WageWorks (WAGE) Upgraded by Zacks Investment Research to “Hold”

WageWorks (NYSE:WAGE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, November 14th. The brokerage currently has a $70.00 price objective on the business services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 9.12% from the stock’s current price.

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 research analysts have also weighed in on the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $85.00 price objective on shares of WageWorks in a research note on Monday, July 17th. Needham & Company LLC restated a “buy” rating and set a $82.00 price target on shares of WageWorks in a research report on Friday, October 6th. Finally, BidaskClub lowered shares of WageWorks from a “sell” rating to a “strong sell” rating in a research report on Thursday, November 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $79.75.

Shares of WageWorks (NYSE WAGE) remained flat at $$64.15 on Tuesday. 664,553 shares of the stock traded hands, compared to its average volume of 330,507. WageWorks has a 52-week low of $56.90 and a 52-week high of $80.50. The company has a market capitalization of $2,542.71, a price-to-earnings ratio of 51.32, a P/E/G ratio of 3.43 and a beta of 0.90. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.38 and a current ratio of 1.38.

WageWorks (NYSE:WAGE) last posted its earnings results on Wednesday, November 8th. The business services provider reported $0.45 EPS for the quarter, topping the Thomson Reuters’ 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 analysts’ expectations of $117.09 million. During the same quarter last year, the firm earned $0.34 EPS. The company’s quarterly revenue was up 30.1% compared to the same quarter last year. research analysts forecast that WageWorks will post 1.25 EPS for the current year.

In other news, Director John William Larson sold 30,500 shares of the stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $63.76, for a total value of $1,944,680.00. Following the completion of the sale, the director now directly owns 42,930 shares of the company’s stock, valued at $2,737,216.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Kimberly L. Wilford sold 50,000 shares of the firm’s 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 disclosure for this sale can be found here. 3.54% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in WAGE. TimesSquare Capital Management LLC raised its holdings 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 purchasing an additional 765,715 shares in the last quarter. Eagle Asset Management Inc. raised its holdings 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 purchasing an additional 607,164 shares in the last quarter. Marshall Wace North America L.P. raised its holdings in shares of WageWorks by 3,456.3% in the 2nd quarter. Marshall Wace North America L.P. now owns 456,954 shares of the business services provider’s stock valued at $30,616,000 after purchasing an additional 444,105 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of WageWorks by 24,301.3% in the 2nd quarter. Victory Capital Management Inc. now owns 443,859 shares of the business services provider’s stock worth $29,827,000 after buying an additional 442,040 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of WageWorks in the 3rd quarter worth approximately $22,206,000.

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About WageWorks

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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