Essex Investment Management Co. LLC Purchases 5,207 Shares of WageWorks, Inc. (NYSE:WAGE)

Essex Investment Management Co. LLC raised its stake 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 fund 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 SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. boosted its stake in shares of WageWorks by 144,950.2% in the first quarter. BlackRock Inc. now owns 4,392,119 shares of the business services provider’s stock valued at $317,551,000 after buying an additional 4,389,091 shares in the last quarter. Vanguard Group Inc. boosted its stake in WageWorks by 6.0% in the first quarter. Vanguard Group Inc. now owns 3,254,360 shares of the business services provider’s stock valued at $235,290,000 after buying an additional 183,172 shares during the period. TimesSquare Capital Management LLC boosted its stake in WageWorks by 7.9% in the first quarter. TimesSquare Capital Management LLC now owns 1,657,169 shares of the business services provider’s stock valued at $119,813,000 after buying an additional 120,860 shares during the period. Stephens Investment Management Group LLC boosted its stake in WageWorks by 4.9% in the first quarter. Stephens Investment Management Group LLC now owns 913,882 shares of the business services provider’s stock valued at $66,074,000 after buying an additional 42,850 shares during the period. Finally, State Street Corp boosted its stake in WageWorks by 8.1% in the first quarter. State Street Corp now owns 844,713 shares of the business services provider’s stock valued at $61,076,000 after buying an additional 63,265 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Shares of WageWorks, Inc. (WAGE) traded up 0.43% during midday trading on Friday, hitting $58.25. 302,911 shares of the company were exchanged. WageWorks, Inc. has a one year low of $55.65 and a one year high of $80.50. The firm’s 50 day moving average price is $62.87 and its 200 day moving average price is $70.24. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of 53.20 and a beta of 0.86.

WageWorks (NYSE:WAGE) last posted its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by $0.11. WageWorks had a return on equity of 9.52% and a net margin of 9.60%. The business had revenue of $119.90 million during the quarter, compared to the consensus estimate of $119.18 million. During the same quarter in the previous year, the company earned $0.36 earnings per share. The company’s revenue for the quarter was up 36.7% compared to the same quarter last year. Analysts forecast that WageWorks, Inc. will post $1.75 EPS for the current fiscal year.

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Several research firms have recently commented on WAGE. Zacks Investment Research cut shares of WageWorks from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 8th. Stifel Nicolaus restated a “buy” rating and issued a $85.00 price objective on shares of WageWorks in a report on Monday, July 17th. BidaskClub lowered shares of WageWorks from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 14th. Finally, TheStreet upgraded shares of WageWorks from a “c+” rating to a “b” rating in a report on Friday, May 5th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. WageWorks has a consensus rating of “Hold” and a consensus price target of $80.04.

In related news, COO Edgar O. Montes sold 50,000 shares of the stock in a transaction on 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 sale, the chief operating officer now owns 71,895 shares in the company, valued at approximately $4,978,728.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph L. Jackson sold 495,148 shares of the stock in a transaction on 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 in the company, valued at approximately $7,157,887.75. The disclosure for this sale can be found here. 3.54% of the stock is owned by corporate insiders.

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.

Institutional Ownership by Quarter for WageWorks (NYSE:WAGE)

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