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

Allspring Global Investments Holdings LLC reduced its position in WEX Inc. (NYSE:WEX) by 34.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,538 shares of the business services provider’s stock after selling 18,656 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.08% of WEX worth $6,914,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. International Assets Investment Management LLC boosted its position in shares of WEX by 19,044.7% in the 4th quarter. International Assets Investment Management LLC now owns 35,992 shares of the business services provider’s stock worth $7,002,000 after purchasing an additional 35,804 shares in the last quarter. Cambiar Investors LLC boosted its holdings in WEX by 2.0% in the fourth quarter. Cambiar Investors LLC now owns 54,693 shares of the business services provider’s stock worth $10,641,000 after acquiring an additional 1,054 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of WEX by 0.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 23,358 shares of the business services provider’s stock worth $4,544,000 after acquiring an additional 200 shares during the last quarter. Boit C F David increased its holdings in shares of WEX by 13.0% during the fourth quarter. Boit C F David now owns 1,740 shares of the business services provider’s stock valued at $338,000 after acquiring an additional 200 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of WEX by 76.3% in the 4th quarter. Pacer Advisors Inc. now owns 6,418 shares of the business services provider’s stock valued at $1,249,000 after purchasing an additional 2,778 shares during the last quarter. 97.47% of the stock is owned by institutional investors and hedge funds.

WEX Stock Performance

Shares of NYSE WEX opened at $229.85 on Thursday. The company has a market capitalization of $9.59 billion, a PE ratio of 37.31, a price-to-earnings-growth ratio of 1.51 and a beta of 1.59. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.05 and a current ratio of 1.05. The company’s fifty day moving average price is $228.84 and its 200 day moving average price is $201.82. WEX Inc. has a 1 year low of $161.95 and a 1 year high of $244.04.

WEX (NYSE:WEX) last issued its quarterly earnings data on Thursday, February 8th. The business services provider reported $3.14 earnings per share for the quarter, missing analysts’ consensus estimates of $3.29 by ($0.15). WEX had a return on equity of 31.33% and a net margin of 10.46%. The firm had revenue of $663.30 million during the quarter, compared to analyst estimates of $656.75 million. On average, research analysts predict that WEX Inc. will post 13.55 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WEX. TheStreet upgraded shares of WEX from a “c” rating to a “b” rating in a research note on Thursday, February 8th. Evercore ISI raised their target price on WEX from $250.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 26th. StockNews.com downgraded WEX from a “buy” rating to a “hold” rating in a research note on Tuesday, March 26th. Truist Financial increased their price objective on WEX from $185.00 to $220.00 and gave the company a “hold” rating in a report on Friday, February 9th. Finally, Jefferies Financial Group lifted their target price on WEX from $235.00 to $240.00 and gave the stock a “hold” rating in a report on Friday, April 12th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $240.00.

Insider Buying and Selling at WEX

In other news, CFO Jagtar Narula sold 309 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $233.24, for a total transaction of $72,071.16. Following the completion of the transaction, the chief financial officer now directly owns 5,528 shares of the company’s stock, valued at approximately $1,289,350.72. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Jagtar Narula sold 309 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $233.24, for a total transaction of $72,071.16. Following the completion of the sale, the chief financial officer now owns 5,528 shares of the company’s stock, valued at $1,289,350.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Melissa D. Smith sold 41,107 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $205.00, for a total transaction of $8,426,935.00. Following the transaction, the chief executive officer now owns 81,998 shares of the company’s stock, valued at approximately $16,809,590. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,433 shares of company stock valued at $14,708,896. Company insiders own 1.10% of the company’s stock.

WEX 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.