Allspring Global Investments Holdings LLC Sells 40,522 Shares of WEX Inc. (NYSE:WEX)

Allspring Global Investments Holdings LLC cut its holdings in shares of WEX Inc. (NYSE:WEX - Free Report) by 99.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 348 shares of the business services provider's stock after selling 40,522 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in WEX were worth $61,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Natixis Advisors LLC increased its position in shares of WEX by 300.4% in the third quarter. Natixis Advisors LLC now owns 68,539 shares of the business services provider's stock worth $14,375,000 after purchasing an additional 51,423 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of WEX by 1,635.8% in the fourth quarter. Fifth Third Bancorp now owns 8,783 shares of the business services provider's stock worth $1,540,000 after purchasing an additional 8,277 shares during the last quarter. Rice Hall James & Associates LLC increased its position in shares of WEX by 672.7% in the third quarter. Rice Hall James & Associates LLC now owns 154,033 shares of the business services provider's stock valued at $32,305,000 after acquiring an additional 134,099 shares during the period. Atria Investments Inc raised its position in WEX by 289.0% during the 3rd quarter. Atria Investments Inc now owns 6,528 shares of the business services provider's stock valued at $1,369,000 after purchasing an additional 4,850 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of WEX by 53.7% during the fourth quarter. KBC Group NV now owns 1,825 shares of the business services provider's stock valued at $320,000 after acquiring an additional 638 shares in the last quarter. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on WEX shares. Robert W. Baird set a $186.00 price objective on WEX in a research report on Tuesday, February 18th. UBS Group decreased their target price on shares of WEX from $200.00 to $172.00 and set a "neutral" rating for the company in a research note on Friday, February 7th. Bank of America cut WEX from a "buy" rating to a "neutral" rating in a research report on Thursday, February 6th. Mizuho reduced their price objective on WEX from $215.00 to $170.00 and set an "outperform" rating for the company in a research report on Monday, February 10th. Finally, Barclays lowered their price objective on WEX from $200.00 to $155.00 and set an "equal weight" rating for the company in a research note on Monday, February 10th. Ten investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, WEX currently has a consensus rating of "Hold" and an average target price of $195.73.

WEX Stock Down 0.4 %

WEX traded down $0.65 during trading on Friday, hitting $157.07. 617,998 shares of the company's stock traded hands, compared to its average volume of 536,990. The stock has a market capitalization of $6.10 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 2.06 and a beta of 1.58. The company's 50 day simple moving average is $170.52 and its two-hundred day simple moving average is $183.50. WEX Inc. has a 12-month low of $146.03 and a 12-month high of $244.04. The company has a current ratio of 1.02, a quick ratio of 1.04 and a debt-to-equity ratio of 2.07.

WEX (NYSE:WEX - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The business services provider reported $3.13 EPS for the quarter, beating the consensus estimate of $2.97 by $0.16. WEX had a return on equity of 32.35% and a net margin of 11.78%. Analysts predict that WEX Inc. will post 14.09 earnings per share for the current fiscal year.

WEX Company 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.