WageWorks, Inc. (WAGE) Raised to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of WageWorks, Inc. (NYSE:WAGE) from a sell rating to a hold rating in a research note published on Tuesday. The firm currently has $70.00 price objective on the business services provider’s stock.
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. “
A number of other equities research analysts have also weighed in on the stock. Stifel Nicolaus reissued a buy rating and set a $80.00 target price (down from $85.00) on shares of WageWorks in a report on Thursday, November 9th. BidaskClub lowered shares of WageWorks from a sell rating to a strong sell rating in a report on Thursday, November 9th. Finally, Needham & Company LLC reissued a buy rating and set a $82.00 target price on shares of WageWorks in a report on Friday, October 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $79.75.
WageWorks (NYSE:WAGE) last posted its earnings results on Wednesday, November 8th. The business services provider reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.04. WageWorks had a net margin of 9.87% and a return on equity of 9.60%. The firm had revenue of $115.70 million for the quarter, compared to analyst estimates of $117.09 million. During the same period in the previous year, the firm posted $0.34 EPS. The company’s revenue for the quarter was up 30.1% compared to the same quarter last year. research analysts expect that WageWorks will post 1.25 EPS for the current fiscal year.
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In related news, insider Kimberly L. Wilford sold 50,000 shares of the stock in a transaction on Monday, November 13th. The shares were sold at an average price of $62.13, for a total transaction of $3,106,500.00. Following the transaction, the insider now directly owns 93,238 shares of the company’s stock, valued at $5,792,876.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.54% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in WageWorks by 6.1% during the second quarter. BlackRock Inc. now owns 4,659,600 shares of the business services provider’s stock worth $313,124,000 after acquiring an additional 267,481 shares in the last quarter. Vanguard Group Inc. raised its holdings in WageWorks by 7.9% during the second quarter. Vanguard Group Inc. now owns 3,512,829 shares of the business services provider’s stock worth $236,063,000 after buying an additional 258,469 shares during the last quarter. TimesSquare Capital Management LLC raised its holdings in WageWorks by 7.9% during the third quarter. TimesSquare Capital Management LLC now owns 2,615,179 shares of the business services provider’s stock worth $158,741,000 after buying an additional 192,295 shares during the last quarter. DF Dent & Co. Inc. raised its holdings in WageWorks by 10.8% during the third quarter. DF Dent & Co. Inc. now owns 1,690,718 shares of the business services provider’s stock worth $102,627,000 after buying an additional 165,179 shares during the last quarter. Finally, Conestoga Capital Advisors LLC raised its holdings in WageWorks by 47.8% during the third quarter. Conestoga Capital Advisors LLC now owns 1,067,886 shares of the business services provider’s stock worth $64,821,000 after buying an additional 345,272 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 (COBRA) and other employee benefits.
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