Stock analysts at Raymond James Financial, Inc. assumed coverage on shares of WEX Inc. (NYSE:WEX) in a report issued on Friday. The firm set an “outperform” rating and a $115.00 price target on the business services provider’s stock. Raymond James Financial, Inc.’s price objective points to a potential upside of 7.91% from the company’s current price.

A number of other research firms have also commented on WEX. Zacks Investment Research raised WEX from a “sell” rating to a “hold” rating and set a $124.00 price target on the stock in a research report on Friday, July 14th. Barclays PLC reissued a “hold” rating and issued a $118.00 target price on shares of WEX in a research report on Wednesday, August 2nd. BidaskClub raised WEX from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. TheStreet lowered WEX from a “b-” rating to a “c+” rating in a research report on Monday, August 14th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $135.00 target price on shares of WEX in a research report on Friday, May 5th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $120.91.

Shares of WEX (NYSE:WEX) opened at 106.57 on Friday. WEX has a 1-year low of $97.26 and a 1-year high of $122.91. The firm’s 50 day moving average is $107.40 and its 200 day moving average is $105.68. The firm has a market capitalization of $4.57 billion, a PE ratio of 64.28 and a beta of 1.80.

WEX (NYSE:WEX) last released its quarterly earnings results on Thursday, July 27th. The business services provider reported $1.26 EPS for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.11. The company had revenue of $303.90 million for the quarter, compared to analyst estimates of $293.91 million. WEX had a return on equity of 13.03% and a net margin of 6.09%. WEX’s revenue was up 29.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.08 earnings per share. Analysts anticipate 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 firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $102.25, for a total value of $244,377,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP George W. Hogan sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $110.00, for a total value of $495,000.00. Following the completion of the transaction, the senior vice president now owns 15,615 shares of the company’s stock, valued at $1,717,650. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,396,500 shares of company stock valued at $245,082,500. Corporate insiders own 0.86% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its position in WEX by 15,129.9% in the first quarter. BlackRock Inc. now owns 3,044,752 shares of the business services provider’s stock worth $315,131,000 after buying an additional 3,024,760 shares in the last quarter. Janus Henderson Group PLC increased its position 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 worth $330,733,000 after buying an additional 2,993,511 shares in the last quarter. JPMorgan Chase & Co. increased its position in WEX by 53.8% in the first quarter. JPMorgan Chase & Co. now owns 2,823,182 shares of the business services provider’s stock worth $292,200,000 after buying an additional 986,969 shares in the last quarter. Atlanta Capital Management Co. L L C increased its position 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 worth $313,165,000 after buying an additional 471,018 shares in the last quarter. Finally, FMR LLC increased its position in WEX by 40.2% in the second quarter. FMR LLC now owns 1,228,277 shares of the business services provider’s stock worth $128,072,000 after buying an additional 352,040 shares in 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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