313,165,000 after buying an additional 471,018 shares during the last quarter.

About WEX

WEX Inc is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets.

Analyst Recommendations for WEX (NYSE:WEX)

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