WEX (NYSE:WEX) Price Target Raised to $178.00

WEX (NYSE:WEX) had its target price increased by research analysts at Morgan Stanley from $172.00 to $178.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley‘s price objective indicates a potential downside of 7.19% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Mizuho increased their price objective on shares of WEX from $170.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of WEX in a research note on Thursday, September 24th. Weiss Ratings raised WEX from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 7th. Keefe, Bruyette & Woods upped their target price on WEX from $200.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Finally, Piper Sandler started coverage on WEX in a research note on Thursday, September 10th. They set a “neutral” rating and a $209.00 price target for the company. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $187.00.

WEX Price Performance

Shares of WEX opened at $191.79 on Tuesday. WEX has a one year low of $125.29 and a one year high of $203.99. The stock’s fifty day moving average is $186.72 and its 200-day moving average is $164.00. The company has a debt-to-equity ratio of 2.62, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 19.10, a price-to-earnings-growth ratio of 1.01 and a beta of 0.84.

Insider Buying and Selling at WEX

In other news, COO Robert Deshaies sold 2,000 shares of the firm’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $173.56, for a total transaction of $347,120.00. Following the completion of the transaction, the chief operating officer owned 17,288 shares in the company, valued at approximately $3,000,505.28. This trade represents a 10.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Joel Dearborn, Jr. sold 3,343 shares of WEX stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $200.00, for a total transaction of $668,600.00. Following the completion of the transaction, the chief operating officer directly owned 17,021 shares in the company, valued at $3,404,200. This represents a 16.42% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,527 shares of company stock valued at $6,743,860 over the last 90 days. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On WEX

Large investors have recently modified their holdings of the stock. Root Financial Partners LLC acquired a new position in shares of WEX in the 3rd quarter worth $25,000. Global Retirement Partners LLC purchased a new stake in shares of WEX during the second quarter valued at $26,000. Reyes Financial Architecture Inc. purchased a new stake in shares of WEX during the third quarter valued at $47,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of WEX in the 2nd quarter valued at $41,000. Finally, Farther Finance Advisors LLC boosted its position in shares of WEX by 65.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 519 shares of the business services provider’s stock valued at $88,000 after purchasing an additional 205 shares during the period. 97.47% of the stock is owned by institutional investors.

WEX Company Profile

WEX Inc (NYSE:WEX) is a financial technology company that provides payment-processing and business-management solutions. Its products are designed to help organizations manage corporate spending, employee benefits and mobility-related expenses through specialized payment accounts, software and data tools.

WEX’s mobility business serves commercial vehicle fleets with fuel cards, fleet-payment programs, expense controls, telematics integrations and related solutions. The company also supports emerging mobility needs, including electric-vehicle charging payments.