Zacks Investment Research upgraded shares of WageWorks, Inc. (NYSE:WAGE) from a sell rating to a hold rating in a research note issued to investors on Tuesday. The firm currently has $70.00 price target 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 brokerages also recently commented on WAGE. Stifel Nicolaus reissued a buy rating and issued a $85.00 price objective on shares of WageWorks in a research report on Monday, July 17th. Needham & Company LLC reissued a buy rating and issued a $82.00 price objective on shares of WageWorks in a research report on Friday, October 6th. Finally, BidaskClub raised shares of WageWorks from a strong sell rating to a sell rating in a research report on Thursday, September 28th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $79.75.
Shares of WageWorks (NYSE:WAGE) opened at $60.65 on Tuesday. The stock has a market cap of $2,487.19, a P/E ratio of 50.20, a price-to-earnings-growth ratio of 3.35 and a beta of 0.92. WageWorks has a fifty-two week low of $56.90 and a fifty-two week high of $80.50. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.41.
WageWorks (NYSE:WAGE) last released its earnings results on Wednesday, November 8th. The business services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.04. The company had revenue of $115.70 million for the quarter, compared to analyst estimates of $117.09 million. WageWorks had a net margin of 8.37% and a return on equity of 6.53%. The firm’s quarterly revenue was up 30.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.34 EPS. equities analysts predict that WageWorks will post 1.25 earnings per share for the current year.
In other WageWorks news, insider Kimberly L. Wilford sold 50,000 shares of the stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $62.13, for a total value of $3,106,500.00. Following the sale, the insider now directly owns 93,238 shares of the company’s stock, valued at approximately $5,792,876.94. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 3.54% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp grew its position in shares of WageWorks by 8.1% in the 1st quarter. State Street Corp now owns 844,713 shares of the business services provider’s stock valued at $61,076,000 after buying an additional 63,265 shares during the last quarter. Stephens Investment Management Group LLC grew its position in shares of WageWorks by 2.4% in the 2nd quarter. Stephens Investment Management Group LLC now owns 935,608 shares of the business services provider’s stock valued at $62,873,000 after buying an additional 21,726 shares during the last quarter. TimesSquare Capital Management LLC grew its position in shares of WageWorks by 46.2% in the 2nd quarter. TimesSquare Capital Management LLC now owns 2,422,884 shares of the business services provider’s stock valued at $162,818,000 after buying an additional 765,715 shares during the last quarter. Legal & General Group Plc grew its position in shares of WageWorks by 17.5% in the 2nd quarter. Legal & General Group Plc now owns 75,278 shares of the business services provider’s stock valued at $5,057,000 after buying an additional 11,227 shares during the last quarter. Finally, Eagle Asset Management Inc. grew its position in shares of WageWorks by 169.2% in the 2nd quarter. Eagle Asset Management Inc. now owns 966,101 shares of the business services provider’s stock valued at $64,921,000 after buying an additional 607,164 shares during the last quarter.
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.
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