Oppenheimer Asset Management Inc. Takes Position in WageWorks, Inc. (NYSE:WAGE)

Oppenheimer Asset Management Inc. purchased a new position in WageWorks, Inc. (NYSE:WAGE) during the first quarter, according to its most recent disclosure with the SEC. The firm purchased 27,890 shares of the business services provider’s stock, valued at approximately $2,016,000. Oppenheimer Asset Management Inc. owned 0.07% of WageWorks at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in WAGE. BlackRock Inc. increased its stake in shares of WageWorks by 144,950.2% in the first quarter. BlackRock Inc. now owns 4,392,119 shares of the business services provider’s stock valued at $317,551,000 after buying an additional 4,389,091 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of WageWorks by 124.3% in the first quarter. Principal Financial Group Inc. now owns 647,285 shares of the business services provider’s stock valued at $46,799,000 after buying an additional 358,667 shares during the last quarter. Norges Bank bought a new stake in shares of WageWorks during the fourth quarter valued at approximately $22,315,000. Renaissance Technologies LLC increased its stake in shares of WageWorks by 31.4% in the first quarter. Renaissance Technologies LLC now owns 825,300 shares of the business services provider’s stock valued at $59,669,000 after buying an additional 197,400 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of WageWorks by 6.0% in the first quarter. Vanguard Group Inc. now owns 3,254,360 shares of the business services provider’s stock valued at $235,290,000 after buying an additional 183,172 shares during the last quarter. 96.31% of the stock is currently owned by institutional investors and hedge funds.

WageWorks, Inc. (WAGE) traded up 1.09% on Friday, reaching $65.05. The company had a trading volume of 450,449 shares. The firm has a 50 day moving average price of $70.30 and a 200-day moving average price of $72.55. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 96.51 and a beta of 0.87. WageWorks, Inc. has a 12 month low of $55.65 and a 12 month high of $80.50.

WageWorks (NYSE:WAGE) last released its quarterly earnings data on Thursday, May 4th. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. WageWorks had a net margin of 6.33% and a return on equity of 9.85%. The firm had revenue of $125 million for the quarter, compared to analysts’ expectations of $122.08 million. During the same quarter in the previous year, the company earned $0.33 earnings per share. The company’s revenue for the quarter was up 43.7% compared to the same quarter last year. Analysts forecast that WageWorks, Inc. will post $1.77 earnings per share for the current fiscal year.

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WAGE has been the topic of several analyst reports. TheStreet upgraded WageWorks from a “c+” rating to a “b” rating in a research report on Friday, May 5th. Zacks Investment Research upgraded WageWorks from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research report on Wednesday, May 10th. Wells Fargo & Company lowered WageWorks from an “outperform” rating to a “market perform” rating in a research report on Monday, March 27th. Finally, BidaskClub lowered WageWorks from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $77.53.

In other news, CEO Joseph L. Jackson sold 495,148 shares of WageWorks stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $69.25, for a total transaction of $34,288,999.00. Following the sale, the chief executive officer now owns 103,363 shares of the company’s stock, valued at approximately $7,157,887.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Edgar O. Montes sold 50,000 shares of WageWorks stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $69.25, for a total transaction of $3,462,500.00. Following the sale, the chief operating officer now directly owns 71,895 shares in the company, valued at approximately $4,978,728.75. The disclosure for this sale can be found here. 3.54% of the stock is currently owned by insiders.

WageWorks Company Profile

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.

Institutional Ownership by Quarter for WageWorks (NYSE:WAGE)

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