Penserra Capital Management LLC Reduces Position in WEX Inc. (NYSE:WEX)

Penserra Capital Management LLC decreased its holdings in WEX Inc. (NYSE:WEX) by 4.4% in the third quarter, Holdings Channel reports. The fund owned 56,926 shares of the business services provider’s stock after selling 2,608 shares during the period. Penserra Capital Management LLC’s holdings in WEX were worth $11,939,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Venturi Wealth Management LLC increased its holdings in shares of WEX by 206.1% in the third quarter. Venturi Wealth Management LLC now owns 150 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 101 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of WEX in the 2nd quarter worth $33,000. Quarry LP raised its holdings in shares of WEX by 717.4% during the 2nd quarter. Quarry LP now owns 188 shares of the business services provider’s stock worth $33,000 after acquiring an additional 165 shares during the period. Blue Trust Inc. boosted its position in shares of WEX by 456.1% during the 2nd quarter. Blue Trust Inc. now owns 228 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 187 shares during the last quarter. Finally, Covestor Ltd grew its holdings in shares of WEX by 47.3% in the third quarter. Covestor Ltd now owns 277 shares of the business services provider’s stock valued at $58,000 after purchasing an additional 89 shares during the period. 97.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at WEX

In other news, 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 value of $101,600.00. Following the completion of the transaction, the chief financial officer now owns 7,120 shares in the company, valued at approximately $1,424,000. This trade represents a 6.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.

WEX Stock Up 2.0 %

Shares of NYSE:WEX opened at $185.38 on Friday. The firm has a market capitalization of $7.37 billion, a PE ratio of 23.53, a price-to-earnings-growth ratio of 1.47 and a beta of 1.57. WEX Inc. has a 1 year low of $165.51 and a 1 year high of $244.04. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.04 and a quick ratio of 1.04. The firm’s 50-day moving average is $196.01 and its two-hundred day moving average is $188.12.

WEX (NYSE:WEX) last announced its earnings results on Thursday, October 24th. The business services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $3.82 by $0.53. The firm had revenue of $665.50 million for the quarter, compared to the consensus estimate of $688.03 million. WEX had a net margin of 12.45% and a return on equity of 31.35%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $3.44 EPS. Analysts predict that WEX Inc. will post 13.1 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on WEX shares. Robert W. Baird decreased their target price on shares of WEX from $285.00 to $230.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Jefferies Financial Group upped their price objective on WEX from $190.00 to $210.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Wells Fargo & Company lowered their price objective on WEX from $200.00 to $180.00 and set an “equal weight” rating for the company in a research report on Friday, October 25th. Wolfe Research downgraded WEX from an “outperform” rating to a “peer perform” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. lowered their price target on WEX from $210.00 to $200.00 and set a “neutral” rating for the company in a report on Tuesday, August 20th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $235.91.

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.