Panagora Asset Management Inc. Has $405,000 Stock Holdings in WEX Inc. (NYSE:WEX)

Panagora Asset Management Inc. reduced its stake in WEX Inc. (NYSE:WEX - Free Report) by 98.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,284 shares of the business services provider's stock after selling 111,725 shares during the period. Panagora Asset Management Inc.'s holdings in WEX were worth $405,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC acquired a new stake in shares of WEX in the 4th quarter valued at approximately $27,000. Rise Advisors LLC purchased a new stake in shares of WEX in the 1st quarter worth about $29,000. Principal Securities Inc. purchased a new stake in shares of WEX in the fourth quarter valued at about $31,000. Blue Trust Inc. grew its position 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 valued at $40,000 after purchasing an additional 187 shares during the last quarter. Finally, Covestor Ltd lifted its stake in WEX by 233.9% in the 1st quarter. Covestor Ltd now owns 187 shares of the business services provider's stock valued at $44,000 after buying an additional 131 shares in the last quarter. 97.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Melanie J. Tinto sold 1,564 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $185.04, for a total transaction of $289,402.56. Following the sale, the insider now directly owns 8,461 shares in the company, valued at approximately $1,565,623.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other WEX news, CFO Jagtar Narula sold 540 shares of the business's stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $190.00, for a total value of $102,600.00. Following the sale, the chief financial officer now directly owns 7,628 shares in the company, valued at $1,449,320. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Melanie J. Tinto sold 1,564 shares of WEX stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $185.04, for a total transaction of $289,402.56. Following the completion of the transaction, the insider now directly owns 8,461 shares in the company, valued at approximately $1,565,623.44. The disclosure for this sale can be found here. Insiders sold a total of 5,477 shares of company stock valued at $993,307 over the last 90 days. 1.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wells Fargo & Company reduced their target price 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. JPMorgan Chase & Co. decreased their price target on shares of WEX from $210.00 to $200.00 and set a "neutral" rating on the stock in a report on Tuesday, August 20th. Keefe, Bruyette & Woods cut their target price on WEX from $275.00 to $230.00 and set an "outperform" rating on the stock in a research report on Monday, July 8th. Finally, William Blair upgraded WEX to a "strong-buy" rating in a research note on Friday, July 26th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, WEX has a consensus rating of "Moderate Buy" and a consensus price target of $239.58.

WEX Stock Down 0.1 %

Shares of NYSE WEX traded down $0.25 during midday trading on Wednesday, reaching $188.31. 345,968 shares of the company's stock were exchanged, compared to its average volume of 333,532. WEX Inc. has a 52-week low of $161.95 and a 52-week high of $244.04. The business's fifty day moving average price is $180.50 and its two-hundred day moving average price is $201.11. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $7.89 billion, a PE ratio of 30.66, a price-to-earnings-growth ratio of 1.14 and a beta of 1.54.

WEX (NYSE:WEX - Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The business services provider reported $3.29 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.09. The company had revenue of $673.50 million during the quarter, compared to analyst estimates of $677.44 million. WEX had a net margin of 9.32% and a return on equity of 31.05%. Analysts forecast that WEX Inc. will post 13.75 EPS for the current 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.