Essex Investment Management Co. LLC raised its position in WageWorks, Inc. (NYSE:WAGE) by 27.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,298 shares of the business services provider’s stock after buying an additional 5,207 shares during the period. Essex Investment Management Co. LLC owned approximately 0.07% of WageWorks worth $1,633,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of WAGE. Shaker Investments LLC OH purchased a new position in shares of WageWorks during the first quarter worth about $723,000. Great West Life Assurance Co. Can increased its stake in shares of WageWorks by 7.1% in the first quarter. Great West Life Assurance Co. Can now owns 52,417 shares of the business services provider’s stock worth $3,786,000 after buying an additional 3,459 shares during the period. Geneva Advisors LLC increased its stake in shares of WageWorks by 6.1% in the first quarter. Geneva Advisors LLC now owns 23,771 shares of the business services provider’s stock worth $1,719,000 after buying an additional 1,364 shares during the period. Wells Fargo & Company MN increased its stake in shares of WageWorks by 0.5% in the first quarter. Wells Fargo & Company MN now owns 619,549 shares of the business services provider’s stock worth $44,793,000 after buying an additional 3,182 shares during the period. Finally, Strs Ohio increased its stake in shares of WageWorks by 38.5% in the first quarter. Strs Ohio now owns 185,900 shares of the business services provider’s stock worth $13,440,000 after buying an additional 51,700 shares during the period. 96.28% of the stock is owned by institutional investors and hedge funds.
WageWorks, Inc. (NYSE WAGE) traded up 0.09% during midday trading on Friday, hitting $57.55. 271,745 shares of the company traded hands. WageWorks, Inc. has a 12-month low of $55.65 and a 12-month high of $80.50. The stock’s 50-day moving average price is $64.44 and its 200 day moving average price is $70.83. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 52.56 and a beta of 0.86.
WageWorks (NYSE:WAGE) last released its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by $0.11. WageWorks had a net margin of 9.60% and a return on equity of 9.52%. The firm had revenue of $119.90 million for the quarter, compared to the consensus estimate of $119.18 million. During the same period in the previous year, the business earned $0.36 earnings per share. The firm’s revenue for the quarter was up 36.7% on a year-over-year basis. On average, equities analysts forecast that WageWorks, Inc. will post $1.75 EPS for the current year.
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WAGE has been the subject of a number of research analyst reports. TheStreet raised shares of WageWorks from a “c+” rating to a “b” rating in a research note on Friday, May 5th. Zacks Investment Research raised shares of WageWorks from a “hold” rating to a “buy” rating and set a $79.00 price target on the stock in a research note on Wednesday, May 10th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $85.00 price target on shares of WageWorks in a research note on Monday, July 17th. Finally, BidaskClub downgraded shares of WageWorks from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 14th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $80.04.
In other WageWorks news, CEO Joseph L. Jackson sold 495,148 shares of WageWorks stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $69.25, for a total value of $34,288,999.00. Following the sale, the chief executive officer now owns 103,363 shares of the company’s stock, valued at $7,157,887.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Edgar O. Montes sold 50,000 shares of WageWorks stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $69.25, for a total transaction of $3,462,500.00. Following the completion of the sale, the chief operating officer now directly owns 71,895 shares in the company, valued at approximately $4,978,728.75. The disclosure for this sale can be found here. Insiders own 3.54% of the company’s stock.
WageWorks Company Profile
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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