Wageworks Inc (NYSE:WAGE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, May 10th. The brokerage currently has a $79.00 target price on the business services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 8.22% from the stock’s current price.
According to Zacks, “WageWorks, Inc. is an on-demand provider of tax-advantaged programs for consumer-directed health, commuter and other employee spending account benefits, or CDBs, in the United States. The Company administers and operates an array of CDBs, including spending account management programs, such as health and dependent care flexible spending accounts, health savings accounts, health reimbursement arrangements and commuter benefits, such as transit and parking programs. The Company delivers its CDB programs through a benefits-as-a-service delivery model. WageWorks, Inc. is headquartered in San Mateo, California. “
Several other research analysts have also recently weighed in on the stock. Stifel Nicolaus boosted their price target on shares of Wageworks from $72.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, January 27th. Chardan Capital upped their target price on shares of Wageworks from $86.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, February 24th. Needham & Company LLC reaffirmed a “buy” rating and issued a $74.00 target price on shares of Wageworks in a research report on Wednesday, January 11th. Wells Fargo & Co cut shares of Wageworks from an “outperform” rating to a “market perform” rating in a research report on Monday, March 27th. Finally, William Blair reaffirmed an “outperform” rating on shares of Wageworks in a research report on Friday, February 24th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $76.31.
Wageworks (NYSE WAGE) traded up 1.04% during mid-day trading on Wednesday, hitting $73.00. 237,912 shares of the stock traded hands. Wageworks has a 12 month low of $55.65 and a 12 month high of $80.50. The company’s 50 day moving average is $71.89 and its 200 day moving average is $73.04. The company has a market cap of $2.72 billion, a P/E ratio of 108.31 and a beta of 1.04.
Wageworks (NYSE:WAGE) last announced its earnings results on Thursday, May 4th. The business services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.04. Wageworks had a net margin of 5.98% and a return on equity of 9.09%. The company had revenue of $125 million for the quarter, compared to analysts’ expectations of $122.08 million. During the same quarter in the previous year, the company posted $0.33 EPS. The firm’s quarterly revenue was up 43.7% on a year-over-year basis. On average, analysts expect that Wageworks will post $1.78 earnings per share for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in the company. Miles Capital Inc. raised its stake in Wageworks by 0.3% in the first quarter. Miles Capital Inc. now owns 3,098 shares of the business services provider’s stock worth $224,000 after buying an additional 8 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its stake in Wageworks by 0.8% in the first quarter. Municipal Employees Retirement System of Michigan now owns 8,370 shares of the business services provider’s stock worth $605,000 after buying an additional 70 shares during the last quarter. Teacher Retirement System of Texas raised its stake in Wageworks by 2.5% in the first quarter. Teacher Retirement System of Texas now owns 2,969 shares of the business services provider’s stock worth $215,000 after buying an additional 73 shares during the last quarter. US Bancorp DE increased its position in shares of Wageworks by 5.2% in the third quarter. US Bancorp DE now owns 2,149 shares of the business services provider’s stock worth $131,000 after buying an additional 106 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Wageworks by 8.0% in the first quarter. Victory Capital Management Inc. now owns 1,819 shares of the business services provider’s stock worth $132,000 after buying an additional 134 shares during the period.
WageWorks, Inc is engaged in administering Consumer-Directed Benefits (CDBs). The Company administers CBDs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, Consolidated Omnibus Budget Reconciliation Act (COBRA) and other employee benefits.
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