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

Allspring Global Investments Holdings LLC boosted its stake in WEX Inc. (NYSE:WEX - Free Report) by 124.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,870 shares of the business services provider's stock after purchasing an additional 22,638 shares during the period. Allspring Global Investments Holdings LLC owned about 0.10% of WEX worth $8,572,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. International Assets Investment Management LLC acquired a new position in WEX in the second quarter valued at $33,000. Quarry LP boosted its position in shares of WEX by 717.4% during the 2nd quarter. Quarry LP now owns 188 shares of the business services provider's stock valued at $33,000 after purchasing an additional 165 shares in the last quarter. Blue Trust Inc. grew its stake in WEX by 456.1% during the second quarter. Blue Trust Inc. now owns 228 shares of the business services provider's stock worth $40,000 after purchasing an additional 187 shares during the period. Covestor Ltd increased its holdings in WEX by 233.9% in the first quarter. Covestor Ltd now owns 187 shares of the business services provider's stock worth $44,000 after purchasing an additional 131 shares in the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in WEX in the first quarter valued at approximately $60,000. 97.47% of the stock is owned by institutional investors.

Insider Buying and Selling at WEX

In other news, CFO Jagtar Narula sold 508 shares of WEX stock in a transaction on Friday, September 13th. The stock was sold at an average price of $200.00, for a total transaction of $101,600.00. Following the sale, the chief financial officer now directly owns 7,120 shares in the company, valued at $1,424,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other WEX news, COO Robert Joseph Deshaies sold 1,651 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $181.67, for a total transaction of $299,937.17. Following the completion of the transaction, the chief operating officer now owns 7,757 shares in the company, valued at $1,409,214.19. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Jagtar Narula sold 508 shares of WEX stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $200.00, for a total transaction of $101,600.00. Following the completion of the transaction, the chief financial officer now owns 7,120 shares of the company's stock, valued at $1,424,000. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,905 shares of company stock worth $895,107 in the last quarter. 1.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on WEX. Robert W. Baird reduced their price objective on shares of WEX from $285.00 to $230.00 and set an "outperform" rating for the company in a research report on Friday. Keefe, Bruyette & Woods decreased their price target on shares of WEX from $275.00 to $230.00 and set an "outperform" rating for the company in a research note on Monday, July 8th. Jefferies Financial Group raised their target price on WEX from $190.00 to $210.00 and gave the company a "hold" rating in a research note on Wednesday, October 16th. William Blair upgraded WEX to a "strong-buy" rating in a report on Friday, July 26th. Finally, Wells Fargo & Company cut their target price on WEX from $200.00 to $180.00 and set an "equal weight" rating on the stock in a report on Friday. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $232.92.

WEX Stock Down 1.3 %

Shares of WEX stock traded down $2.28 on Friday, hitting $178.85. The stock had a trading volume of 773,768 shares, compared to its average volume of 354,934. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.03 and a quick ratio of 1.03. The business has a 50 day moving average of $199.68 and a 200 day moving average of $193.95. WEX Inc. has a 12-month low of $161.95 and a 12-month high of $244.04. The stock has a market cap of $7.49 billion, a price-to-earnings ratio of 29.08, a price-to-earnings-growth ratio of 1.19 and a beta of 1.55.

WEX (NYSE:WEX - Get Free Report) last posted 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. The firm had revenue of $673.50 million for the quarter, compared to analysts' expectations of $677.44 million. WEX had a net margin of 9.32% and a return on equity of 31.05%. As a group, analysts expect that WEX Inc. will post 13.68 EPS for the current 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.