Allspring Global Investments Holdings LLC Reduces Stake in WEX Inc. (NYSE:WEX)

Allspring Global Investments Holdings LLC decreased its stake in shares of WEX Inc. (NYSE:WEX - Free Report) by 64.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 18,232 shares of the business services provider's stock after selling 33,190 shares during the period. Allspring Global Investments Holdings LLC's holdings in WEX were worth $3,230,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. GAMMA Investing LLC acquired a new position in WEX during the 4th quarter worth $27,000. Rise Advisors LLC bought a new position in WEX in the 1st quarter worth approximately $29,000. Principal Securities Inc. bought a new stake in shares of WEX in the fourth quarter valued at approximately $31,000. Blue Trust Inc. grew its stake in shares of WEX by 456.1% in the second quarter. Blue Trust Inc. now owns 228 shares of the business services provider's stock worth $40,000 after acquiring an additional 187 shares during the last quarter. Finally, Covestor Ltd raised its stake in WEX by 233.9% during the 1st quarter. Covestor Ltd now owns 187 shares of the business services provider's stock valued at $44,000 after purchasing an additional 131 shares during the last quarter. 97.47% of the stock is owned by institutional investors.

Insider Transactions at WEX

In related news, insider Ann Elena Drew sold 1,182 shares of the firm's stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $172.73, for a total value of $204,166.86. Following the completion of the sale, the insider now owns 5,584 shares of the company's stock, valued at $964,524.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Ann Elena Drew sold 1,182 shares of the firm's stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $172.73, for a total value of $204,166.86. Following the transaction, the insider now owns 5,584 shares in the company, valued at $964,524.32. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Robert Joseph Deshaies sold 1,651 shares of the business's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $181.67, for a total value of $299,937.17. Following the sale, the chief operating officer now directly owns 7,757 shares of the company's stock, valued at $1,409,214.19. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,477 shares of company stock worth $993,307. Corporate insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

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

WEX Price Performance

NYSE WEX traded up $0.40 during trading hours on Monday, reaching $191.02. 278,000 shares of the company's stock were exchanged, compared to its average volume of 333,502. The firm has a fifty day moving average of $180.23 and a 200-day moving average of $201.34. WEX Inc. has a one year low of $161.95 and a one year high of $244.04. The stock has a market cap of $8.00 billion, a PE ratio of 31.06, a price-to-earnings-growth ratio of 1.14 and a beta of 1.54. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.66.

WEX (NYSE:WEX - Get Free Report) last announced its earnings results on Thursday, July 25th. The business services provider reported $3.29 EPS for the quarter, topping the consensus estimate of $3.20 by $0.09. WEX had a return on equity of 31.05% and a net margin of 9.32%. The company had revenue of $673.50 million for the quarter, compared to analysts' expectations of $677.44 million. On average, equities research analysts predict that WEX Inc. will post 13.75 earnings per share for the current fiscal year.

About WEX

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.