Envestnet Asset Management Inc. Acquires 603 Shares of WEX Inc. (NYSE:WEX)

Envestnet Asset Management Inc. grew its holdings in shares of WEX Inc. (NYSE:WEX) by 1.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,370 shares of the business services provider’s stock after purchasing an additional 603 shares during the quarter. Envestnet Asset Management Inc.’s holdings in WEX were worth $8,922,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its stake in WEX by 0.7% in the 2nd quarter. American Century Companies Inc. now owns 10,425 shares of the business services provider’s stock valued at $1,847,000 after buying an additional 68 shares during the last quarter. Ballentine Partners LLC increased its position in WEX by 3.3% during the second quarter. Ballentine Partners LLC now owns 2,238 shares of the business services provider’s stock worth $396,000 after acquiring an additional 72 shares during the period. Cozad Asset Management Inc. raised its stake in WEX by 2.1% during the 1st quarter. Cozad Asset Management Inc. now owns 4,831 shares of the business services provider’s stock valued at $1,148,000 after purchasing an additional 100 shares during the last quarter. Rise Advisors LLC acquired a new stake in WEX during the first quarter worth about $29,000. Finally, CWM LLC grew its holdings in shares of WEX by 37.3% during the 2nd quarter. CWM LLC now owns 453 shares of the business services provider’s stock worth $80,000 after purchasing an additional 123 shares in the last quarter. 97.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on WEX shares. Wells Fargo & Company dropped their target price on WEX from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, July 26th. William Blair upgraded shares of WEX to a “strong-buy” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods lowered their target price on WEX from $275.00 to $230.00 and set an “outperform” rating for the company in a research note on Monday, July 8th. Finally, JPMorgan Chase & Co. reduced their target price on shares of WEX from $210.00 to $200.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 20th. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $239.58.

Insiders Place Their Bets

In other WEX news, insider Ann Elena Drew sold 1,182 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $172.73, for a total transaction of $204,166.86. Following the completion of the sale, the insider now owns 5,584 shares of the company’s stock, valued at approximately $964,524.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other WEX news, CFO Jagtar Narula sold 540 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $180.00, for a total value of $97,200.00. Following the transaction, the chief financial officer now directly owns 8,168 shares of the company’s stock, valued at $1,470,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ann Elena Drew sold 1,182 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $172.73, for a total transaction of $204,166.86. Following the sale, the insider now directly owns 5,584 shares of the company’s stock, valued at $964,524.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,985 shares of company stock valued at $1,094,907. 1.10% of the stock is currently owned by company insiders.

WEX Trading Up 1.8 %

Shares of WEX stock opened at $209.10 on Friday. The firm’s 50-day moving average price is $187.34 and its two-hundred day moving average price is $198.48. The company has a market capitalization of $8.76 billion, a price-to-earnings ratio of 34.00, a PEG ratio of 1.25 and a beta of 1.54. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.66. WEX Inc. has a 12-month low of $161.95 and a 12-month high of $244.04.

WEX (NYSE:WEX) last posted its quarterly earnings results on Thursday, July 25th. The business services provider reported $3.29 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.09. The company had revenue of $673.50 million for the quarter, compared to the consensus estimate of $677.44 million. WEX had a net margin of 9.32% and a return on equity of 31.05%. On average, analysts forecast that WEX Inc. will post 13.75 earnings per share for the current fiscal year.

WEX Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.